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

SusanneCape

samtoby wrote: »

I feel we may be miles behind in this challenge.....

I have just found out I am pregnant and whilst it is in its earliest stages I feel money will be saved elsewhere for our bean.

We will keep trying though.......

Congrats, samtoby. What fantastic news. You must be so pleased.

All the best,

Kwaker_Knacker

Congrats Samtoby.

On a side note, I sent in my update yesterday not realizing due to being on hol that this month's payment didn't go until this morning due to the 1st being at the weekend, so I've did a 2nd update with today's balance put in.

Apologies.

K_K

Twiggy_34

I've just done my first update of the challenge (sorry, being new to the club I didn't realise (or forgot) we could do quarterly updates). When I did check I was pleased that it gave me an opportunity to review our progress, we're only making small overpayments but know that every little counts. Pleasingly it looks like we've already shifted £2100 off my £8000 target so, all going well we might be set to overachieve! I'll re-evaluate at the end of the year and see how things are looking then.

Can I pose a question to those of you with more experience than me (this is my first year of my first mortgage). When we come to re-mortgage (we're fixed for 5 years until from 2017 so it's a while away yet), if we have accumulated a lump sum at the point of remortgaging can you settle a chunk of the loan amount as part of the remortgaging process?

Thanks

akamustang

Made my update as well, although by my sums I'm only at 6.41%, so definitely in the red.

Gizmo247

Chopped another £4000 off the mortgage this quarter so well into the green now :-) (missed last quarter by only £100 :-( )

beth111

Just updated this quarter. Really pleased!! almost doubled the payment from last quarter. don't think I'm in the green as paying off some debts but by next quarter that will be gone and I can concentrate off my efforts on the morgage :beer:

ShelleyC_2

samtoby wrote: »

I have just found out I am pregnant and whilst it is in its earliest stages I feel money will be saved elsewhere for our bean.

We will keep trying though.......

Many Congrats :T

Twiggy_34 wrote: »

Can I pose a question to those of you with more experience than me (this is my first year of my first mortgage). When we come to re-mortgage (we're fixed for 5 years until from 2017 so it's a while away yet), if we have accumulated a lump sum at the point of remortgaging can you settle a chunk of the loan amount as part of the remortgaging process?

Thanks

Yes - most of time when your fix ends and you're back to SVR you can do unlimited overpayments or if moving to another provider use any lump sum as extra deposit. Good luck overpaying & generating a lump sum on top

samtoby

Thanks everyone. Looking forward to the next charts to see how everyone else is getting on

mortgagenomore_2

No 19 on list clocking in with £17,650

ShelleyC_2

Just sent my form with my update & going to stay green. Saving easier than mortgage paying as interest (meagre though it is) is currently working in my favour :rotfl:

FB not sure what amount you wanted in the balance box on the form so I put total saved but all the various bits in the comments? Thanks for all your work on MFIT-3 :T:T:T