Mortgage Free in Three Yrs

in Mortgage-free wannabe
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Welcome to the Mortgage Free in Three Challenge!

This challenge started in April 2007 and was open to anyone who wanted to spend the next three years using tips and tricks from the MoneySavingExpert website to substantially reduce or completely pay off their mortgages (and/or debts)!

Below is a list of the challengers and their respective challenges:

01. Dithering Dad - Completely pay off his £150,000 mortgage.
02. ThankYouAndEnjoy! - Pay £84,000 off his £100,000 mortgage.
03. Tall Girl - Completely pay off her £45,500 mortgage.
04. cupid_s - Completely pay off her £66,500 mortgage.
05. Miss Penny Pincher - Reduce her Mortgage from £86,700 to £22,300
06. Kaz2904 - Reduce her mortgage/debts by 43,000.
09. catowen - Reduce her mortgage by £7500.
10. TrikerAndBiker - Reduce their mortgage by £2500.
11. gallygirl - Reduce her mortgage/loans by £25,400.
12. tigtag02 - Reduce her mortgage term by 10 years.
13. amazamum - Reduce her mortgage by £13,508 to less than £30,000.
14. minimoocow - Completely pay off her £51,051 mortgage.
15. hypno6 - Completely pay off her debts of £45,247.
16. daleyd - Completely pay off his £120,000 mortgage.
17. save-a-lot - Completely offset his £74000 mortgage against savings.
18. CFC - Reduce her mortgage by £10,000.
19. ailuro2 - Reduce her mortgage by £25,000.
20. financialbliss - Reduce his mortgage from £73,217 to £35,000.
21. sallyb17 - Reduce her mortgage from £114,437 to £100,000.
22. jobbingmusician - Completely pay off his £36,000 mortgage.
23. Superfast_Gran - Completely pay off her £46,626 mortgage.
24. rsrt130 - Reduce her mortgage by £36,000.
25. MancBrel - Completely pay off his £25,000 mortgage.
26. farhad1965 - Reduce his mortgage from £465,000 to £300,000.
27. ixwood - Completely pay off his £143,000 mortgage.
28. benbenandme - Reduce her mortgage to £50,000.
29. chickadee - Reduce her mortgage by £11,000.
30. shazzany - Completely pay off her £45,000 mortgage.
31. sturgeon62 - Reduce his mortgage by £3000.
32. Bargain Rzl - Reduce her mortgage by £7000.
33. pfpf - Completely pay off his £68,500 mortgage.
34. pinky8 - Reduce her mortgage by £20,000.
35. chica_fi - Reduce her mortgage by 40%.
36. Battleaxe - Reduce her mortgage length by 18 months.
37. Angeldelight - Reduce mortgage from £25,000 to £12,500.
38. Mushy61 - Completely pay off his £16,800 mortgage.
40. togashi42 - Reduce his mortgage by £10,000.
41. pa2539 - Reduce her mortgage by £6,300.
42. FrugalNotTight - Reduce his mortgage from 75,175.75 to £50,000.
43. taka - Reduce her £56,000 mortgage by £11,000.
44. betsanboots - Completely pay off her £39,444 mortgage.
45. pink fairy - Reduce her mortgage and debts by £74,742.
46. hosebergine - Reduce her mortgage from £100,104 to £75,000.
47. angelavdavis - Completely pay off her £130,806 mortgage.
48. Trying to be good - reduce her mortgage by 47,000.
49. Karen L - reduce her mortgage by £17,697.
50. sparklymessygirl - Completely pay off her £10,554 mortgage.
51. Limeycat - Reduce her mortgage by £10,000.
52. do it today! - Reduce her £129,000 by £5000.
53. BARGAINHUNTER! - Reduce her £45,000 mortgage by £2,754.
54. sarmia - Reduce her £120,000 mortgage to £100,000.
55. cazmanian_minx - Completely pay off her £31,982 mortgage.
56. Batgirl - pay £5000 off £200,000 mortgage.
58. md14_uk - pay 15,000 off £151,221 mortgage.
59. juliejim - pay £7000 off £52,910 mortgage.
60. brummiebabe - pay £2500 off £76609 mortgage.
61. LJD1 - reduce his £110,000 mortgage to £70,000.
62. heckmondwike06 - pay off his £71,149 mortage & save 100k towards next house.
63. GreenNinja - Reduce his £30,000 mortgage by £10,000.
64. CaroB - Reduce her £83,955 mortgage by £20,000.
