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

Rachiedabbler70

Hi All

Keen to join having successfuly become debt free in 2015 and now want to become mortgage free. I won't reach mortgage freedom in 3 years but this will help me stay focussed. Many thanks Trix for setting this up - just the inspiration I need. Good luck everyone.

SuperSecretSquirrel

Hello! I hope you all had a lovely Christmas

MFiT3 was amazing, we smashed our ambitious target and managed to hit mortgage neutral and them some!

Now I would like to get involved all over again

Now that our virtual offset balance is higher than our outstanding mortgage I would like to set a savings target - I'm just not sure what value to set it at yet. I'll consult the tea leaves to get a realistic target, then add a big number to that to make it a challenge, then post a target setting update if that's ok? In the meantime, just registering my interest and politely requesting to keep my number, #47.

Thanks Trix!!! :beer:

PS: Should be an interesting one this time, my "savings" target will include cash and more exotic investments... As we all know the value of investments can go down as well as up, so it could be a rocky ride to the end

FreedomGirl

Hi,


Trix - thanks for setting aside #68 for me. Am still reflecting on the stretchiness of my target !


SuperSecretSquirrel (does that abbreviate to SSS ?) - glad to hear there is someone else contemplating a challenging target. Looking forward to tracking your progress. I'd like to work out an aggregate one, based on a composite of cash, SIPP and defined benefit (will need equivalent valuation I suspect) so mine will be interesting to work out as well...


FG

Penny_pauper

Hi Trix-a-belle
I was part of the last challenge (number 45) but didn't quite hit my target.
Using savings and overpayments mortgage is currently £115,500 and I'd like to get it down to £85,000 by the end of the challenge. Please don't worry if number 45 is taken already as just happy to be back with the challenge.
Thanks
PP

aliwali

I would love to pay off our £66k mortgage in the next 3 years but with a joint salary of £30k and 3 kids that is very unlikely. I think we'll go for a savings target instead as our mortgage rate is 0.98% at the minute. I'll be back when I've considered a challenging target. Thanks for setting this challenge up.

catriona79

Well, I am sooo very excited about the next three years! Whoop whoop!!!

I have only recently remortgaged, and January will be the first month with a regular payment; last month's was larger as it was the first payment ever.

A lower mortgage rate (by o.8%) means that I'll have more money to put towards the mortgage / savings.

I still have a small (relatively!) debt to pay off, all of which is on 0% cards, so my money is earning interest in savings accounts instead. I have rented out two bedrooms in my house which will bring £900 a month. My plan is to save the lodger income plus another £325 from my salary in regular savers.

I will probably want to start paying some money into investments (index trackers), just like Squirrel above, and as those can go up as well as down.... It's going to be interesting!!!

My target is roughly 10k a year saved towards a mortgage repayment at a later date. My current mortgage is £110,000, so hopefully it will have gone down do £80,000.

First things first, my debt is currently at roughly 4.5k so that will need to be saved for first.
Hopefully debt neutraldom in April 2016, and then full pelt at more saving.

All extremely exciting!!!!

Good luck to everyone for a good start tomorrow.

pavlovs_dog

MFi3 helped us go from £121k to £105k. We wanted to get into a better LTV bracket to aide our remortgage options, which we achieved. Our new aim is to hammer down the balance. Whilst we are childfree, we could theoretically clear the remaining balance within 10 years. Sproglets will slow this down somewhat, although I don't anticipate any appearing for a few years yet.

For my MFi4 target I aim to reduce my mortgage by £25,000. My starting balance is £104,889. To hit this, I need to maintain our built in OPs of £410/month. To exceed it, I need to do well at my 1% challenge, which could reduce the balance by a further £3k over the course of the challenge.

trix-a-belle

pavlovs_dog wrote: »

For my MFi4 target I aim to reduce my mortgage by £25,000. My starting balance is £104,889. To hit this, I need to maintain our built in OPs of £410/month. To exceed it, I need to do well at my 1% challenge, which could reduce the balance by a further £3k over the course of the challenge.

Great to hear you will be joining us again Pavlov's dog. l look forward to an input form from you, l have put aside your T3 number again, 29.

Penny P, 45 is yours.

SSS, 47 is yours.

There is about 50 of us on board so for but hopefully a few more will join before we kick off on the 24/25th.

Sox77

Hi everyone,

I would love to join this challenge. I have submitted the form with an ambitious target. DH and I currently owe £177,763.65 on our mortgage and I'd love to get below £100k so have set a target of £99,999.99 as motivation really. It will mean paying off £77,763.66 over the next three years rather than the £46,260.00 we had intended but I have a share certificate I am going to cash in soon which should pay off about £15k... Just got to bring myself to do it. Part of me just wants to hang on to the shares and see what happens but I check them every day and if they go down I start worrying, so for the sake of our mortgage and my mental health I should probably just sell Don't know how we will pay off the additional OPs and now it's in black and white it seems a lot, but I will try my hardest!

Sorry for the ramble, just helps me to see it all written down!

Sox xx

Wombatchops

Wow Sox77, that's incredibly ambitious, and I'm jealous. I wish I was in a position to even contemplate being able to pay that amount off of my mortgage. Good luck.