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

mrsp1987

Oh it's not a month it's per year. So if on January 1st my balance is £90K I can overpay a maximum of £9,000 without penalty. But the minimum I can overpay at one time is £500. So I have to save it up and then overpay

Maximum_Saving

Hello mrsp1987. Oh, I see it is per year the 10% allowed overpayment. My current mortgage is 17.141 and if I had that rule it would be £1741.10. I can pay more because it is £500 a month which in a year is £600. How much is your fee if you pay more that your allowance? I have over £18,000 of overpayments . I began doing overpayments in 2013. My mortgage began in 2010. Good luck.

mrsp1987

Thanks, my fee is 5% so I assume if I paid more than my allowed 10% allowance I would pay an early repayment fee of 5% of the whole outstanding balance! I'm in no danger of reaching the £9,000 and whatever my allowance is this year, so that's good. I'm on a five year fix at the moment but I wish I could get out of it and re-mortgage but the 5% fee is a big hindrance.
I imagine as I get significantly closer to the end of the mortgage then I would be looking at ones that didn't have caps on how much I could overpay or didn't have charges or whatever, but I'm still sitting at £95K so got a few more MFiT challenges to go I think

Maximum_Saving

Hello mrsp1987. My mortgage is also a 5 year fix and it will end next August. Yes, I began it in 2012. The early repayment fee would be 5%. Therefore it would be too expensive to re-mortgage to a lower interest rate. Maybe when you can reach the end of your 5 year fix you reduce the term of your mortgage. I hope that in the future you will have a more flexible mortgage.

Pearla*Merle

I'm finally starting to make some proper headway! Still need to think up creative ways to make up for the ground lost earlier this year though.... I think I hear the Bay of E calling...

Mysteek

Just done my update for chart no. 3 as there will not be any more payments to the mortgage this month, after monthly payment gone through today. Maximum 10% overpayments made this year.

juststuff123

#80. Reporting in for chart No. 3.
Mortgage Balance £43163

trix-a-belle

juststuff123 wrote: »

#80. Reporting in for chart No. 3.
Mortgage Balance £43163

Please can you send a form through (don't appear to have received one at the time of this post)


I had hoped to post at the weekend but my router has given up the ghost so some of you have beaten me to it, its Chart 3 time coming round soon!

Please please please submit your figures using The MFiT-T4 form and not just a post in the thread. Thank you

Lomcevak

Now at £116,235 so a touch under £5k down since the last update - thanks to a quick rummage down the back of the sofa and an extra OP of £118.89 I've paid off exactly £18,750.00 of £75,000 since the start of the challenge, so exactly 25% there. So green by a single penny, I think

(edit: looking at the spreadsheet it looks like I rounded my start value up to £135k so I'm a few quid past quarter distance according to the spreadsheet, but I'm penny-perfect really )

Lomcevak wrote: »

I'm down from £128k at update 1 to £121,179 at update 2 so £7,235 in three months and almost £14k since the start. Not quite going to maintain the pace and my overall MFiT-T4 target remains a big ask but on the plus side will drop under £120k next month which is a nice milestone

Karona

#35 reporting in early. Balance 33458
Not much headway being made until car paid off early next year but I'll keep plodding on. Good luck everyone