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

Lomcevak

Looking forward to getting going on this one

I've realized that I'm 'cheating' slightly with my £135k start point, as I've actually made a normal monthly payment between the end of MFiT-T3 and the start of MFiT-T4 - I'm going to beg forgiveness and keep it unchanged though, £135k - £60k is nicer than £133.5k - £58.5k

A_Frayed_Knot

Great, Lomcevak, I too, can't wait to get this started, although as I have said before it will be a very slow start for me:( hopefully by summer, if not sooner, I'll be in a different place:) and my finances will be mine:D

Lomcevak

Will be a slow start for me too - I expect to fall a fair bit behind and then hopefully start to catch up, although hopefully i'll do a bit better early on than in MFiT-T3, where I was red for almost the whole challenge

pavlovs_dog

apologies for my tardiness, I've finally updated my objective. Our opening balance is £103,787.81 and I would like to reduce my mortgage to £75,000 in the duration of the challenge. Our built in OPs at their current level will take up to £79,522 so that leaves me £4522 to find over the 3 years. Ambitious but hopefully achievable (unless we have sprogletts in he interim).

#29 is out of the starting blocks!

Mortgage_Minimiser

So, as today is the start I thought it would be worth looking at my mortgage as at today.

We are at £235,049.85. :eek:

I aim to reduce this millstone to £195,000 by the end of this challenge. We will also be starting slow, but its a marathon, not a sprint so off we go.

Good luck everyone.

MFIT-T4 # 59

SuperSecretSquirrel

Made my first OP of the challenge today, shifted £499.99 from savings to the mortgage. Hasn't really helped me move towards my target though, just moved money from one account to another, net effect zero :rotfl:

uropachild

So do we need to do any form updating yet? I'm guessing not? It starts today, but we have already sent in our starting figures and targets so we're all set aren't we? Next check in is 25th April??

It's pretty tight this month, had to buy baby things and still paying for Christmas and eldest's birthday. Made my overpayment as usual though. Just can't chuck any additional across this time.

Suffolk_lass

uropachild wrote: »

So do we need to do any form updating yet? I'm guessing not? It starts today, but we have already sent in our starting figures and targets so we're all set aren't we? Next check in is 25th April??

It's pretty tight this month, had to buy baby things and still paying for Christmas and eldest's birthday. Made my overpayment as usual though. Just can't chuck any additional across this time.

Yes, that's right :T. I usually send mine as soon as I've made my last OP of the quarter so I don't forget (I did once in take 3).

Good luck everyone, here we go
SL

trix-a-belle

& we're off!
Just waiting on twiggy & taka for their targets, if anyone else wants to join in please submit a joining form.
Those registered; first update is the 25th April unless you need to update your starting value at all.

I'm doing a savings hybrid this time of saving accounts & credit card balances (no interest incurring debt just monthly spending & a 0% purchase card). If my job/industry becomes secure again & I find a house to move to then I might add a mortgage challenge later too

Trix

Twiggy_34

trix-a-belle wrote: »

& we're off!
Just waiting on twiggy & taka for their targets, if anyone else wants to join in please submit a joining form.

Hi Trix, thanks for your PM, I've just replied to it with a best guess projection. We successfully transferred to our new provider last week and payments don't start until March (so we've got a much appreciated month off in February!). We're not sure when we'll be able to start making overpayments due to personal circumstances, but hopefully I've set a realistic projection of where we hope to be and, in time, will be able to increase the target!