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

trix-a-belle

diamondsonly wrote: »

#34 I'd like to change my goal from completely clearing my mortgage to saving £72000 during the 3 years.
MFW is going to have to take a bit of a back seat as life and responsibility have got in the way lol

I will still be making smaller efforts to OP where ever possible

Diamonds xx

Please can you put a form through Diamonds as I'd like a record of any changes in the spreadsheet

Trix

Suffolk_lass

hiddenshadow wrote: »

tattycath, the formula is:

[mortgage balance] x [interest rate] / 365

Assuming £100,000 mortgage and 3.00% interest rate (for easy maths)

£100,000 x .03 = £3,000
£3,000 / 365 = £8.22

Mine is £3.05 - but I did divide by 366 as it is a leap year this year

hiddenshadow

Suffolk_lass wrote: »

Mine is £3.05 - but I did divide by 366 as it is a leap year this year

FWIW, your bank may not charge interest on leap day - generally they don't pay interest either.

catriona79

I've just downloaded Karl Jeacle's mortgage calculator app and it's brilliant! I used to use the PC version all the time, dreaming about paying off my first house.

Just a shoutout yo anyone who needs a bit of motivation, to try it.

I have seen that if I put my lodger income into the mortgage plus £300 a month, I'd pay it off in 5 years 8 months! That's incredible!

Floxxie

That's the one I use and yes it is so addictive!

I am definitely on a go slow with my challenge having had to spend my savings on replacing a car, but will be keeping my target as lots can change in the next three years...

FreedomGirl

Hi all,


Well, have just sent £4k to my SIPP, and will do another £4k tomorrow.


Current SIPP total is standing at £138,131.75 (plus the £8k + £3.2k rebate).


Due to my insane savings target I will be behind schedule Am currently bringing lunch into work, but have drifted twice in the past fortnight, and got into the habit of a flat white coffee and small chocolate (getting out of the office). And buying the odd paper, magazine.


So, here's my target...


March will be a "home brought lunch" - no exceptions.


I'll make sure there is some good stuff on my Kindle app on my phone.


And, as I really enjoy the walk, I'll switch it for a single expresso (Caf! Nero/Costa are both < £2) and will carry chocolate with me.


Every little helps, and every penny counts !


FG

SusanneCape

Hi all,

Another 2,000 for February. Apologies for the late post.

Suffolk_lass

Well, we are off on Hols Thursday and I won't be paying anything else off this month so I have submitted my first chart update form a few days early (due 25th March).

Not a great start but March is always awful as we have a huge house insurance premium of over £1400 to pay. Nightmare but we cannot use the normal comparison sites as most don't do thatched properties.

Hopefully things will pick up a bit over the next quarter but I want to get my emergency fund up to £10k before overpaying the mortgage, so maybe not. Touch and go whether we can.

Good luck everyone, some really impressive posts!

SL

Sox77

Hi everyone, well done on all the impressive overpayments! Mine is not as impressive as I'd like. I did sell my Share Save scheme but decided to hang on to the money as we are trying to get permission for an extension Anyway have paid £7275 so far this year - so the usual payments plus an extra £3420. Am quite happy with that, but the goal looks a long long way away!
Sox xxx

mrsp1987

I've made my first £500 over payment - that's the minimum amount I can overpay on my mortgage. So, I'm starting to save up my next £500!!!