66. woostoon - Reduce his £145,000 mortgage to £80,000.
67. jackomdj - Reduce her mortgage from £80,811 to £8000.
68. mojo_jojo - Reduce his £120,000 mortgage by £18,000.
69. keren29 - Reduce her £126,284 by £10,000.
70. CountryWife - Reduce her £91,000 mortgage to £60,000.
71. Jonmurgie - Reduce his £171,499 mortgage by £33,500.
72. drenbo - Reduce his £126,190 mortgage to £100,000.
73. pariskate - Completely pay off her £22,676 mortgage.
74. Curv - Reduce her £145,499 to £107,000.
75. firesidemaid - Reduce her £105,675 mortgage by £25,000.
76. Bluelad - Reduce his 99338 mortgage by £7500
77. MoneySavingNovice - Completely pay off his £65,000 mortgage.
78. Pandora123 - Completely pay off her £38,150 mortgage.
79. inkie - Completely pay off her £29,345 mortgage.
80. JIMBOBC - Pay £100,000 of his £126,100 mortgage.
81. Redbedhead - Reduce her £65,726 mortgage by £20,725.
82. dawnylou - Reduce her £109,320 mortgage by £2500.
83. sachsaini - Reduce her £92,000 mortgage by £13,000.
84. freebird65 - Completely pay off her £146,088 mortgage.
85. kiwi88 - Reduce her £98,506.89 mortgage by £20000
86. Catshark88 - Reduce her £273,000 mortgage by £50,000.
88. Desperate Housewife - Completely pay off her £41,000 mortgage.
90. Optimistic Saver - reduce her £125,000 mortgage by £25,000.
91. Karmacat - Reduce her £42,900 mortgage by £10,000.
92. LookAfterThePennies - Completely pay off her £56,000 mortgage.
93. ptee - Reduce his £146,000 mortgage by £34,000.
94. meme - Reduce her £260,075 mortgage to £150,000.
95. Badger_Lady - Reduce her £137,500 mortgage to £100,000.
96. mountainlioness - Reduce her £261,385 mortgage by £25,000
97. maureen100 - Reduce her £66,500 mortgage to £34,000.
98. sarahe - Completely pay off her £13,151 mortgage.
99. Seahorse3136 - Reduce her £57,874 mortgage by £10,000.
100. kar - Reduce her £167,200 to £150,000.
101. HammersFan - Reduce his £193,600 mortgage to below £100,000.
102. molit - Reduce his £96,800 mortgage to £77,000.
103. Move To Portugal - Reduce her £135,850 mortgage to £85,850.
104. flibbertigibbet - Completely pay off her £100,219 mortgage.
105. esthomizzy - Reduce her £229,000 mortgage to £210,000.
107. Womblesmum - Reduce her £178,708 to £50,000.
108. lunasaver - Reduce her £45,320 mortgage to sub £30,000.
109. DickDastardly - Completely pay off his £95,690 mortgage.
110. ~daisy~ - Completely pay off her £36,000 mortgage.
111. savvykaz - Reduce her £45,700 mortgage to £30,000
112. Jonesy Bonesy - Reduce his mortgage from £95,000 to £25,000.
113. hughmungas1986 - Reduce his £55674.61 mortgage to £20000.
114. Marvin the Martian - Reduce his £66,495.93 mortgage to £14,764.13.
115. weezl74 - Reduce her £143,000 mortgage to £20,000.
116. Moneygoes2money - Reduce his £152,414.09 to £123,000.
117. RandomLight - Reduce his £92,000 mortgage to £72,000.
118. FreedomGirl - Completely pay off her £18,558 mortgage.
119. monkeymutz - Reduce his £112,700 to £67,620.
120. rockrat - Completely pay off his £97,600 mortgage.
121. 1274 - Reduce his £160,000 mortgage to £50,000.
122. TheBees - Reduce their mortgage from £57,000 to £47,000.
123. Miss_Pink - Reduce her £70,000 mortgage by £50,000.
124. Galster - Completely pay off his £97,000 mortgage.
125. tattycath - Reduce her £96,000 mortgage by £4000.
126. Susiesue - Reduce her £94,818 mortgage to £63,934.
127. Dumbledore55 - Reduce her £92,000 mortgage by £15,000.
128. OverlandLandy - Reduce his £79,000 mortgage to £25,000.
129. getmeoutofhere - Completely pay off his £23,248 mortgage.
130. catznine - Reduce her £85,000 mortgage to £61,965.
131. setmefree2 - Reduce her £182,557 mortgage by £75,000.
132. Lexxi - Reduce her £58,421 mortgage by £11,000.
133. sheslookinhot - Completely pay off his £21,000 Mortgage.
134. karenf - Reduce her £73,000 mortgage to £5,000.

