The Mortgage Free in Three - Take 3 challenge (MFiT-T3)

lvm

So, just updated my numbers! Think I've missed. 'Green' by about £500 this time. Not a great start to the challenge but here's hoping to catch up quickly!

FlashBarry

I have a question about my chart update...

My mortgage payments go in at the END of the month. The chart update is dated for the MIDDLE of the month.

Will the chart be expecting my March payment to have gone in when I do my March update? If so, the chart will always think I am behind schedule.

Should I wait until the end of the month before updating my March chart?

Trying_to_be_good

FlashBarry wrote: »

I have a question about my chart update...

My mortgage payments go in at the END of the month. The chart update is dated for the MIDDLE of the month.

Will the chart be expecting my March payment to have gone in when I do my March update? If so, the chart will always think I am behind schedule.

Should I wait until the end of the month before updating my March chart?

I think the chart 'expectation' or target each quarter is a twelfth of the total reduction target you set at the beginning - assuming your 12 Dec 12 start balance didn't include your end Dec payment already deducted, your Mar balance will show your Dec, Jan and Feb payments, so three month's' worth. Mar, Apr and May will then be included on your Jun update etc.

But you can send in whatever update you fancy! FB does a big update for the publishing of the new chart and has to amend for late updates, so I've always assumed it's more helpful to update in time for the first publication. But my logic is a dangerous place to explore!

OS_QS

I've followed calfuray's example and added 9 days daily interest to project my mortgage balance to the 12th march. Away to update the sheet....

I'm really pleased to report that we've dropped below the £130k mark :T its nice to see it begin with a 1-2 instead of a 1-3 roll on the next £10k threshold! :rotfl:

black_taxi_2

flashbarry

My mortgage payment is also end of month but I post on 1st as that when interest is adjusted

So Dec,jan,feb total will be quarterly total as trying to be good says

abouttimetoo

Hi fellow challengers

It's great to get this next challenge underway isn't it :j I've just used the update form to submit a balance of £62,821. I'm also saving as well as making actual OP's so will be counting my savings against the mortgage balance

In MFiT T2 i always forgot to count my savings so must do better this time

Hope you are all making great strides with your own plans
Regards
ATT

666paw

Have just updated my total and hoping i'm in the yellow. Have some savings which was going to be overpayments but have now decided they will be going on home improvements.

Take care
666

Matt_The_Chippy

Hi FB,

Many thanks for taking the time to do all the work involved in running the challenge.

Now for me to cause extra work! Oops sorry. Think I'm number 72.

Could my original starting balance be amended to £94,601 please. Due to my OP's going into the Offset savings rather than reduce the capital, could my challenge be changed to show the Offset savings being increased for the 3 years by £30k?

Thanks again and do we need to update on the 12th?

Suffolk_lass

Eek! A very slow start here with the discovery in the annual statement that the balance had an admin fee added last year with no notification. It's always bad at the beginning of the year so only £349 paid down in this quarter. The rest has paid for stuff and bought "cash" for later in the year - hopefully before sterling falls away. Hope to make up some in Q2-4.

Well done everyone
SL (#129)

abouttimetoo

Matt_The_Chippy wrote: »

Hi FB,

Many thanks for taking the time to do all the work involved in running the challenge.

Now for me to cause extra work! Oops sorry. Think I'm number 72.

Could my original starting balance be amended to £94,601 please. Due to my OP's going into the Offset savings rather than reduce the capital, could my challenge be changed to show the Offset savings being increased for the 3 years by £30k?

Thanks again and do we need to update on the 12th?

Hi Matt

FB actually publishes the chart on the 12th so the updates need to be in before that. If you check post number 4 on the first page it gives the dates and asks if the updates can be in by the 11th at the latest; this allows FB to pull all our data together ready for the 12th

I would also recommend submitting the on-line form for the amendments you want and your update. This thread tends to get very busy in the week before the run up to the charts being published so it means that FB has to trawl through lots of posts to find the updates so he could miss one so I know the on-line form is his preferred submission choice

Regards
T