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

pavlovs_dog

I managed to miss the last update as I was away with work and then gallivanting around the US on my wedding moon.

Mortgage continues to wind its way downwards, I'm now within less than £11k of my MFi3 target.

Looking forward to seeing how everyone else has done :wave:

hiddenshadow

Twiggy_34 wrote: »

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.

Just FYI (as I find this maddening too), you can set up text alerts for activity on your mortgage account. They tend to arrive next working day, which is still a bit ridiculous, but at least it's more immediate.

Congrats on the BTL.

2rea22

Well, just sent in my update and I am just over half way to may target. Think I'm a bit behind if I want to be MF by target date so need a real push over next few months if i want to catch up. Might be a challenge with Christmas coming up. So wanted to clear 30K - 14.5K to go!

Suffolk_lass

Just sent in my Chart 7 and we have tipped under the £100k with a small lump sum payment - by 97p!

icklehelen

Just sent in my update for chart 7. Really pleased with our progress. I have done some extra juggling with the numbers and it has paid off so have been able to put an extra OP through this month.

It's great to have the support and motivation of like minded people - looking forward to seeing how everyone else is getting on!

ickle

brizzledfw

Just updated. Will have risen at little as remortgaged at a nice round number of £145,000. Sandbagged the upside when the 'old' mortgage was paid off - funnelled into savings (top rate as its a NW high interest current account) and its also paid for a new much needed replacement cooker

Will keep ploughing on and from next month can make OPs for up to 20% p.a without penalty. Thats not going to happen but reckon 10% is doable.

Thanks Trix and all

Have a good weekend x

Welshlassie

Looks like this challenge has gone out the window for us this time round as we've just had an increased (by £50k) mortgage agreed in principle so we can extend the house. We're going offset hopefully which will bring the balance down again that much quicker, but it won't be during this challenge period.

SuperSecretSquirrel

Mortgage: [COLOR=DarkRed]-£15,649.20[/COLOR] (Quarterly change: +£2,263.28)
Tax:         [COLOR=darkred]-£450.15[/COLOR] (Quarterly change:    -£82.96)
Cash:      [COLOR=Blue]£39,442.61[/COLOR] (Quarterly change:   -£871.08)
S&S:       [COLOR=blue]£24,186.17[/COLOR] (Quarterly change: +£3,616.76)
[B]MN+:       [COLOR=Green]£47,529.43[/COLOR] (Quarterly change: +£4,926.00)[/B]

When signing up I thought MN+45k was a realistic target, and MN+60k was an ambitious but hopefully doable target.

I'm very pleased to see that we have now surpassed the realistic target Fifteen months left to crack the ambitious target!

trix-a-belle

Thank you for all the updates some amazing progress and also good strategies based on current circumstances.
Chart 7 is published and therefore we begin the downward descent of the second half of the challenge.

i'm still up slightly at the moment as I haven't paid the solicitors bill to complete my house sale/purchase just yet (completing monday so needs paying this week) so will have to see what I can do before the next chart to minimise the impact of that.

brizzledfw

Thanks as ever Trix...I am £17.5k adrift so plenty to aim at..I think I prefer looking at the £21k or so that I have paid off since we started

Anyhow, had better get cracking....