The Mortgage Free in Three - Take 4 challenge (MFiT-T4)
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My January OP is done too, so I'm ready to update for Chart 4 - currently at £109,394 so £6.8k paid off since the last update, and amazingly £25.6k paid off since the start of MFiT-T4. So at the one-third distance i'm still green.
Now at £104,492, with £4.9k repaid over the last three months - think that means I now drop out of green but that's always been expected, my target is very ambitious. Still, I'm now past £30k paid off since the start of the challenge, and I'm happy with that
Three more months, and I hit the big milestone of getting under £100k :beer:£40k-in-’23#18 £78,628.29/40,000 (196.57%)0 -
Just updated for me and should be ahead, although that's going to change. We had to reduce our overpayments as I had to give up working due to not being about the afford childcare now we have three kids.
Also, we're about to move house to get an extra bedroom and will be more than doubling our current mortgage balance probably. Gasp!! Oh well, we're in a good position largely because we overpaid so much for so longSarah.
DD is 8 years old DS1 is 6 years old
DS2 is 14 months old0 -
Just updated and it seems like we've hardly paid off anything this quarter. Part of this is due to our savings that I had earmarked for mortgage going to repairs and stuff instead. Part of it is due to our imminent remortgage and wanting to have something to overpay immediately so that we have a buffer in case of future emergencies.0
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thanks to those who have updated, i'll do the chart tues/wed.
everyone is making great progress.- Mortgage: 1st one down, 2nd also busted
- Student Loan gone
Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps0 -
bumping this up to remind others to post their updates.
I've reported based on our current mortgage value. Rather annoyingly (yet excitingly) our mortgage will drop out of the £90s for good when our next payment goes out on the 28th.know thyselfNid wy'n gofyn bywyd moethus...0 -
Mortgage: -£20,147.04 (Quarterly progress £3,268.33)
Tax: -£500.77 (Quarterly regression £110.75)
Cash: £42,573.72 (Quarterly regression £1,351.93)
S&S: £16,925.48 (Quarterly progress £2,781.61)
MN+: £38,851.39 (Quarterly progress £4,587.26)
Very pleased with our progress this quarter, especially considering OH has been on statutory maternity pay throughout.
Our next mortgage repayment will see our mortgage balance drop (and remain) below 20k
Planning to make MFiT4 a little harder on myself soon, paying 1k off my student loan when a fixed cash isa matures. This will see 1k wiped off cash savings with no MFiT4 upside as I don't include the student loan in this challenge. I still hope to achieve "mortgage neutral +40k" sometime in June
Good work everyone! :beer:0 -
Wow..good work SSS
I am not in a good place re mortgage OPs. Have been focussing on other stuff eg. pensions, ISAs etc as well as getting rid of some recently accumulated debt
But have phoned lender and the mortgage is sub £150k..just. Which psychologically is a great place to be. Looks like around 73% of the house is ours..and not the bank's As everyone else around us still seems to be on extension frenzy its nice to see some progress for/benefit from sticking to our guns. Have updated form - sorry if its late Trix.
Think I have another year of this and then we will pay down hard.
Good luck to everyone and thanks Trix as ever for doing thisMFiT-T4 Member No. 96 - 2022 is my MF goal
Winter 17/18 Savings Rate Goal: 25% [October 30%] :T
Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista:rotfl::T0 -
#59 - form updated, thanks Trix!
That will probably be the last OP for a while, until I get a new job......Still, so far so good, and I'm not giving up on the challenge, just postponing for a while.
It'll be good to see the update / progress for everyone this week
MMxO'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,7880 -
Mortgage minimiser I've taken your update as chart 5 not 4
Briz you are well in time, I've not done mine yet- Mortgage: 1st one down, 2nd also busted
- Student Loan gone
Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps0 -
Thanks Trix....I'm not really with at the moment
MM xO'Payments:2016 - £3641.262017 - £7779.282018 - £11,515.16MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000Mortgage:01/2/2015 - £243,75031/12/15 - £235,906.7131/12/16 - £224,120.9831/12/17 - £210,224.0631/12/18 - £190,821.21Mortgage today £140,7880
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