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

gc_bus

Also going to cash in my £525 of Premium Bonds and pay that amount into my mortgage. At 3.79% mortgage rate the £525 will save £20 per year in interest and I've only won £25 in five years with the bonds.... :-)

Taranaman

Just updated. As always a little late to the party! It won't have updated the chart yet but good to see a move in the right direction even if behind plan a little.

Suffolk_lass

gc_bus wrote: »

Cutting my own hair now - saving ~£10 per visit so I've paid off £100 extra off of my mortgage to represent the net savings on haircuts in the last 12 months. :-) Mortgage now down to £58000

I swapped to a local barber who was happy to cut a woman's hair and he is excellent - about £40 cheaper than a Ladies' Salon for a similar quality cut. So kind of dropped a brand :money: rather than cutting out completely!
SL

JoeyGrey

Hi FB, thanks for the new chart. I sent my update through last week but it doesn't seem to have appeared, so not sure if you got it or haven't got round to mine yet. Sent it through again just in case.

Well done everyone on the repayments, it's looking very healthy on there - even if people are in the red it's still a good step forward.

:beer:

Lomcevak

Lomcevak wrote: »

I'm a touch behind the curve now as i've missed one planned OP to pay remortgage fees, but that's nothing compared to what's coming as i'll likely be worse than I started the challenge come update 3 due to early repayment fees on the remortgage. Over the course of a couple of years the remortgage makes perfect sense, but catching up to where I want to be in MFiT-T3 will be a challenge

Urg, just doing the sums after the remortgage and i'm now at -5.6% due to the exit fees. Going to set myself a target of getting back to my starting point for update three, but even that's a bit of a challenge.

Should still hit my MFiT-T3 target in the end, but it's going to be a long slog out of the 'red' :eek:

beachie

Sorry, I forgot to update on the given day so have just put it in now.

Luckily still green, even with a few expenses over the last few months. The next few months are going to be challenging but I find it so much easier breaking the problem down into 3 month mini challenges.

Balance today is £77039 so I will have £2007.75 to pay off by the next update. At the rate I am going this should easily be possible.

Going to be amazing to think that we will be 25% of the way through!

I am still contemplating looking at new houses, which will mean a much larger mortgage, but with the added bonus of being able to rent a room out and not pay management fee's (although I know some new builds do have them).

beachie

Just been looking at my signature and amazed myself.

In Jan 2011 I had £98'788 of debt including the mortgage, credit card and loan.

Today my balance stands at £77039 meaning I have paid off £21'749 in 2.5 years.

The great thing about the mortgage is the more you pay off the faster the remaining balance will be paid off because of the decrease in the amount of interest.

I work out that every month I make an overpayment it's save £2 a month in interest so in a year this equates to roughly £156 saved and going towards the capital instead.

Twiggy_34

beachie wrote: »

Just been looking at my signature and amazed myself.

In Jan 2011 I had £98'788 of debt including the mortgage, credit card and loan.

Today my balance stands at £77039 meaning I have paid off £21'749 in 2.5 years.

The great thing about the mortgage is the more you pay off the faster the remaining balance will be paid off because of the decrease in the amount of interest.

I work out that every month I make an overpayment it's save £2 a month in interest so in a year this equates to roughly £156 saved and going towards the capital instead.

Well done Beachie! :T

My signature is my source of motivation as much as the groups and members are. It's always there to provide some encouragement even when a board is going through a quiet spell.

I'm keeping my MFiT challenge quite simple for now, as we only just got our first mortgage last year and are new to the whole concept, but it's a huge motivation to know that the relatively small overpayments we're making will potentially reduce our mortgage from a 20 year term down to only 15 years over the life of the mortgage. That's without considering any savings we can make between now and when the fixed term ends and we get the opportunity to re-mortgage. If I had my way we'd have a lodger as well which would cover a large chunk of our mortgage payments (and in turn increase our saving power), but I think we're too used to living on our own after renting for the previous 5 years!

I check out the mortgage statement every month after a payment has been taken to see how much of a chunk the interest has taken out of our payment, and enjoy seeing it get ever so slightly smaller each time (the interest, not the payment)! :rotfl:

Shineyhappy

Hi everyone,

I hope we are all making steps. Yesterday we sent our 10% op £15832.03, which was the most we can op without being fined. We have cut the term by 10 years too so that is as much op as we will be doing till the mortgage is out of the lock in period in July 2014. The balance should be going down by about £400 a month and we should be about £148k when the money hits.

Now to save as much as possible until next year!

Good luck everyone

Matt_The_Chippy

Hi FB, sorry for a late update.

I've been through my online mortgage details now. I have a 3 month OP gain of £693.02.

I feel very disappointed with this figure but I've had to make 4 sizeable withdrawals from the savings pot. I hope this is just a temp blip and I will get back to making decent gains. Especially as I'm now getting behind schedule.

Well done everyone!