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

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  • Lomcevak
    Lomcevak Posts: 1,026 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I've just started the ball rolling with an agreement in principle on a remortgage away from my current 4.99% fixed to a new 2.64% 5-year fixed. Not only does it drop my monthly payment by £70 but at a stroke of a pen it wipes out three years of the term as i've remortgaged at 15 years rather than the 18 our current one had to go :D

    AND it allows unlimited overpayments ;)

    It messes up my accounting for the MFiT-T3 challenge though :) as my mortgage balance will go up at first and we're not ahead in absolute terms for a couple of years. All comes good in the end though, I reckon we save about £4k in total as well as moving freedom earlier.
  • black_taxi_2
    black_taxi_2 Posts: 1,816 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    reduced may mortgage by £1293,biggest ever monthly total

    g/l all

    slowly but surely
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • gallygirl
    gallygirl Posts: 17,240 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Well done BT :T. Are you still looking at end of 14 or is it starting to creep forwards :D.
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
  • black_taxi_2
    black_taxi_2 Posts: 1,816 Forumite
    Debt-free and Proud! Mortgage-free Glee!
    it was 2015 so dec 2014 will be about 6 months ahead,I tend to have bigger yearly bills,mot,tax ect from about oct,so I'm making the most of now
    £48515 interest £181 (2009)debt/mortgage-MFIT/T2/T3
    debt/mortgage free 28/11/14
    vanguard shares index isa £1000
    credit union £400
    emergency fund£500
    #81 save 2018£4200
  • baffcat
    baffcat Posts: 502 Forumite
    Part of the Furniture Combo Breaker
    Wow. Never had to look on the 3rd page to find this thread or its predecessors before.
    Exclamation and question marks - ONE exclamation mark or question mark is sufficient to exclaim or ask about something. More than one just makes you look/sound like a prat.
    Should OF, would OF    . Dear oh dear. You really should have, or should've listened at school when that nice English teacher was explaining how words get abbreviated.
  • ShALLaX
    ShALLaX Posts: 119 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    DONE! Paid off as of 1245 IST 7th May 2013!
  • SusanneCape
    SusanneCape Posts: 389 Forumite
    ShALLaX wrote: »
    DONE! Paid off as of 1245 IST 7th May 2013!

    WOW, congratulations to you for paying it all off :T:T. Fantastic result. I plan to join you in a couple of years time :D:D:D!

    I hope you had a little celebration for achieving such a remarkable event :beer:

    All the very best,
    Save £12k 2013 '13 #66 £12,106.76/£12,000 // '14 #44 £10,081.90/£10,000 // '15 #67 £11,976/£12,000 // '16 #67 £7,322/£12,000
    MFiT: £187,200 - MFD: 02/31 - Target = £35,000
    T3 #71 - '12 £125,899
    T4 #71 - '15 £80,264; '16 £66,946 '17 £44,997
  • ShALLaX
    ShALLaX Posts: 119 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    SusanneCape wrote: »
    WOW, congratulations to you for paying it all off :T:T. Fantastic result. I plan to join you in a couple of years time :D:D:D!

    I hope you had a little celebration for achieving such a remarkable event :beer:

    All the very best,

    Thank you! Not much of a celebration, unfortunately. Maybe I'll have one soon... Unfortunately, I've just found out my bank needs to delay my payment (presumably for anti-money laundering checks), so I'm on tenterhooks until this completes. Additionally, my lender gave me the wrong sort-code and account number initially - I decided to call them back to double-check the details and the second person told me they were wrong! They weren't just wrong from a simple mis-hearing over the phone; just plain wrong.

    I can't wait for the next few days to go by so I can find out (hopefully) that this has all gone through properly...
  • Trying_to_be_good
    Trying_to_be_good Posts: 1,989 Forumite
    Part of the Furniture 1,000 Posts
    Oo - how nerve-wracking! Fingers crossed for you sorting it soon, and let us know when you have that warm, cosy feeling of knowing you're not paying any more interest!
    Mortgage Free thanks to ill-health retirement
  • Kwaker_Knacker
    Kwaker_Knacker Posts: 98 Forumite
    ShALLaX wrote: »
    DONE! Paid off as of 1245 IST 7th May 2013!

    Excellent news. Congratulations

    K_K
    Mortgage Paid Off 5th October 2013
    Back on with £71,000 July 2014
    Current Balance £58402
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