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

trix-a-belle

Suffolk_lass said:

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?

Thanks lovely
Yes, I took out my first in 2007 when I bought my first house, paid off in 2016, carried on saving away, moved house & took out a new one in 2017 & its been a bit all over the place since then so would be nice to have it out of the way

miss_undastood

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. 

Julicorn have you started this yet? It definitely keeps me motivated 

miss_undastood

Hi.
Since starting the challenge I have taken out an additional £120k mortgage - so am I able to amend my target to include this or should I just take this off my current balance. 

I actually have 3 mortgages running - but I am now paying off a different one as the rate is higher following a remortgage. 

Sorry for the waffle. But I guess my original target of paying off 60k stands. But the goalposts have moved slightly

trix-a-belle

Happy to revise your target if thats what you want to do just drop a change of target form through on the spreadsheet.
I don't know what to suggest for the best, you know the dates of when you took out the extra in relation to the challenge, we're over halfway through & you're well ahead of the curve on your current target so might be easier to leave it as is and then kick off T6 with them altogether?

miss_undastood

Thanks. I think I will add my last 2 mortgages together and then subtract the 120k from it for now as that is where I’d be on the other one had I not have flipped which one I’m paying off. I can’t believe I am going to make the target I originally set though, small payments really do snowball!
At the moment with our overpayments we are paying down around £1500 a month - which means I will be about £18k lower come the end of the challenge (plus any extra I can save in the meantime!!)

twinklie

Exciting times - I've not been making overpayments as such because I was paying down debts - which aside from car loan (and student loans - but I don't count those) I'm now debt free. I'm also building up an emergency fund, but I've finally made my first OP. It's only £63.11, but I'm finally on the way!

longway2go

Happy New Year everyone 

SuperSecretSquirrel

Happy new year! 🎉

We're two thirds of the way into the challenge now, and amazingly, somehow, we're still very much on course!

This time last year we were sat at 59.5% - nearly two thirds of the way to the end goal in just one third of the time. I was very happy with that.

This year, after two redundancies, a stint of unemployment, and having dropped down to a single income household, we're at 94.9% - I'm really happy with that too ☺️

When we started this challenge back in January 2019 (back when life was normal, and none of the 2020 craziness was anticipated) the target seemed ambitious...

SuperSecretSquirrel said:

By the end of this challenge I would like us to be 50% FI, which means boosting our "interest accruing assets" value from £143,378.17 to 225k within three years :eek: That's an increase of over 27k a year - no idea if this is in the least bit realistic!

This one could absolutely be a rocky ride. Last MFiT I included my S&S ISA, which dropped by thousands of pounds in value in a matter of days towards the end of last year. This time I'm also including our pensions, their total value saw a five figure drop in those same few days last year! The rises and falls could potentially be quite spectacular this time... Should be fun

Clearly the markets have been kind. Very kind in 2019, and tumultuous as hell in 2020 but somehow ending on an even keel. We've also saved diligently, and kept a firm grip of the purse strings. Lockdowns in their various forms have pretty much forced us to be good savers if I'm honest, there's not been an awful lot to spend money on this past year!

Although we're close to meeting the challenge target, pensions and stocks and shares could all take a massive hit at any time, so it's not a foregone conclusion just yet. I do try to have a positive outlook in life though, so I'll be back in a couple of days time when a massive PB win pushes us across the finish line 😂

Thanks, as always, to Trix for running the challenge, and best of luck and good health to you all in 2021 👍

stoplurking

Happy New Year everyone.  Just added my update.  Good luck to everyone for a great 2021 and thank you Trix for running the challenge. X

trix-a-belle

well where does the time go, looking forward to seeing peoples updates!