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

Twiggy_34

Absolutely gutted, I lost track of time and was convinced it was another month before the next update was due! I've submitted an update anyway but understand if mine will have to wait until the next spreadsheet update.

With this being our first mortgage I wasn't sure what to expect from our payments, never mind our overpayments, so I set a target to reduce it from £68k to £60k by the end of the challenge. I'm please that we're already at less than £64k remaining on the balance, so we should surpass my expectations which is great to see :T

We fixed for 5 years so I'm really hoping that we can both save a significant sum between now and then so that we might pay off a lump sum at the point of re-mortgaging. In addition to this, we increased the value of the property by between £20k & £40k so this means we should be able to find better rates as our LTV would have changed from 85% to around 50% by that time.

SusanneCape

Hi everyone,

Back from a 2-week break with my kids in Germany. New baby added to the family, so there was much excitement.

I have sent in my update today. Mortgage is tumbling fast :T!

All the best to everyone,

trix-a-belle

Congrats Susanne

FB, the conditional formatting on the chart 5 sheets appears to be a bit wonky too I'm green but shouldn't be according to the splits at the front of the thread & there are others not matching too, looks like its still looking up the same splits as chart 4 possibly.
Thank you for the hard work as always

glitterball

oops missed the update sorry, Im still on track though

Welshlassie

#69 checking in.

After really struggling to get any OP's made in the last year or so we have had a very unexpected windfall and have just maxed out our 10% OP for this yearof £17,846.97

There won't be any further OP's this year, but already have next years 10% ready and half of the following years - by which point we'll be out of our tie in period and in a position to switch (potentially) to a repayment.

This means we are just off target, but will be there by the end of the year and will be able to smash it by the end of the challenge.

Will put a proper update through for the next quarters chart as the payment didn't go through until after the 12th so won't declare it until June.

Thank you FB for running this thread it does help to have a tagret/focus.

Also my line is showing as not updated, but I did, other numbers are correct for the last chart.

kmcld2

Could I join the challenge or would I need to wait until the next one? Thanks.

RosieTiger

Hi,
its a long time since I last got round to having a look through this thread, apologies to all! We need to look at updating our figures as we want to stay a part of this.
It's great to see that more people are joining in on the journey congratulations to you - I wouldn't worry about whether your slightly behind plan, the main thing is that your doing something. The old journey of a thousand miles beginning with a single step line is worth remembering.
It is worthwhile doing, I don't quite know how to word the feeling it gives you to reach the end. It's certainly not smugness, more around feeling confident in having your life under control for us.
Keep at it, it's definitely worth it.

Suffolk_lass

kmcld2 wrote: »

Could I join the challenge or would I need to wait until the next one? Thanks.

You might need to PM Financialbliss who organises this thread as he doesn't read on here as regularly as he used to (having changed his focus from mortgage to savings now). If you read the first 3 or 4 posts on page 1 you will find the form and you can click and complete that with your challenge target. Then when he next updates he will find your new post and target. There is room for a comment on the form so you can explain you are a new joiner there. I would still PM so he knows he's expecting your post.

Best of luck
SL

kmcld2

Thanks very much for that Suffolk Lass - will do!

FreedomGirl

Hi,


Am about to start the process of sending 18k GBP to the SIPP. Will take a few days because I will do it in batches.


Another step towards the end goal !


FG