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

Ami-Rose

Will T6 be from Jan 2021 or when this challenge ends? We're in the process of buying our first house and *should* be moving late December/early January so it'd be great to have something like this to motivate us! We'll be on a 29 year term but want to clear it as soon as possible.

trix-a-belle

Ami-Rose said:

Will T6 be from Jan 2021 or when this challenge ends? We're in the process of buying our first house and *should* be moving late December/early January so it'd be great to have something like this to motivate us! We'll be on a 29 year term but want to clear it as soon as possible.

When this challenge ends Ami so starting Jan 2022 (ending Jan 2025 ug that sounds such a long way away), there is only ever one 3 year challenge on the go at any one time, someone else runs a 1 year challenge every year.

julicorn

Just wanted to echo that you're very welcome to join the MFW 2021 challenge, @Ami-Rose , if you would like something to tide you over until the next 3-year challenge starts I'll be starting the thread early December. 

fruitloop04

Thanks for updating the spreadsheet trix!  I am still in the yellow but really not far away from green whoop!

Ami-Rose

julicorn said:

Just wanted to echo that you're very welcome to join the MFW 2021 challenge, @Ami-Rose , if you would like something to tide you over until the next 3-year challenge starts I'll be starting the thread early December. 

Thanks! Was just talking to OH about it and we might use that first year for restocking our emergency fund that's taken a bit of a beating recently. Then kick off overpayments in earnest with the next 3 year one. A 1 year challenge is probably a good idea while we get used to it anyway!

Urbanshyne

Hi Trix, I completely forgot to update you for the last chart. I paid my mortgage off mid-September and just for completeness I would like to have a zero balance on the spreadsheet. I've submitted a form for the next chart in January. I don't know whether you can belatedly slip me into the current chart, or if I should wait until January. Either way, I'm very grateful to this challenge - it really helped keep me on track, and I'd also like to wish everyone on their mortgage free journeys the very best of luck. It can be a real slog sometimes, but stick with it. 

trix-a-belle

I've slotted you in urbanshyne, well done!
If anyone ever misses a chart just put the update form through when you remember and i'll fill it in, I periodically go in the sheet between chart updates, you don't need to date it ahead to the next one

I need to the run the figures on my mortgage but it appears my early repayment charge is now less than my interest % so it seems like a no brainer to clear it with some money that is hopefully coming in my direction in the new year and get rid of the headache.

SuperSecretSquirrel

Quite a few mortgage free / mortgage neutral / target met announcements recently - well done all! 😎

longway2go

Wow Trix, amazing!!! 

Suffolk_lass

trix-a-belle said:

I've slotted you in urbanshyne, well done!
If anyone ever misses a chart just put the update form through when you remember and i'll fill it in, I periodically go in the sheet between chart updates, you don't need to date it ahead to the next one

I need to the run the figures on my mortgage but it appears my early repayment charge is now less than my interest % so it seems like a no brainer to clear it with some money that is hopefully coming in my direction in the new year and get rid of the headache.

Ooh, I shall stay around to cheer you on - you were so supportive to me. I think this is your second one isn't it?