Support Group:
01. AnW'sMum - Team mascot & chief cheerleader.
02. groatie queen - Cheerleader & challenge to return to full health!
03. wisewoman - Cheerleader & "mortgage free" example.

Press cuttings:
MFi3 challenge mentioned in the Telegraph (Thanks Angela :))

The challenge ends on the 1st April 2010!

event.png



Please Note: As we are now two years into the three year challenge, the challenge is closed to new MFW's. If you want to join an 'ongoing' MFW challenge please enroll on one of the other MFW challenge threads.

Good Luck with your quest!! :)
Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
[strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
«134567487

Replies

  • edited 25 February 2010 at 5:53PM
    TallGirlTallGirl Forumite
    4.9K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite
    edited 25 February 2010 at 5:53PM
    Welcome to all new members I hope you will find it motivating to be part of our little MFI3 gang.

    I am in charge of keeping the chart up to date every 3 months so if you want to be included this is what you need to do.

    Please PM me every 3 months with you:

    1 Your name & quest number
    2 Your current Mortage Balance (we will update this every quarter around the 15th of the month but choose your own date). Please incl regular payments and any overpayments you may have made.

    I have worked out the percentages in terms of how much you want to clear so it gives everyone a chance to complete the challenge. If you have savings you offset agains your mortage feel free to include those or wait until the end it is entirely up to you.

    Update as of 1st February 2010
    Please note last but 1 update will be 12th March then final one 16th APril so get your figures to me by then if you want to feature next time.

    Mfi3Feb.jpg
  • TallGirl wrote: »
    Are we going to do monthly updates on how well we are doing? I think that will really motivate us as well as seeing our signatures going down.

    Sounds like a good idea! The first month of the challenge ends on 30th April, so we could all post an update on or around that date covering what MSE, etc. things we've done during the month to help pay off the mortgage and what we hope to do during the next month.

    I won't be able to do anything more this month, so I'll do my update now:

    ● Cashed in my endowment and paid the £10,700 onto my mortgage.
    ● Increased my monthly repayments to include the old endowment payment.
    ● Changed to a 3Yr discounted mortgage but kept my original repayment amount.
    ● Put £3000 into my offset account.
    ● Arranged cheaper mortgage life assurance.
    ● Applied for Egg Card to act as a mule for credit card stooging.
    ● Started a mortgage payment support thread on MSE.


    Phew, I'd forgotten just how far I've come in just one month!

    My aims for next month are to:

    ● Put more money into the offset for when I am not working.
    ● Continue overpayments and maybe increase them if interest rates go up.
    ● Apply for various 12 month 0% interest credit cards once my Egg card arrives.
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • ShineyhappyShineyhappy Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite
    Hi,

    I am pretty new to MSE although I have been reading the boards for a while now.

    I am not sure if I am that eligable to join, but after reading some of the negative comments about people on lower salaries not being able to pay off some or all of the mortgages, I would like to prove them wrong! Stubborn female and all that ;)

    I have a few small debts to pay off first, mainly due to buying ex out of the property but I would still like to try, although might have to miss off the first month.

    If its ok to join I will post my relevant info.

