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

brizzledfw

Welcome to all the newcomers :T Its good round here, you won't regret it

And congrats Trix...brilliant news, well done x

catriona79

Amazing news Trix, you have done very well!!!
Now, after the student loan is done, you'll have even more to save up every month.

I'm just thinking about where to put my savings for this challenge, whether to open a new saving acc, or just assign them to this category. What do people normally do?
I've got a big credit card, which I've just moved onto 0-% for 22 month at no fee, so thought that it's better to keep earning interest on my savings rather than to pay off the card. So I've got savings but they are not really mine, if you see what I mean. I might just "virtually" separate the pots, but in practice put them into the same accounts to earn me interest. Compound interest, here I come!

trix-a-belle

Thanks guys
yes Catriona although I am still looking for a long term house which will require additional borrowing but all savings I can put away will be to reduce the amount needed to borrow. I had based my T4 target on my mortgage & over payments going to savings plus extra to stretch it a bit.

I'm doing a similar challenge to you this time & i'm just totalling the balance of all my accounts (I use moneydashboard to track them all) including any -ve credit card balances (I bought a new laptop on a 0% before christmas) and recording that as my +ve savings balance. I've got a selection of the various top paying current accounts that i'm progressively filling & previous years ISAs.

Daisy_Duck

Hello all

Would love to join you for the journey! Have sent over my registration and look forward to chatting with you :j

DD

Mysteek

Sorry only just come across this challenge but would love to join please, have sent my registration form over to you.

Want to clear my mortgage of £46,400 and have already joined the yearly challenge aiming to overpay at least the 10% allowed. Any other monies will go into savings to help clear the total off when enough saved.

May not be too many OP's to start with as need to clear my CC off, which should be end of March (then I will be debt free yoo hoo!!) unless something untoward happens.:eek:

Thank you running this challenge trix-a-belle and good luck to everyone taking part :j

mrsp1987

Hello! I have a question.
I'm only able to make a minimum overpayment of £500. If in April or at any other check-in point I haven't actually made an O/P to my mortgage but I have the money saved up would I report that as an overpayment or not? So, say in April I have £425 in my O/P account and I'm just waiting to hit £500 before I make my payment would I put in £425 on the google form or £0 because I haven't technically paid it yet?
Am I making sense?

ajmoney

mrsp1987 wrote: »

Hello! I have a question.
I'm only able to make a minimum overpayment of £500. If in April or at any other check-in point I haven't actually made an O/P to my mortgage but I have the money saved up would I report that as an overpayment or not? So, say in April I have £425 in my O/P account and I'm just waiting to hit £500 before I make my payment would I put in £425 on the google form or £0 because I haven't technically paid it yet?
Am I making sense?

If it is earmarked for the mortgage then I would count it.

Suffolk_lass

mrsp1987 wrote: »

Hello! I have a question.
I'm only able to make a minimum overpayment of £500. If in April or at any other check-in point I haven't actually made an O/P to my mortgage but I have the money saved up would I report that as an overpayment or not? So, say in April I have £425 in my O/P account and I'm just waiting to hit £500 before I make my payment would I put in £425 on the google form or £0 because I haven't technically paid it yet?
Am I making sense?

You are making perfect sense. If you have reserved the £425 to set against your mortgage (or to continue to save so you can do so when your mortgage redemption penalty period has run out) then enter it on the form. Nobody on this thread minds and lots of our fortunate members are so close to paying off completely that they will be saving within the challenge rather than OP. It is whatever works for you

HTH
SL

mrsp1987

Oh good. I was pretty sure that was how it worked but I wanted to make sure! Thanks guys x

trix-a-belle

mrsp1987 wrote: »

Hello! I have a question.
I'm only able to make a minimum overpayment of £500. If in April or at any other check-in point I haven't actually made an O/P to my mortgage but I have the money saved up would I report that as an overpayment or not? So, say in April I have £425 in my O/P account and I'm just waiting to hit £500 before I make my payment would I put in £425 on the google form or £0 because I haven't technically paid it yet?
Am I making sense?

MrsP
as mentioned if the money is earmarked for the mortgage then it should be counted but just to be clear please can your report your 'Mortgage Balance', which in your case will be
(Current mortgage balance at bank) - (Money earmarked for mortgage overpayments) = (Mortgage Balance)

Welcome to the newbies still trickling through please drop a form in as we'd love for any interested parties join in.

By my current reconning we have £7.9 million in mortgages/savings aims to reduce/increase by a total of £3.36 million over the 36 months, making an average change of £20,226 per challenger