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The Mortgage Free in Three - Take 6 challenge (MFiT-T6)

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julicorn
julicorn Posts: 2,290 Forumite
First Anniversary Name Dropper Photogenic First Post
edited 26 January at 9:42AM in Mortgage-free wannabe
First of all, a huge thank you to trix-a-belle who ran the previous two iterations of this challenge, inspiring many of us to stay on track (and becoming mortgage-free herself!). Also a huge thank you to Financial Bliss who ran the challenge before that. 

This is a the sixth in a series of three year mortgage challenges on this MFW board. Anyone who has joined a previous challenge should be aware of the format and timescales. If not see the next few posts below.

This fifth challenge runs from January 2022 to January 2025 and is open to anyone who wants to devote the next three years to greatly reduce or completely pay off their mortgage, or build up a pot of savings.

Below is a list of the challengers who have signed up and their goal:


Forum nameNo.GoalStart balanceGoal balance
julicorn1Clear or pay down my mortgage£276,000.00£175,000.00
Mortgage Minimiser2Clear or pay down my mortgage£155,939.00£110,000.00
Hettyhound3Clear or pay down my mortgage£40,500.00£15,000.00
Clueless564Clear or pay down my mortgage£103,385.99£72,000.00
twinklie5Clear or pay down my mortgage£202,000.00£167,500.00
MFW20266Clear or pay down my mortgage£82,000.00£66,000.00
Girlie14127Clear or pay down my mortgage£189,000.00£130,000.00
Filo258Clear or pay down my mortgage£322,724.00£238,186.00
powerspowers9Clear or pay down my mortgage£110,290.00£85,000.00
smetf10Clear or pay down my mortgage£92,766.00£60,000.00
nonny0211Clear or pay down my mortgage£216,000.00£190,000.00
Newgirly12Clear or pay down my mortgage£64,873.00£24,873.00
shangaijimmy13Clear or pay down my mortgage£46,600.00£31,100.00
Bounty12314Build up savings£6,300.00£21,500.00
northwalesd15Clear or pay down my mortgage£30,383.94£9,999.00
eat_that_frog16Clear or pay down my mortgage£199,000.00£70,000.00
mummytummy17Clear or pay down my mortgage$345,000.00$240,000.00
Hetta18Clear or pay down my mortgage£311,000.00£280,000.00
Bargainhunter3019Clear or pay down my mortgage£40,400.00£0.00
LadyWithAPlan20Build up savings£79,628.00£300,000.00
Tartan Mum21Clear or pay down my mortgage£153,500.00£113,500.00
skippie22Clear or pay down my mortgage£199,900.00£150,000.00
PiggyBankShaker23Clear or pay down my mortgage£134,814.00£100,000.00
Maybe_its_because24Clear or pay down my mortgage£138,900.00£109,900.00
poppycat25Build up savings£0.00£12,000.00
Bella_Budget26Clear or pay down my mortgage£68,185.65£0.00
Sistergold27Clear or pay down my mortgage£412,414.00£335,000.00
LadyGnome28Clear or pay down my mortgage£165,000.00£90,000.00
pavlovs_dog29Clear or pay down my mortgage£42,950.00£12,950.00
EG_MF_LO30Clear or pay down my mortgage£184,000.00£140,000.00
Tiredbutdetermined31Clear or pay down my mortgage£175,400.00£150,000.00
Muppets32Clear or pay down my mortgage£142,050.24£124,050.24
Kr14733Clear or pay down my mortgage£62,000.00£40,000.00
DiscountDuck34Clear or pay down my mortgage£38,000.00£0.00
Miss undastood35Clear or pay down my mortgage£265,500.00£180,000.00
villafan1036Clear or pay down my mortgage£35,000.00£0.00
AvidSaver37Build up savings£0.00£50,000.00
T. x38Clear or pay down my mortgage£41,111.55£18,611.55
Anagran39Clear or pay down my mortgage£127,314.89£102,500.00
x_raphael_xx40Clear or pay down my mortgage£113,694.11£99,990.00
gillynomad41Clear or pay down my mortgage£137,495.00£110,000.00
Martas42Clear or pay down my mortgage£70,915.00£17,000.00
BammBamm43Clear or pay down my mortgage£126,386.00£100,000.00
CathT44Clear or pay down my mortgage£82,172.00£44,000.00
Nut9745Clear or pay down my mortgage£37,355.24£0.00
Felicityfandangle46Clear or pay down my mortgage£47,000.00£0.00
Kerreh47Clear or pay down my mortgage£80,892.11£51,000.00
MaidenDevon48Clear or pay down my mortgage£26,455.00£7,000.00
Oldwoman_349Build up savings£0.00£5,000.00
Sistergold50Build up savings£0.00£20,000.00
amanda102451Clear or pay down my mortgage£92,535.37£82,000.00
AnotherNewDay52Clear or pay down my mortgage£168,455.00£155,000.00
Cheery_Daff55Clear or pay down my mortgage£178,818.20£145,000.00
ajmoney70Clear or pay down my mortgage£79,787.04£57,000.00
pinknsparkly99Clear or pay down my mortgage£425,000.00£400,000.00


