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

Suffolk_lass

Ooh well done Trix - how exciting.

Hm, you could change your target, or move the current one down to number 151 and make the number 1 target your new house - I think I'd want your number 1 to reflect your current target and just make it realistic for the remaining 18 months

trix-a-belle

Just realised I didn't do any half time stats...
of the starting total £8,858,911 to be reduced by £3,718,587 we have paid back or saved £1,129,230 so far across 90 challengers as logged against the update submissions
The biggest % target goes to GETMYACTTOGETHER on their original challenge target who hit 194% of target so hopefully they will give their second target the same treatment

They are amazing figures! Its a marathon rather than a sprint so lets keep plugging away to the end

brizzledfw

Excellent thanks Trix...and huge congrats on your plans....I like a bit of *uck it, just do it on this kinda thing...you gotta follow your gut reaction on these things..

Hope it goes smoothly x

2rea22

I'm ashamed to say I've not posted an update since the start of the tread! My original goal was to pay the remainder of my mortgage off in three years, 30K! eek! However, things immediately didn't go to plan. Threat of redundancy and family problems meant that priorities changed and tbh I forgot (or put to the back of my mind!) the fact that I had signed up for this challenge. However, I've been battling on. Although I survived the redundancy threat it has never really gone away and hubby's job is not exactly safe either - so buttled down and managed to pay off £13,250 to date. It would be a relief to think at least the house is paid for if the worse comes to worse. Also managed to squirrel a bit away in savings so we have a buffer for a few months too. So I'm back on it and determined to see the back of the mortgage. I've also managed to get rid of a few debts along the way too. Fingers crossed the 13 year old VW golf will last a bit longer so I don't have to replace it!!

Lomcevak

Lomcevak wrote: »

And now at £99,557 - so under the great £100k barrier

£4935 repaid since the last update, a bit over £35k repaid since the start of the challenge with just under £40k to go to my target - that means I'm a little behind at the halfway point (£2072, to be precise ) but i'm delighted to even be close to on-track.

Next big milestone is to get under £90k, which will mean I've repaid £100k since I remortgaged four years ago. Currently looks like Jan '18, but i'd really like to drag it into this year...

All done for this quarter, now at £93,834 so £5,723 paid off since July, making it just over £41k repaid since the start and a touch under £34k to go. Still slowly slipping behind where I should be (now £2,589 short of being 'green') but still delighted to be close

Unless something dramatic happens will drop under £90k in December, which will mean that I've paid off half the mortgage in four years (was £180k in Jan '14).

mummytummy

Just submitted for this quarter, unfortunately it's a big fat zero, but I will fix it and get back in the green for the next one.

Mortgage_Minimiser

#59 updated for this quarter. Haven't updated for a while - lots going on including a change of job. Back to normality now though. However we are saving for an extension, so not as much thrown at the mortgage. Keen to see where I am now.....

MMx

trix-a-belle

Thanks to those who have updated already, how is it Oct already?!
I am hopefully moving in a couple of weeks, finally, I think I know what i'm going to do with my target but it might still change, my current figure will certainly take a hit once I have completed due to solicitor fees/stamp duty excess that needs covering, oh & the oven I didn't expect to need to buy.
Chart 7 coming soon.....

Twiggy_34

Sorry guys but I'm going to have to bow out of this challenge. Things are/were going to plan and we have been managing to make regular overpayments, but a couple of factors have influenced my decision. First is that it's really difficult for us to keep on track of our progress because FD don't provide online access to our mortgage (how stupid for an online only bank?!?!) and only provide 6 monthly statements. Second is a bit more exciting, in that we've just remortgaged as well as securing a BTL mortgage and completed a couple of weeks ago on a 2nd property, with the tenant having moved in last weekend.

The good news is that we will be continuing with regular (albeit small) overpayments on our resi mortgage, we are also happy that we can save a decent amount every month to do overpayments on our BTL mortgage (interest only) as well. For now we're playing it cautious and will monitor income and outgoings for the first year to see how things play out, but I'm hoping the savings from 'profits' will be sizeable and we can make some good dents in both mortgages as time passes.

Good luck to you all in achieving your goals

trix-a-belle

no worries Twiggy, congrats on the new landlording venture