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

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Comments

  • julicorn
    julicorn Posts: 2,591 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Good morning everyone. @julicorn, I just wanted to ask, is it possible to have two different targets/challenge on here? I know I am on paying off my mortgage but I wanted to also have a saving challenge? I think you mentioned that you could give two different numbers for one person? I want to save a lump sum to replace the money I used to pay down my mortgage last month. 
    Thanks again for all you do for us @julicorn
    Hi Sistergold, 

    Yes, that's possible! Just pop through a registration form for your secondary target and I'll process that with the other updates later in the month :)
  • Sistergold
    Sistergold Posts: 2,135 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    julicorn said:
    Good morning everyone. @julicorn, I just wanted to ask, is it possible to have two different targets/challenge on here? I know I am on paying off my mortgage but I wanted to also have a saving challenge? I think you mentioned that you could give two different numbers for one person? I want to save a lump sum to replace the money I used to pay down my mortgage last month. 
    Thanks again for all you do for us @julicorn
    Hi Sistergold, 

    Yes, that's possible! Just pop through a registration form for your secondary target and I'll process that with the other updates later in the month :)
    Oh @julicorn you are a 🌟 
    Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
    Mortgage start date first week of July 2019,
    Mortgage term 23yrs(end of June 2042🙇🏽♀️), 
    Target is to pay it off in 10years(by 2030🥳). 
    MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
    £12K in 2021 #54 (in 2020 #148)
    MFiT-T6#27
    To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
    Am a single mom of 4. 
    Do not wait to buy a property, Buy a property and wait. 🤓
  • pavlovs_dog
    pavlovs_dog Posts: 10,216 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    hard to believe that this update is the midway point of the challenge. Looking forward to seeing everyone's progress.
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • Anagran
    Anagran Posts: 178 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Wow, can't believe that we are half way through the challenge. I have no hope of getting anywhere near my target after finally getting the (more expensive than I was hoping) home improvements completed.

    Going to bash on and see how much I can manage to overpay during the second half of the challenge and will try and remember to do my updates.

    Anagran




  • mummytummy
    mummytummy Posts: 966 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    July update submitted 😊 
    MFiT-T7 #17 (Jan 2025) £193k (Apr) £177k (July) £
    SPC 18 #6 £315.70(04/08/25)

    SPC’s (1)£27.19 (2)£728 (3)£1471 (4)£357 (5)£435.18 (6)£1114.92 (7)£1492 (8)£392 (9)£1952 (10)£1866.65 (11)£1177.74 (12)£1445.39 (13)£1608 (14)£603.30 (15)£672 (16)£2563 (17)£1300 (18)£
  • Bounty123
    Bounty123 Posts: 98 Forumite
    Sixth Anniversary 10 Posts Photogenic Name Dropper
    Afternoon,
    July update submitted. I cannot believe how fast this challenge is going and how much things have changed since it started. Mindboggling.
    As always, thank you @julicorn
    Bounty
    2025 MFW No:23
    MFiT-T7 12
  • x_raphael_xx
    x_raphael_xx Posts: 4,411 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Update from sent.
    I'm currently saving for an operation, so we've not been overpaying as much as we'd like. But once that's out the way I'll be back on it!
    Debt Free as of 17/01/2009 Turtle Power!!

    EF Challenger #3 £1543.72 / £5000
    MFW 2024 #100 £1300.00 / £10,000

    MFiT #40 Jan 2025 Target - £99,999.00
    Mortgage at 30/09/22 £113,694.11 | Mortgage at 24/01/23 £110,707.87
    Mortgage at 21/04/23 £107,701.01 | Mortgage at 20/07/23 £106,979.65
    Mortgage at 04/10/23 £106,253.77 | Mortgage at 10/01/24 £105,324.57
    Mortgage at 01/04/24 £104,424.73 | Mortgage at 01/10/24 £103,594.98
  • I've submitted my update, as always thanks @julicorn for running this.

    As others have mentioned upthread, I can't believe we're halfway through this challenge AND I can't believe how much things have changed economically in that time. I think my target of £70k left outstanding at the end of the challenge now looks rather ambitious, due to having to refix our mortgage at the end of this year (and waving bye bye to our ~2% interest rate on our mortgage  :( ) But we'll see where we get to...
    Mortgage free as of March '25!
    £240,000 paid off in 4 years, 8 months and 18 days (July '20-Mar '25)
    Mortgage paid off 19 years early.

    2025 MFW #40

    2025 Goals

    Pay off mortgage of £55k for good! - £55k/£55k paid - mortgage free!!!
    Keep emergency fund at £10k - £10k/£10k - goal met!
    Lose 12 kgs - 3/12 kgs lost so far
    Try 1 new activity/experience as a family each month - 0/12 new activities/experiences tried
    Decluttering - declutter 500 items from house and outbuildings - 136/500 items so far
  • twinklie
    twinklie Posts: 5,176 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I've submitted my update, as always thanks @julicorn for running this.

    As others have mentioned upthread, I can't believe we're halfway through this challenge AND I can't believe how much things have changed economically in that time. I think my target of £70k left outstanding at the end of the challenge now looks rather ambitious, due to having to refix our mortgage at the end of this year (and waving bye bye to our ~2% interest rate on our mortgage  :( ) But we'll see where we get to...
    Our target is also feeling a bit ambitious now for the exact same reasons. 

    It’s crazy isn’t it…and not in a good way. 
    Reduction in daily mortgage interest since October 23 (new mortgage) - £2.36 July 25
    % of house owned/% of mortgage paid off. July 25 - 38.82%/31.66%
    MFiT-T7 #21
    MFW 2025 #2
    MF Date: Oct 37 Feb 37
  • July update submitted, I need to up the ante as my fix ends in November - given the rates today I need to re-mortgage as little as possible :(

    Thanks as always @julicorn

    MM
    x
    Mortgage 1 - 01/2/2015 - £243,750 ; Mortgage 01/11/2024 - £132,576.55
    Mortgage 2 - 2019 - £76,600 ; Mortgage 01/10/2024 - £47,763.29
    MFit-T5 - reduce to £140,000 MFiT-T6 - reduce to £110,000

    01/10/2024 Daily Interest - M1 = £18.27 (!!); M2 = £7.41

    Debt at highest point in 24 -£21,344
    Debt 1st November 24 - £16,192.18 24% paid. Focusing on this in earnest!!!
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