Participants who reach mortgage-free status during this challenge will be listed in the roll of honour here:


Please see the posts immediately below for further information. Good luck in your own challenges.
Registration / update form: MFiT-T6 Form
Please note that I have made some tweaks to the form and process - if you encounter any issues, please let me know and I will fix them asap. Apologies in advance for any potential hick-ups!

Juli x

Original mortgage: December 2017, £203,495
MFW start: April 2018, £201,800
Mortgage neutral: September 2022, mortgage redeemed: December 2022
New house, new mortgage: December 2022, £276,007
Current balance: £215,400 minus £10,300 overpayment savings pot
«13456726

Comments

  • julicorn
    julicorn Posts: 2,290 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    Welcome to the first few joiners! Here are your numbers:

    @Mortgage_Minimiser 2
    @Hettyhound 3
    @Clueless56 4
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £215,400 minus £10,300 overpayment savings pot
  • Maybe_its_because
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    Hi Julicorn,

    Thankyou for picking up the mantle on this thread. Our family are very happy to continue to be a part of it. 
    The curveballs of life meant we over performed on MFiT4 and under performed in MFiT5. Hoping that challenge 6 will see us back to full financial health.

    With very best wishes to all participants of the MFiT6 and may the winds of fortune blow in your favour.

    Thanks MIB x

    MFW2020 #5 £2,000/2,000 MFW2021 #5 £1,850/3,500MFW2022 #5 £3.001/3,000Sep'12 £233,750 Jan'15 £222,329 Dec’21 £139,584 MFiT T4 #24 £48k/£34k MFiT T5 #24 £22,186/£41k MFiT T6 #24 £4,700/£29k
  • pavlovs_dog
    pavlovs_dog Posts: 10,202 Forumite
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    excited to see the new thread.  Thanks to Captain juliecorn for agreeing to steer the good ship MFi3 forward!

    I'd like to keep 29 as my challenger number if I may.  Target is to reduce our balance from £42,950 to £12,950
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • julicorn
    julicorn Posts: 2,290 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    excited to see the new thread.  Thanks to Captain juliecorn for agreeing to steer the good ship MFi3 forward!

    I'd like to keep 29 as my challenger number if I may.  Target is to reduce our balance from £42,950 to £12,950
    Go for it @pavlovs_dog :) Feel free to enter number 29 when you submit your form. 
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £215,400 minus £10,300 overpayment savings pot
  • girlie1412
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    Hi can I please join 
    MFiT-T6 #7 
  • julicorn
    julicorn Posts: 2,290 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    Hi can I please join 
    Sure, just fill in the form. 
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £215,400 minus £10,300 overpayment savings pot
  • julicorn
    julicorn Posts: 2,290 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    Here are the numbers for everyone who's joined since yesterday afternoon :)

    @twinklie 5
    @MFW2026 6
    @girlie1412 7
    @Filo25 8
    @Maybe_its_because 24
    @pavlovs_dog 29


    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £215,400 minus £10,300 overpayment savings pot
  • smetf
    smetf Posts: 279 Forumite
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    Am very excited to be joining for the first time! Have spent a long time thinking of figure to aim for and have gone for the ambitious target of getting the mortgage from 93k to 60k, working on the theory that 11k of repayments and overpayments combined is not impossible! Form submitted. Thanks for organising julicorn
    Emergency fund 10k Holiday/ home fund 6k
      Mortgage £59,996.65
  • nonny02
    nonny02 Posts: 20 Forumite
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    Just signed up using the form and am excited to get going!

    The plan is to reduce our mortgage from £216,000 to £190,000. 

    I'd love to set the goal lower, but we're also saving separately for some renovations, so I think the 26k is realistic.

    Thanks for running this Julicorn.

    #31 MFW 2024

    #11 MFiT-T6
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