Mortgage Free in Three Yrs

AnW'sMum

Woohoo that'll be me then! Just waiting for a copy of the chart and then I'll get to it

Desperate_Housewife_2-2

Thanks for doing the chart TG! It is looking good too! Its getting exciting now we haven't got long left.

Sorry to hear about you job chickadee, hope you find something. Same thing happened to me and I have got fixed up now but I understand what its like. Keep applying for jobs.

AnW'sMum

Hi Guys

I shall work on the figures and aim to get them posted this evening, there are some good results there on that I can see so far. But there seem to be a lot that have not updated this time round. Now we are in the final straight it would be great to see more people reporting in, we have travelled so far together ut would be great to finish together, so come on and PM tallgirl and let's really show those banks whose boss

DD2_2

Sorry I missed the mortgage update, but I was having a break from MSE and came back to find that my Dithering Dad username has had posting authority taken away.

We've reduced our mortgage balance down to 83,270.34, with £20k sat in the offset account. I'm hoping to pay off all the remaining tax for my company and decrease my mortgage down to £80k by the end of the MFi3 challenge. I'm really chuffed (and amazed) that I've paid off £67k in the 2yrs 3 months that the challenge has been going. I have also met my £100k pension pot target with £90k in my pension and £10k in Mrs Dither's. I'm really over the moon how this has all turned out.

Sorry for missing the chart

TallGirl

No problem DD2 glad to see you back. Come on lets have some more updates and I promise to post the chart again.

Bargain_Rzl

I'll send you mine this evening, TallGirl Sorry it's late - I've been out of the loop a bit recently.

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 April 2009 update currently standing at 45

2. inactive members, those who have not updated since April 2009 currently standing at 18

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 69

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 45 active participants is £4,400,580.84 with a collective aim to reduce this by £1,669,244.36 during the course of the challenge.

So far the total amount repaid is £1,578,890 or 94.59% of total pledged. To be bang on track at the end of month 27 (ie end of June) we should have repaid 75.00% so collectively we are ahead of target by £326,956.73 :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 63 active and inactive participants is £6,131,707.18 with a collective aim to reduce this by £2,469,293.48 during the course of the challenge.

So far the total amount repaid is £2,162,292.00 or 87.57% of total pledged. To be bang on track at the end of month 27 (ie end of June) we should have repaid 75.00% so collectively we are ahead of target by £310,321.93 :T

I am sure if we had had an update from the current 18 inactive members then we would collectively be even further ahead of target. So if you are one of the 18 please PM Tallgirl with your figures so we can keep track of how everyone is doing. The next update will be October 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!

37 people so far are ahead of target so an extra pat on the back to you all, currently 24 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, cazmanian_minx, Desperate Housewife, karmacat, tallgirl, savvykaz, superfast_Gran, minimoocow, ali007, taka, Chickadee, MoneySavingNovice, Redbedhed, MarvinTheMartian, Cupid_s, CFC, financialbliss, OverlandLandy, catowen, CaroB, CountryWife, sachsaini, Dumbledore55 and kaz2904.

And finally the best news saved til last huge congratulations to sparklymessygirl, angelavdavis, Cazmanian_minx, MoneySavingNovice, minimoocow, 1274, Mushy61 and OverlandLandy on becoming MORTGAGE FREE :money:

Well done to everyone, keep going 27 months down only 9 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

setmefree2

TG - I feel very chuffed when I see the SMF2s progress in the chart

FreedomGirl

Hi MFiTers,

Oh no, I can't believe I'm the only one who's "negative"! Sorry!!!

Any lurkers out there who are not reporting in 'cos they're going the wrong way...please do so so I'm not alone!

Have got a job starting October, so at least will be stopping the rot. Waiting to hear about the hubby...

FG

FZwanab

Will there be a new thread set up for those who have completely paid off their mortgages after the pay your mortgage in 3 years challenge is over? like what are you doing with that extra money that you used to put off your mortgage, or next goals to achieve in 3 yrs etc?