    Also the best of luck to everyone doing this! A big :T to all
    Debt Free - done
    Mortgage Free - done
    Building up the pension pot
  • HI Shineyhappy, welcome! I've added your name to the member list, so can you post your 3 yr challenge and I'll update your details. Remember to make it challenging, but not impossible!!! :)

    Though saying that, I wonder if my quest is impossible. No!! Positive thinking!! With help from the MFin3 gang, how can I fail?!
    Mortgage Free in 3 Years (Apr 2007 / Currently / Δ Difference)
    [strike]● Interest Only Pt: £36,924.12 / £ - - - - 1.00 / Δ £36,923.12[/strike] - Paid off! Yay!! :)
    ● Home Extension: £48,468.07 / £44,435.42 / Δ £4032.65
    ● Repayment Part: £64,331.11 / £59,877.15 / Δ £4453.96
    Total Mortgage Debt: £149,723.30 / £104,313.57 / Δ £45,409.73
  • ShineyhappyShineyhappy Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite
    Thanks very much!!

    Ok, its not looking too great so any ideas or suggestions please feel free to mention!

    Mortgage 142 000 interest only
    Secured loan 10 000 (needed to buy ex out) also interest only
    Take home salary 1120
    Rental income 360

    I would like to completly pay off the 10k loan, which would only mean an over payment of 277.78 a month over three years. I would also like to pay off as much as possible of the mortgage, not quite sure how much, but hey even 10k would be great! Money far better in my pocket!

    I think in total (incuding the secured loan) I would like to pay off 40k. Not sire if this is too much or not enough.

    Once the 10k loan is gone that is an extra 100 a month I will have spare to throw at the mortgage and every little helps.

    This is my first property and yes it was a big mortgage but my ex was such a snob, that he wouldn't live here there or anywhere that would ahve made this challenge easier and me being a fool went along with him, oh well!

    Currently I rent out my second bedroom, but I am thinking of renting out the entire flat and either moving in with my bf (this has been discussed) or announcing to mother I was moving home (she wouldn't mind at all). Is this cheating?

    Currently I am ebaying and amazoning like mad and have joined Quidco and Pigsback.

    Hope I fit in with the challenge critera!
    Debt Free - done
    Mortgage Free - done
    Building up the pension pot
  • slowlyfadingslowlyfading Forumite
    13.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Forumite
    I wish everyone the best of luck! :) I dont have a mortgage yet, but I'll watch this thread with interest :)
    Nicola x
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • AnW'sMumAnW'sMum Forumite
    4.4K Posts
    Part of the Furniture Combo Breaker
    I like this new thread :) and feel honoured to be part of the gang.

    Unfortunately I won't be able to take part in the challenge as our mortgage was paid off last year when my DH died. Although before he died we had made the decision to pay it off ASAP so that we could save towards our children's future (uni, house, weddings etc etc). So whilst I can't take part literally I am with you all in spirit and would hae joined in if circumstances were different.

    Perhaps I could be team mascot/cheerleader?
    Official Mascot and Chief Cheerleader for the 'Mortgage Free in Three' Gang :D
  • AnW'sMumAnW'sMum Forumite
    4.4K Posts
    Part of the Furniture Combo Breaker
    Woohooo thanks DD :D

    Give us an 'M', give us an 'O', give us an 'R''....... going to be here all afternoon at this rate!

    Go gang go *in all American style* ;)
    Official Mascot and Chief Cheerleader for the 'Mortgage Free in Three' Gang :D
  • ShineyhappyShineyhappy Forumite
    1.8K Posts
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Forumite
    Does this mean you will be coming up with little cheers for us?

    Be careful with all this talk of cheer leaders or you will be giving the boys naughty ideas!
    Debt Free - done
    Mortgage Free - done
    Building up the pension pot
  • Hello Questees

    Have you realised :question:

    If all of us complete our goals within the next 3 years, we will have accumulatively paid off over £half a million

    And; we would have probably saved that much again in not paying Interest Charges to the Banks over the full term of the mortgage!!

    :j

    Hands in the middle ---- gooooooo team! EDIT (My apologies, must remember to learn my place)
    Proud To Be Dealing With My Debts - 1420 Days To Go!
    LBM: £103,592.98 / Currently £78,500.08 - Down 24.22% / Mortgage: £92,800.00 / Loan: £17,284.21 / Overdraft: £450.09 / C/Card 0%(October 08): £5,601.54 / C/Card 0% (January 09): £1075.22 / Child Care: £137.80
    Share Investments: £51,390.74 / Money Owed From GS: £5,812.61
This discussion has been closed.
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