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

mrsp1987

Maximum_Saving wrote: »

Hello. My Internet didn't work this morning. I turned it off and waited a few minutes. Then it began working again. My broadband is with Plusnet and my current deal is ending on 11th November 2016. I already have Sky TV. I must decide on a new broadband deal.

From personal experience Sky TV great! Sky broadband not great!! We switched back to Virgin and it's been way faster and better reliability. But thats just me

Maximum_Saving

Hello Mrsp1987. I am delighted to read about your personal experience. I love Sky TV although it did keep rising in price. I phoned and asked them to give me a better deal. I took on a year of Sky TV at £24.00 a month. I won't choose Sky for my broadband. I had a very bad time with Talk Talk a few years ago. My main effort is paying off my mortgage and it is down to £14,900 and something.

uropachild

Wow, I'm sorry I keep on forgetting about this!! I have made a note in my diary for the next one so I can be a bit more organised.

I've paid off quite a bit I think so am looking forward to seeing the chart update to find out if I am where I think I am.

We're still looking for another house, although a HUGE part of me really doesn't want to take out a bigger mortgage. We love the street we're in, the house is fab too - we just need one more bedroom and sadly the loft isn't great to convert and having already sunk too much money into a kitchen extension i'm loathe to extend again and then find we move anyway.

So i'm cruising Rightmove every day but nothing comes up. Ho hum!

trix-a-belle

uropachild the chart 3 date isn't here quite yet so still time to get an update in.
sounds like a a struggle a nice area counts for so much with houses, have any neighbours converted the loft that you could go and speak to on how they did it? you need an out of the box idea
Round here on rightmove i'm finding houses are either getting put on and then dropped and dropped in desperation or just being tested and if they aren't getting much initial interest at the first price are withdrawing it.

SuperSecretSquirrel

#47 - Update number three

Mortgage: -£27,057.25 (Quarterly progress £2,102.36)
Tax: -£490.83 (Quarterly regression £183.75)
Cash: £46,087.30 (Quarterly progress £1,645.62)
S&S: £11,831.80 (Quarterly progress £1,763.00)
MN+: £30,371.02 (Quarterly progress £5,327.23)

Another good quarter

We need to average £3,772.25 per quarter to meet our final target. So far we're doing great, but we always expected it to be quite easy at the start, and that it would get more challenging over time...

Happily, we were right Our second child is due in February We have another year(ish) of statutory maternity leave on the horizon, and beyond that more childcare expense or a drop to single income. Never have I been happier with the prospect of being short of cash

uropachild

trix-a-belle wrote: »

uropachild the chart 3 date isn't here quite yet so still time to get an update in.
sounds like a a struggle a nice area counts for so much with houses, have any neighbours converted the loft that you could go and speak to on how they did it? you need an out of the box idea
Round here on rightmove i'm finding houses are either getting put on and then dropped and dropped in desperation or just being tested and if they aren't getting much initial interest at the first price are withdrawing it.

I don't think any neighbours actually have converted the loft. There are plenty with extensions but I can't see any dormers in the lofts etc. We did have a builder who specialises in loft conversions round and he said it would be a case of loosing the third bedroom to put the stairs in which kind of defeats the object! Haha!

There just aren't many houses coming on the market full stop around here. I'm not sure why!!

Suffolk_lass

SuperSecretSquirrel wrote: »

#47 - Update number three

Mortgage: -£27,057.25 (Quarterly progress £2,102.36)
Tax: -£490.83 (Quarterly regression £183.75)
Cash: £46,087.30 (Quarterly progress £1,645.62)
S&S: £11,831.80 (Quarterly progress £1,763.00)
MN+: £30,371.02 (Quarterly progress £5,327.23)

Another good quarter

We need to average £3,772.25 per quarter to meet our final target. So far we're doing great, but we always expected it to be quite easy at the start, and that it would get more challenging over time...

Happily, we were right Our second child is due in February We have another year(ish) of statutory maternity leave on the horizon, and beyond that more childcare expense or a drop to single income. Never have I been happier with the prospect of being short of cash

:)Congratulations! how fantastic is that news! :j

By the way, I really like the way you are accounting for your savings to offset your mortgage payments and I have been thinking about doing similar.

Our mortgage rate is just 0.74% thanks to the old-style base rate tracker from 15 years ago that I ported when we moved here almost 12 years ago. Looks like a really well-planned bit of financial savviness but was actually because I lost my concentration-memory after an accident so we have been nibbling away at our interest-only job for a few years now but still over £110,000 to go. We have paid £120,000 off but now facing just under half with a lot less than half the years remaining.

SL

SuperSecretSquirrel

Thanks Suffolk Lass

I think the virtual offset is a good idea for anyone that is either not in a position to make actual OPs, or where doing so would be a bad idea. So whether you have maxed your OP allowance for the year, or have a low mortgage rate that's beaten by savings, virtual offsetting shows regular progress, and to me at least, that is a massive motivator!

trix-a-belle

& so that time has arrived again! Chart 3!
Chart 3 link

Suffolk_lass

As I suspected, firmly in red territory now. I am not alone. Cheers to everyone who is persevering on this thread, still providing updates even if all is not going to plan. Not too many of us in red or amber who have updated so far!

And well done to all the green rows. Inspirational stuff!

SL