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

Liuhut0z

Number 14 checking in and just sent my update. We are doing well, we are at $479998, two thirds of the way there so slightly ahead of target. We are in Melbourne, Aus so not a lot to do with lockdown. We are throwing as much as we can at the mortgage to get the figure down. Hope everyone else is going on with theirs

stoplurking

Just submitted my update, not sure where I am in terms of my target but it’s going in the right direction.  Good luck everyone and thanks for running the challenge Trix-a-belle

Suffolk_lass

Liuhut0z said:

Number 14 checking in and just sent my update. We are doing well, we are at $479998, two thirds of the way there so slightly ahead of target. We are in Melbourne, Aus so not a lot to do with lockdown. We are throwing as much as we can at the mortgage to get the figure down. Hope everyone else is going on with theirs

Still in lockdown there. Phew, that puts the discussions about last night's measures in England into perspective! Whingeing Poms, as the saying goes

mummytummy

#23 reporting In and update sent with a balance of $398,700.00.  Don’t know what colour band I’ll be in but still confident I’ll reach my target by the end of the challenge 🥴

I’m in Western Australia with few restrictions so feel very lucky compared to other states 😷

Lumiona

Sent mine in last week, paid off our annual 10% so back on target although as they've dropped our monthly repayments so our final sum might not be the target figure set.

Suffolk_lass

Lumiona said:

Sent mine in last week, paid off our annual 10% so back on target although as they've dropped our monthly repayments so our final sum might not be the target figure set.

You could contact your lender and ask them to keep the payments at the same level and treat the difference as an additional capital repayment (not advanced interest payments, which some used to to) - our experience is that they don't always count this in your annual limit for OPs, and even if they do, the earlier that you pay, the less the interest because that is calculated on a daily basis

shala_moo

Morning all, just sent in my update for October - £1880 left.

I took voluntary redundancy from work in August so my redundancy payment covered most of the outstanding amount we had left - we won't actually pay it off the mortgage as we have an offset account but we almost have enough to be mortgage neutral.

My Dad was diagnosed with advanced cancer in Dec 19 so it made sense for me to leave work as the stress of looking after him and working was way too much. He's nearing the end now so who knows what the future holds! I'm ready to leave the awfulness of 2020 in the past though.

Hope everyone is ok, and I hope you've all not been affected too much by this blooming covid! 

trix-a-belle

sorry to hear about your dad Shala, very sensible to take the opportunity to spend more time with him while you can xx

Lumiona

Suffolk_lass said:

Lumiona said:

Sent mine in last week, paid off our annual 10% so back on target although as they've dropped our monthly repayments so our final sum might not be the target figure set.

You could contact your lender and ask them to keep the payments at the same level and treat the difference as an additional capital repayment (not advanced interest payments, which some used to to) - our experience is that they don't always count this in your annual limit for OPs, and even if they do, the earlier that you pay, the less the interest because that is calculated on a daily basis

Thanks Suffolklass, I tried that but they wanted a mortgage amendment fee and to go through a full affordability check 🤨, a bit daft considering we've paid our monthly amount plus the 10%.
I think we'll just save the reduction sum towards the next overpayment.

DiscountDuck

My update is in. It’s always one of life’s little joys when the new chart comes out! When things don’t seem that bright it’s a nice reminder that we are all still making progress a little piece at a time. 

I’ve hit my target and am so happy to be there. Perhaps it was due to an underestimation of how much the mortgage could be reduced by if I really pulled my socks up! I’ve got the lump set aside ready to overpay in January when my 10% allowance becomes available again (I’ve hit this year’s limit). Maybe if I keep plugging away then the MFI3-5 I start in 2022 after this one ends will be the one in which I finally get there. The end is in sight. In the distance, and a bit of a long way, but definitely in sight!