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

Suffolk_lass

miss_undastood wrote: »

Hi. #46 here. Had a few life changing events in the last few months.

When I started this challenge 12m ago I had 2 mortgages. A big one at a high rate and one that is less than 1% above base rate. The rate is so low it’s negligible to me and almost isn’t worth paying off!

Fast forward 12m I have now taken out a further advance (at a lower rate than my big mortgage) and a BTL interest only mortgage.

Now my original goal was to reduce my big mortgage. This is still my primary focus. It’s the highest rate. So as such am I ok to continue to declare how I’m doing against paying this debt down and effectively ignore the other mortgages for now?

Thanks #46

I'm sure that is fine - I recall some people in the previous challenge had different numbers for their primary property and a second for a BTL so your plan sounds fine with just your home mortgage being tracked in this thread

Suffolk_lass

#2 just put my form in for this quarter - our mortgage is under £17k now

trix-a-belle

miss_undastood wrote: »

Hi. #46 here. Had a few life changing events in the last few months.

When I started this challenge 12m ago I had 2 mortgages. A big one at a high rate and one that is less than 1% above base rate. The rate is so low it’s negligible to me and almost isn’t worth paying off!

Fast forward 12m I have now taken out a further advance (at a lower rate than my big mortgage) and a BTL interest only mortgage.

Now my original goal was to reduce my big mortgage. This is still my primary focus. It’s the highest rate. So as such am I ok to continue to declare how I’m doing against paying this debt down and effectively ignore the other mortgages for now?

Thanks #46

as long as your reporting is consistent thats fine, so if your challenge from & to values have only ever been the balance of your big mortgage I don't mind what you have going on on the side.
its totally flexible for your situation and what you want to prioritise, some people factor everything in the pot, some just focus on one part and leave other things to bimble in the background

helibob

I've put in my January number. I'm behind what I had been aiming for. We had the bathroom redone and new windows put in, so that took a fair chunk out of our savings. We're all about the mortgage now, though. We may not hit the 3 year target, but I'm generally pretty comfortable with how we're going.

trix-a-belle

its a marathon not a sprint helibob so don't worry & what you've done all makes it more liveable and appealing
SL has kindly reminded me the forum update will alter some peoples usernames as spaces are no longer allowed, I will leave everything in the challenge as is for existing challengers

Urbanshyne

Hello all,

No.12 with this quarter's update. I'm now tantalisingly close to £20000 left to pay. The finish line is within reach.

Good luck everyone.
US

violetblue

Chart 4 update submitted! :T

I'm now at £12620 - never thought I'd be able to reduce it by so much in a year, this challenge is really working to keep me focussed and motivated. Even better - the actual mortgage portion is just £4460, with the rest sitting on 0% credit cards so the interest each month is minimal.

I don't know if this is just me, but the closer I get to the finish line, the more impatient I am to have it all GONE!! :rotfl:

Cheery_Daff

Ha, I can imagine it's NOT just you violetblue :rotfl: When we paid off our last mortgage I was proper impatient towards the end - and actually I wasn't named on it and for various reasons we ended up just letting it run til the end of the 25 years. But it was SOOOOO nice when it was gone! :j :j

Sadly we're nowhere near the end of the new one £198k still to go :eek: and 23 more years if we don't pay it off early :eek: I'd love to get it done in under 15 in total (so another 13)...

helibob

trix-a-belle wrote: »

its a marathon not a sprint helibob so don't worry & what you've done all makes it more liveable and appealing.

Oh yeah, for sure. Windows should save us on heating too, but it'll take a good few years for them to pay for themselves :P

ilselm

Form submitted (or even resubmitted as may have updated it earlier, I can’t remember!). Balance now stands at £91,000 which is a £4,500 reduction over the past three months. Onwards and downwards! Thanks,