The Mortgage Free in Three - Take 4 challenge (MFiT-T4)

catriona79

Thanks Trix for the no 25! Let's hope it continues to be lucky.

I've set my reminders in my phone.

Sox77

Wombatchops wrote: »

Wow Sox77, that's incredibly ambitious, and I'm jealous. I wish I was in a position to even contemplate being able to pay that amount off of my mortgage. Good luck.

Thanks Wombatchops, I'm probably being over ambitious but (full disclosure) mortgage is with Bank of M&D. We were originally only borrowing it temporarily as we bought our house at auction so it was easier than trying to get a mortgage in place, but then I got made redundant last year and we never did get the mortgage Bank of M&D aren't bothered they are earning interest on their money (we're paying them a fair amount of interest), but it bothers me

catriona79 wrote: »

Agree with Wombat, Sox you are in a great position, and the shares will definitely help. It's a difficult job to time the market, and it's effectively guesswork...
Good luck with the challenge!

Thanks Catriona79, I have decided to put a few shares in each of the childrens names in the hope it will help with uni fees if they go in the future, and sell the rest. Am just waiting until the rest are worth £12k again (they hit it a few times last year) and then I'll sell, if I don't do it soon it's only going to get harder... not sure if that's greed or prudence

FreedomGirl

Hi,


Right, am starting to get my head around this crazy goal I have set myself


I think one way to give me a chance of hitting this goal is to use previous three years of un-used pension allocation. I'm not sure how to go about it as part of my tax return (of course I would be paying it in this tax year, and then doing the tax return post April 2016). Or would that be too late to get my higher tax payer rebate?


(I would be raiding some low interest paying ISAs etc. to transfer the cash in)


Sorry for being so clueless !


FG

shangaijimmy

I'd love to help but you lost me with "use previous three years of in-used pension allowance"! Either way it sounds impressive!!

brizzledfw

V exciting to see the first post and all the peeps taking part

Heres to us :beer: and our success :beer:

FreedomGirl

Shanghaijimmy...


Sorry - my bad (typing). I meant to say, three years un-used pension allowance.


However, I think I may have mis-understood the government announcements. It seems there is a maximum allowable limit of £60k per year that you can pay into your pension, but that you can use previous years allowances, so if you had the cash, you could pay in £180k this year. And get tax back, assuming that you had paid tax in that year.


I'm interested in maximising pension contributions and "getting back" the 40% tax I paid (in tax years ending April 2015, 2014 etc.). I had assumed that this carry back/forward meant I could also put in money from this tax year, and get back the 40% from previous years.


But I now think I'm wrong


A confused FG


P.S. For the avoidance of doubt, I most definitely do not have £60k cash kicking around the place. I'm just trying to understand the rules now that I will need to understand once/if I become this MFiT4 (and MFiT5, 6) super earner/saver so I can reach my crazy goal

socks779

Eeek just registered for my very first challenge. Aiming to reduce mortgage by 24k

Maximum_Saving

I am so pleased that I have registered for this challenge. I began my 5 year mortgage deal in September 2012. Hopefully I will keep overpaying my mortgage. I pay on the 10th of the month my usual payment then add to it to get it towards the most I am alllowed to pay.

Mortgage: £25,329. It will move down some more on 1lth January.

Mortgage_Minimiser

Steps forward to sa 'hi'!


So, ive (hopefully) just registered for this challenge. Great timing for me as our fixed rate runs out in Jan 19! Im hoping at that time to be at 60% LTV.... mortgage currently £234,787 ; 60% (excluding any increase in house value - just based on purchase price) is £195,000.
So thats the aim...looking forward ot the journey!
x
MM

FreedomGirl

Hi,


Welcome to all the newbies ! And no worries re defining what seems like a crazy goal. Each time I've started an MFiT, when I write the goal down it seems unachievable, and somehow it all seems to come together,


Although, this time I might have bitten off more than I can chew !


I've just worked out that I have committed myself to a monthly savings target of £2485.07. Which is pretty much my take home pay


Right, this should be entertaining...


FG