Mortgage Free in Three Yrs

abouttimetoo

Well done everyone, I'm not part of your particular challenge but always follow it with interest :T

AnW'sMum

Wooohooo looking good everyone well done. Will post my update later today, possibly this evening.

TG you have email

benbenandme

Thankyou for the chart Tallgirl :T :T Well done everyone, please keep going, and even if you have joined the new challenge please stay here too and keep updating till the end

FrugalNotTight_2

Thank you TallGirl for;

1) Completing the chart. Very impressed with your organisation, dedication and clarity.

2) Allowing me to remain on the chart even though I have been slacking since March 2008.

Nice one and well done all!!!

P.S. Thanks to all those that responded to my message for the PDF document. I was being dippy as I'd been to that page 5 times and not realised I had to fill the form out to get a download button. DER!!! Oh well, hope this made some people chuckle.:rotfl:

AnW'sMum

For this update I have looked at the figures based on two main groupings.

There are three groups:

1. active members, those who have given an update since October 2008 update currently standing at 56

2. inactive members, those who have not updated since October 2008 currently standing at 13

3. dormant members, those who have no given an update for the last two charts. These members have had their figures removed from the calculations so that we have a true reflection of what is going on. Currently standing at 64

So.......

The results for Active members only:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 56 active participants is £5,120,269.38 with a collective aim to reduce this by £2,217,519.62 during the course of the challenge.

So far the total amount repaid is £1,628,368 or 73.43% of total pledged. To be bang on track at the end of month 21 (ie end of December) we should have repaid 58.33% so collectively we are ahead of target by £334,888.81 :j

The results for Active and Inactive members:

Based on the info DD and TG have in their charts and by my reckoning the total of mortgages plus pension pots other savings of the 69 active and inactive participants is £6,648,345.55 with a collective aim to reduce this by £2,877,433.18 during the course of the challenge.

So far the total amount repaid is £1,973,146.00 or 68.57% of total pledged. To be bang on track at the end of month 21 (ie end of December) we should have repaid 58.33% so collectively we are ahead of target by £294,739.23 :T

I am sure if we had had an update from the current 13 inactive members then we would collectively be even further ahead of target. So if you are one of the 13 please PM Tallgirl with your figures so we can keep track of how everyone is doing. The next update will be April 2009.

I shall report each time in the same style. So anyone who did not report in this time and does not report for the next chart will become dormant and everyone that does report will be classed as active. I hope this all makes sense!

38 people so far are ahead of target so an extra pat on the back to you all, currently 17 people are 100% or more of their targets.:j :T

Just for a bit of fun I have also looked at how many of these mortgages we would have paid off now if we started with the smallest active mortgage and worked towards the biggest! Those who would be MF now in this scenario would be: sparklymessygirl, Mushy61, freedomgirl, ailuro2, inkie, cazmanian_minx, jobbingmusician,Desperate Housewife, amazamum, shazzany, lunasaver, tallgirl, savvykaz, superfast_Gran, bargain Rzl, Gallygirl, taka, hughmungas1986, LookAfterThePennies, The|Bees, Chickadee, MoneySavingNovice, Redbedhed, MarvinTheMartian, CFC, financialbliss, FrugalNotTight, OverlandLandy, jakomdj, CaroB and MissPennyPincher

And finally the best news saved til last huge congratulations to sparklymessygirl, angelavdavis, Cazmanian_minx and MoneySavingNovice on becoming MORTGAGE FREE :money:

Well done to everyone, keep going 21 months down only 15 to go

Some people have taken on new mortgages since the last update. I do have a note of their new outstanding amounts but have not used them in the above so we maintain consistency in reporting.

Looking forward to the next update

ecoelle

Hey all, not posted on here in a long time, i'm not a member but keep an eye on you lot for inspiration!!!
Can't believe how well you guys have done, i have increased my mortgage payments by £40 per month which is what me and my partner can afford at the moment and then we throw any extra we have at it at intervals.

Well done to all who have managed to pay any extra off their mortgage because without this challenge maybe they wouldn't have and really it doesn't matter whether it's a lot or a little it all helps and everyone is in a better position now than when they started to a big cheer to all!!

hughmungas1986

Thanks TG for the latest chart, its great to see so many people still involved with the challenge.

On a more personal note, we hope to pay another small lump sum off the balance later this month. Our goal is to be at 75% by the middle of the year from the 61% we are at now.

Good luck to everyone else still involved, only 15 months to go !!!!

hugh :j

Mudbath

Thank you so much Tallgirl for the table - i'm nearly half way to my target which is fab. Thanks to AnW'smum too (:wave:) - I love the analysis. Can people start paying extra please so i'm one fo thsoe with my mortgage paid off too!!!:rotfl:

gallygirl

Thanks TG :kisses3:& AnW's mum :kisses3: for all your hard work.

Glad me buying a car hasn't wrecked it, and good to see my mortgage is still paid off :rotfl:.

I'll be doubling my efforts to get back on track, I promise

AnW'sMum

Mudbath wrote: »

Thank you so much Tallgirl for the table - i'm nearly half way to my target which is fab. Thanks to AnW'smum too (:wave:) - I love the analysis. Can people start paying extra please so i'm one fo thsoe with my mortgage paid off too!!!:rotfl:

Perhaps that is how we should tackle it, we need £88643 to pay off Dumbledore55 who is next on the 'hit' list