Mortgage Free in Three Yrs

TallGirl

OK here is the proper chart - really impressive. If you haven't updated please PM me now so you won't forget next time and come off the chart.

gallygirl

:j Woohoo woohoo :j, well done everyone

RosieTiger

What a great encouragement this is for those of us emabrking on the next MFi3 - well done to you !

angelavdavis

:T:T10 mortgage free participants and 29 (I think!) participants who have actually achieved 100% or more of their original targets - way to go MFiTs!!!!:T:T

dexter_fan

OK - this has galvanised me to join in the MFi3. You are all an inspiration and you should all be REALLY proud of yourselves
:j:beer::j:T


by 12/12 I would like to reduce our 135K mortgage by 50K. I will PM Tallgall

ailuro2

Dexterfan - we only have until next April until our challenge is finished -it was decided our challenge wouldn't take on any new names after about the first six months, so it's just been the few of us since.

There is another MFi3 thread, though,

the_new_MFi3_challenge wrote:

The challenge will officially start in December 2009 and you have until 12/12/09 to register your interest. Please see the posts immediately below for further information.

This challenge ends on 12/12/12.

Good luck in your own challenges.

Financial Bliss / Maz123.

Here's the link for it.
http://forums.moneysavingexpert.com/showthread.html?t=1402631

setmefree2

well done everyone :T:T

hughmungas1986

Congratulations to all those who have reached or exceeded their goal and to those of of you who are mortgage free, I'm jealous !!!

hugh :beer:

MortgageBasher

Hi All, I have about 3 years remaining on my mortgage anyway, and have made a few over payments which have reduced my monthly payment amount, but not the term. I am limited to around £350 Per Month in over payments, so although I can reduce my monthly payment amounts with this, the term remains. If I pay more, I get a fee (fine?). So... not sure I can reduce the term, which would be nice, but at least money is being knocked off.

I have so far managed x4 over payments this year.. so it won't be the full 12 planned, as life sometimes gets in the way ;-> But.. on paying just over £1000 pounds in over payments this year, my montly payment has been reduced by £40 per month! Compare this £1000 pounds sitting in my savings account, where it would have earned me a collosal .69p a month in interest! So... saving does seem rather pointless in this climate, does anyone have any tips that may help me regarding overpayments / term reduction, or would you say I am already on the correct track?

I think I was also mis-sold my PPI with my lender, they told me as a first mortgage, about 7 years ago, that I "Must" take the PPI?. This with one of the main banks!. I also understood they said I must take "their" PPI? Being new to it all, I signed up!... a couple of years later, found their PPI to be extremely expensive and opted for a much cheaper cover option with another establishment.... but, I know have have vastly overpaid into this original PPI agreement. Maybe 7 years ago is too long? I wouldn't mind my money back, which essentially was wasted and could even be classed as stolen from me, as in sold under a lie?

Thanks

TheBees

Hi Tall Girl and everyone else -
I've had a look at the chart but think I've made an error with my figures. I thought you only wanted the money we've paid off (or in our case our virtual figure) this year to date. This is correct at £1925 which is currently sitting in a savings account ready to be sent off as a capital repayment in December. However since the start of the challenge we've paid off £5K too making a total of £6925. So our current virtual balance on the mortgage is now £50075. If I can scrape together another £75 before December then we'll be below £50K!!!:j

I think the figures on the chart have been put on the wrong way round as we've definitely not paid off 550% !!

Mortgage at start of challenge - £57000
Paid off since the start - £6925
Balance outstanding - £50075
(Aim to pay off £10K)