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

Trying_to_be_good

sellotape

Lots of us do an informal 'offset' of our savings where their either earning better interest (unusual in this day and age, but will be better when we're not paying as much tax on interest), or we've maxed the overpayment allowance for our individual mortgage deals. If you'd like to do that, just deduct your savings balance from your mortgage balance and report the net figure :-)

someday_soon

Good Luck everyone, for those on their first challenge - the time will fly by.:j It's hard to believe it's 6 years since we sat down and worked out just how much we could afford to overpay and then tried to squeeze the number to get 60k off in 3 years. That 2nd number was not rational,:eek: then we started to plan! We didn't quite make it, but got it in the 4th year. :cool:Biggest tips - meal plan, batch cook, flog what you will never use again! Old cars have much more character than newer ones! Think short term pain for long term SUPER gain. What you are gunning for is choices, choices choices. Seriously. Choices.
Everyone's personal circumstances are different, so try not to compare your numbers to others. Stay focused and look forward to checking in every 3 months. Short sprints, deep breath and go again.

Someday Soon

A_Frayed_Knot

someday_soon wrote: »

:cool:Biggest tips - meal plan, batch cook, flog what you will never use again! Old cars have much more character than newer ones! Think short term pain for long term SUPER gain. What you are gunning for is choices, choices choices. Seriously. Choices.
Everyone's personal circumstances are different, so try not to compare your numbers to others. Stay focused and look forward to checking in every 3 months. Short sprints, deep breath and go again.

Someday Soon

Thank you - someday soon:beer:
I'm already flogging, so my next focus needs to be the meal planning and batch cooking you mention. I have been in my kitchen today clearing out the freezer in readiness for this.:) and clearing out some cupboards too, so I know what I have and what I need.:D


Done the lower cupboards and drawers today, so tomorrow it will be all the top cupboards. As for figures, I love to see all the figures, I think "wish I had your salary with my mortgage" :rotfl:and the others will probably think "wish I had your mortgage with my salary":rotfl: but as you say - everyone's personal circumstances are different.


Can't wait to get started.

icontinuetodream

I'm in again! Change of circumstances meant no ops this year and no financial change happening for a while, but I will get this mortgage gone within the next three years if it kills me! :D

Karona

Hi everyone, I'm a newbie, please be gentle with me Ive been waiting for this thread. I can't wait to get started. I'll post my starting figures early jan after payment gone out and set a target. Let the adventure begin x

princess295

Ive just registered, its my first challenge so i hope i completed registration correctly.
I have a mortgage of £68,709.23 hoping to reduce it to £50,000 I have only had the mortgage since august and already made overpayments of £1000 so hope the challenge will keep me focused and get as much paid off as possible.

trix-a-belle

Karona wrote: »

Hi everyone, I'm a newbie, please be gentle with me Ive been waiting for this thread. I can't wait to get started. I'll post my starting figures early jan after payment gone out and set a target. Let the adventure begin x

Hi Karona
if you'd like to put a registration form in now to get on the list for a number you can always update the figures nearer the start

trix

selloptape

Trying_to_be_good wrote: »

sellotape

Lots of us do an informal 'offset' of our savings where their either earning better interest (unusual in this day and age, but will be better when we're not paying as much tax on interest), or we've maxed the overpayment allowance for our individual mortgage deals. If you'd like to do that, just deduct your savings balance from your mortgage balance and report the net figure :-)

Thank you Trying to be good

CathT

I would love to join please. FinancialBliss diary was the first I ever read and completely inspired me! I think I forgot about this challenge last time as was away from the forums for a while. I am back with renewed energy as we will have some additional borrowing for a planned extension I hope to pay off as fast as I can.

Not sure of figures yet but would love to join and will update as soon as I can.

trix-a-belle

CathT wrote: »

I would love to join please. FinancialBliss diary was the first I ever read and completely inspired me! I think I forgot about this challenge last time as was away from the forums for a while. I am back with renewed energy as we will have some additional borrowing for a planned extension I hope to pay off as fast as I can.

Not sure of figures yet but would love to join and will update as soon as I can.

I had a quick read of your diary this morning Cath, great news! I've set aside the same number from T3 for you, just let me know your figures when you've had a think and done some planning