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

FreedomGirl

Hi,

Well, haven't done the chart yet, but I am adding the £13600 (in PB) to my rolling SIPP balance, and boosted it by the tax back...

Only challenge is that HMRC have added the "tax back" to my code, so I need to make sure I don't spend it because the higher rate rebate is coming straight into my bank account !

FG
*Post now updated - I have added £13600 to the total. I haven't included the tax back in the total though - will only do that once I have actually locked the SIPP money away*

pavlovs_dog

#29 reporting with a chart four balance (better late than never). Mortgage balance now at £116,329.95

SusanneCape

Hi all,

Here's wishing you all a very Merry X-Mas and a Prosperous New Year. My sums have not been updated on the spreadsheet yet, but I know I am on course and have paid a tad more than a third of my target.

Enjoy your time with family and friends.

All the best,

Fluffypigs

I haven't been getting any thread post notifications by email (why has this just turned itself off?) so have completely forgotten about the update and haven't lurked on here for ages. I am so behind!

Anyway - I hope you all have a great Christmas and a successful 2014.

I've got some reading to do now.

Fluffypigs

So i've caught up with the thread, and registered my update.

Having reviewed our overpayments for the year, I've decided to come clean with you all.

When we joined MFiT last year and reviewed our 2012 overpayments, we had managed to overpay £100 each month. So we based our MFiT goal on the same figures and somehow I came up with the goal of £33,980 reduction for the 3 years. However, we really wanted to pay off the mortgage in 10 years (2023 as opposed to 2036 set by the mortgage company), so we secretly aimed to overpay £500 each month, not really thinking that we could actually do it. When DS started school I managed to get a part time job (had been home with the kids for 7 years, wow that went quick) and we have been throwing all my extra earnings at the mortgage. So I think it's time to update our MFiT goal so that it is a true reflection of our plans.

So the actual goal is to reduce the mortgage by £48448.08 over the 3 years. This is based on payments alone as I can't get my head round working out the interest.

Of course now i've told you all it'll probably go tits up next year.

black_taxi_2

its ok fluffypig,your not a horse tipster,it doesn't matter bout the result,everyone on here change there challenge all the time,in 2009 I extended my MF by two years

enjoy xmas

greent

No 5 entering balance for Dec 2013 - £35415 Many thanks!

trix-a-belle

Greent & Rosietiger

If you want to update your figures/change your goal please can you each go & submit the Google docs form at the start of the thread, fb doesn't get on the thread that often & your posts will get missed as he goes by the forms submitted. I can't see update data entries for either of you hence the post.

Thank you

I_want_a_baby

Sorry I missed the deadline.
I have just submitted my chart 4 update. Managed to get our mortgage down to £89999 for the end of the year - so happy!

mummy18

Hi, I have registered my details twice in December using your form, but my details have not registered on your spreadsheet.

Would you please add me to your spreadsheet as soon as possible as I would like to take part in this challenge.

I am looking to reduce my mortgage from £140,000 to 80,000 within the three years.

Many thanks.