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

FlashBarry

Quick, possibly daft question - is there any point in me holding back from overpayments until the MFiT challenge starts?

i.e. I could make a £2k/month dent in the Mortgage through Sep-Dec but then I will be starting my challenge in December after I have already sacrificed so much in the previous months and my starting point will be lower.

Do I get MSE points if I dump my money in right at the December start of the challenge, or am I being silly?

QB_Wolf

I think you're being silly - sooner the money goes in the better.

FlashBarry

QB_Wolf wrote: »

I think you're being silly - sooner the money goes in the better.

Hmm, I think you are right.

My starting point in Dec' will be about £90k then. I'll update my target when I have the figures. :A

VoucherMan

JoeyGrey wrote: »

Is it December yet???

Feels like it. I've been eating mince pies every day for the last week or two thanks to all that cheap mincemeat around.

FlashBarry wrote: »

Do I get MSE points if I dump my money in right at the December start of the challenge, or am I being silly?

If it will ease your conscience why not keep making the extra op's and all the money you save in interest payments you could share amongst fellow MSE'rs

MuffinTops

I've registered, so will happily and patiently wait for my allocation. I'm so excited.

FB, I really appreciate you doing this. Hopefully it won't be too much of an admin nightmare. I'd always be happy to help in any way I can though.

Right, I've set myself a daunting challenge, but I wanted it to actually be a challenge that kept moving me forward and I think this will do it.

So, let the MFW diary begin!!! I'll set that up when I can make my first OP.

financialbliss

Quick post as I'm about to PM everyone. Allocated this evening:

27. coldcazzie. Build up my savings from £2,00 to £6,000.
29. black taxi. Completely clear my £19,000 mortgage.
30. OS QS. Reduce my mortgage from £132,000 to £90,000.
31. beth111. Reduce my mortgage from £147,419 to £125,000.
32. skaps. *** Objective to be set ***
33. TallGirl. Build up my savings from £5,500 to £25,000.
34. SHOULDI. Completely clear my £88,000 mortgage.
35. curlygirl1971. Reduce my mortgage from £24,500 to £14,500.
36. moneysavingotter. Completely clear my £57,000 mortgage.
37. liuhutOz. Reduce my mortgage from £41,500 to £20,000.
38. HelenDaveKids. Reduce my mortgage from £93,000 to £60,000.
39. MuffinTops. Completely clear my £62,000 mortgage.
40. Starsailor. Reduce my mortgage from £193,700 to £125,000.

If there's anything incorrect there, feel free to PM or post here and let know know what's incorrect.

Thanks,
FB.

financialbliss

That's everyone PM'd.

Total mortgage / savings now past 3 million with a pledge to reduce by 1.6m!

FB.

liuhutOz

financialbliss wrote: »

That's everyone PM'd.

Total mortgage / savings now past 3 million with a pledge to reduce by 1.6m!

FB.

Have to say that is so motivational when you put it like that! 1.6 mil...amazing!
Thanks for running the challenge again FB

L

black_taxi_2

For those new to MFW-Just to say--when the chart is updated every 3 months---if your in the RED ZONE---don't worry---I've been in the red zone all thru MFW 2009/2012.

My mortgage will hav gone down from 48k to 19k.

MFW-T3 I will see green for the first time

So keep at it everyone

All the best

THX again FB

black_taxi_2

Just looked back at charts 2009

Chart 1/2 hit yellow

Chart 3 onwards red

It then dawned on me it wasn't easy but try an make progress