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

x_raphael_xx

Mortgage statement arrived! As at 30/09/2022 our balance is £113694.11.
Its dissapointing to see £215 interest added on a £445 monthly payment. Doesn't feel like we're getting anywhere.

We have another year before we have to remortgage, so planning on hitting it hard this year and hopefully put us in a good place to barter a good deal.

As for the challenge, I'm setting a goal of a £106,000.00 balance by Jan 2025

girlie1412

October update posted.. I am not where I would of wanted to be by this stage however we started a project of constructing a garden room and all the free monies were spent on it instead of the overpayment.. still happy that I keep in track by overpaying every month 

twinklie

No 5 popping in to update - I've had to take a reluctant step back from OPing at the minute. A few additional outgoings that weren't accounted for cropped up - broken boiler, poorly dog (claiming back from insurance though), a few bills all coming out at the same time. Unlikely to OP much the rest of this year, however, hopefully back to it in January. 

gillynomad

@julicorn - just registered through the form. Wish I'd spotted this earlier. My starting point is from the Jan balance as I have been overpaying but only started to make bigger moves towards overpaying.

Martas

@julicorn I'm another new registree. I'm already on 2022 Mortgage Free Wannabes but I thought I need to get motivated by having a longer term target. I have to say that the recent rise of interest rates really made us realise that we want to pay off mortgage off asap. Our fixed rate finishes in June next year so the plan for now is to overpay another £3000 (the remainder of our 10% fee free overpayment) and then save up for when we will go onto variable or will remortgage and fix it for another 2 years. Too many unknowns so it's hard to say yet what will happen.
By January 2025 I'm hoping to reduce our mortgage to 17k, it's very ambitious but if we would achieve it, it would be absolutely amazing! 
Thanks for running this challenge (and 2022MFW as well!), it really helps tremendously to keep me on track!

julicorn

Hi all! I've just updated the sheet, here is a link to the October update: https://docs.google.com/spreadsheets/d/1LIUI7OAAgxaaCtGMbNnKtXMnhs6Q2DXnWSoTuR4k9hY/edit#gid=346096989&range=A1
@pinkandsparkly, your percentage looks a little wild due to the change in target, but that'll all balance itself out when you submit any future updates. 

Here are the numbers for our new joiners as well, welcome on board!

@x_raphael_xx 40
@gillynomad 41
@Martas 42
@BammBamm 43
@Nut97 45

x_raphael_xx

Thank you julicorn!

twinklie

@julicorn did my update not come through? No 5 - I’ve just checked on my phone and the form is saying I owe the same as I did on chart two.

I will resend it if you haven’t got it. 

julicorn

twinklie said:

@julicorn did my update not come through? No 5 - I’ve just checked on my phone and the form is saying I owe the same as I did on chart two.

I will resend it if you haven’t got it. 

I've just checked, looks like you accidentally selected update 7 rather than update 3 (so 2023 rather than 2022), that's why it didn't post. I've fixed it manually now, no need to re-submit but thank you for flagging it up  

twinklie

julicorn said:

twinklie said:

@julicorn did my update not come through? No 5 - I’ve just checked on my phone and the form is saying I owe the same as I did on chart two.

I will resend it if you haven’t got it. 

I've just checked, looks like you accidentally selected update 7 rather than update 3 (so 2023 rather than 2022), that's why it didn't post. I've fixed it manually now, no need to re-submit but thank you for flagging it up  

Ahhh sorry. It’s half term, kids…that’s my excuse and I’m sticking to it. 

Thank you, sorry again for generating you additional work. I will attempt to update when I’m by myself next time.