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

taka

Loving those numbers Trix-a-belle! :beer: Good luck everyone!

Thanks pinknsparkly. Good to know that even more people are mixing and matching other plans alongside actual mortgage OPing too! My actual overpaying now is pretty much all those random bits like topcashback money / bank account rewards / voucher / getting £2 coins in my food shopping change etc.

I've been part of the MFiT challenges since the 1st one! ( :eek: ) I hated the fact that when I moved to my current flat I had to start a 25yr term all over again to afford to do so. Summer 2019 would be when my original mortgage would have ended so that was always my end target. My mortgage is now less than my council tax every month so it now no longer feels like a huge, evil thing looming over me and I'm mortgage neutral so I'm concentrating more on things like retirement now instead. Still very tempted to say... erm... stuff it... and pay my mortgage off this summer though!

My biggest tip is to have a budget! (I use YNAB classic.) For me a budget is not about having only X to spend on whatever or feeling restricted in any way. It is there to help me make a conscious decision about whatever spare cash I am likely to have and decide my priorities for it. It gives me choices... :beer:

I then end up setting targets that are a wee bit of a stretch above what I think may be possible as I like a challenge!

pinknsparkly

taka wrote: »

Thanks pinknsparkly. Good to know that even more people are mixing and matching other plans alongside actual mortgage OPing too! My actual overpaying now is pretty much all those random bits like topcashback money / bank account rewards / voucher / getting £2 coins in my food shopping change etc.

It would be boring if we all approached life in the same manner :rotfl: That's what I'm telling myself anyway!! I'm off to hunt out Secret Squirrel's posts as suggested by Trix now....

DiscountDuck

Hi, I’m new and being brave at trying this challenge for the first time but am very excited about it. I found the MSE mortgage overpayment calculator but it only allows for me to put in one lump overpayment in addition to the monthly ones I’m going to be making. Is there a spreadsheet template somewhere which I could use please, or another mortgage overpayment calculator that will allow me to add in multiple lump sum pay offs? I know it’s silly but getting my geek on with a spreadsheet makes me happy!

miss_undastood

JEdwards wrote: »

Hi, I’m new and being brave at trying this challenge for the first time but am very excited about it. I found the MSE mortgage overpayment calculator but it only allows for me to put in one lump overpayment in addition to the monthly ones I’m going to be making. Is there a spreadsheet template somewhere which I could use please, or another mortgage overpayment calculator that will allow me to add in multiple lump sum pay offs? I know it’s silly but getting my geek on with a spreadsheet makes me happy!

Look up locoblade’s excel mortgage calculator on the mortgages and endowment boards

liuhutOz

Oh blimey not sure if I want to have the highest amount to repay, undecided if that is good or bad!
We went to see a mortgage broker last night and I'm transferring the mortgage to a different bank, better rate at 3.64% and I get $2000 cash for the transfer which I will put straight into the mortgage. I have fixed part and left the $120,000 at variable so we can pay it off. Spoke to OH on the way home and he is on board to try to pay it off, so here we go...

Suffolk_lass

JEdwards wrote: »

Hi, I’m new and being brave at trying this challenge for the first time but am very excited about it. I found the MSE mortgage overpayment calculator but it only allows for me to put in one lump overpayment in addition to the monthly ones I’m going to be making. Is there a spreadsheet template somewhere which I could use please, or another mortgage overpayment calculator that will allow me to add in multiple lump sum pay offs? I know it’s silly but getting my geek on with a spreadsheet makes me happy!

miss_undastood wrote: »

Look up locoblade’s excel mortgage calculator on the mortgages and endowment boards

Which is here if you want to use it. It all looks much more comprehensive than mine.

trix-a-belle

& in the blink of an eye chart 1 is approaching at a rapid pace!

Lomcevak

Blimey, that came around quick!

#6 reporting a current mortgage of £42,451 so a reduction of £7,456 since the start of MFiT-T5. We have 14 months to go to our expected mortgage-free date, and so far on track

twinklie

I just need to wait 9 days to get my figure then I can update. I'm expecting to be on target or thereabouts. I can't wait to see the chart - I love a good chart.

SuperSecretSquirrel

We're off to a flying start! Over 15k up in the first three months. Absolute insanity. We can't really take any credit for it... Pensions up over 8k, S&S up over 6k, we paid in well under half that amount, closer to a third, the market did the rest. Fully expecting a reversal and back down with a bump soon enough!