The Mortgage Free in Three - Take 5 challenge (MFiT-T5)

Lomcevak

#6 reporting in with a current mortgage of £18,808, so a reduction of £6,867 since the last update, and £31,099 since the start of MFiT-T5. Well past halfway now



If all goes to plan, should be done in 8 months

Mortgage_Minimiser

#59 reporting in.

Current mortgage balance is £171,428.62. Aiming to get from £189,189 to £140,000. £17,761 done....£31,428 to go!

Current projection is £136,723 - so it's looking achievable, but I have started to OP the second mortgage as well now.... so im not sending amounts the size I previously was. Should be fine... according to the S/Sheet

Interest is dropping nicely, so onwards and upwards!

MM
x

trix-a-belle

Suffolk_lass wrote: »

20 days until the next update is due and I have started peering at my spreadsheets. I love a nice round number but should it be the mortgage or the current accounts? :cool:;)

Oh lordy where has the time gone! Chart 3!!!!! :eek:

violetblue

Wow, is it nearly that time again already?!

I've been busy doing some money shuffling... My fix is due to end next July, and I really don't want to fix again for another 2 years (I want it all gone before then!) and of course don't want to pay the SVR either... so I've decided to start making use of a couple of the longer 0% balance transfer credit card deals, and shuffle some of the mortgage onto those.

Managed to transfer £7300 onto 0% zero fee deals, via a money transfer card, basically halving the mortgage - leaving it at just £7260! :j I should be able to pay that off by the time my fixed rate ends, while paying the minimums off the cards. I'll then pay the cards down with the cash I'll no longer be paying to the mortgage.

I'm still counting the CC balances in my total mortgage balance, as it's still money I owe! However it is saving me a good chunk of interest in the long run. And the smaller numbers look great on my spreadsheet!!

Haven't put my update in yet as there's time for a few more OPs before the next chart is due!

fruitloop04

Hello! Is it too late to join? I am on the annual mortgage free challenge but a longer goal to run along side it would be great!

Suffolk_lass

fruitloop04 wrote: »

Hello! Is it too late to join? I am on the annual mortgage free challenge but a longer goal to run along side it would be great!

Just pop a form in from page 1 - it operates slightly differently to the annual challenge and the forms make sure Trix doesn't miss any tricks (sorry, could not resist the pun)

Suffolk_lass

violetblue wrote: »

Wow, is it nearly that time again already?!

I've been busy doing some money shuffling... My fix is due to end next July, and I really don't want to fix again for another 2 years (I want it all gone before then!) and of course don't want to pay the SVR either... so I've decided to start making use of a couple of the longer 0% balance transfer credit card deals, and shuffle some of the mortgage onto those.

Managed to transfer £7300 onto 0% zero fee deals, via a money transfer card, basically halving the mortgage - leaving it at just £7260! :j I should be able to pay that off by the time my fixed rate ends, while paying the minimums off the cards. I'll then pay the cards down with the cash I'll no longer be paying to the mortgage.

I'm still counting the CC balances in my total mortgage balance, as it's still money I owe! However it is saving me a good chunk of interest in the long run. And the smaller numbers look great on my spreadsheet!!

Haven't put my update in yet as there's time for a few more OPs before the next chart is due!

Ooh, that's an interesting idea! And it makes sure the debt is unsecured too :cool::T

trix-a-belle

fruitloop04 wrote: »

Hello! Is it too late to join? I am on the annual mortgage free challenge but a longer goal to run along side it would be great!

Not at all fruitloop I'll sort you a number and get you in the first post later today

Thanks SL
As always please can I remind everyone to put a form in with MFiT-T5 Form
, we are on chart 3 this time. I won't take figures from the thread, if you can't use the form please PM me
(MM I can see you've posted figures above but there doesn't seem to be a corresponding form submission yet)

Mortgage_Minimiser

(MM I can see you've posted figures above but there doesn't seem to be a corresponding form submission yet)

Hi! no, laptop died as i was updating..... popping out now but will post it later

MM
X

violetblue

Suffolk_lass wrote: »

Ooh, that's an interesting idea! And it makes sure the debt is unsecured too :cool::T

Thanks Suffolk lass! I have to admit, having such a high CC debt does make me feel a bit uncomfortable... but it's all 0% for nearly 2 years, and if I think of it as "interest-free mortgage" then it doesn't seem so bad!