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

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  • twinklie
    twinklie Posts: 5,176 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I've just changed my end target #5. Unfortunately, due to my remortgage I'm now on a much higher rate than I was previously which has resulted in me going to fall approximately 5K short of where I wanted to be, with OP's included. 

    It's a bit frustrating. But I'd be in a much worse position if I hadn't been OPing I guess. 
    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
  • smetf
    smetf Posts: 362 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    Extra OP made from surveys and vouchers and a round up!
    Update form submitted and finally feeling like the somewhat ambitious target I set when starting this challenge should be achievable.
    Emergency fund 13.5k Home/ holiday fund 6.5k Mortgage £45,614
  • Evening,
    October update submitted. I do not think I am going to get anywhere near my target but I will keep plugging away.
    Happy Wednesday everyone!
    2025 MFW No:23
    MFiT-T7 12
  • Popped in my October update.
    The overpayments are still plodding as part of my monthly payment but I am doing fewer big chunky overpayments as my savings rates are now higher than my mortgage rate 

    Total Debt May 21 £20,490.44  DEBT FREE DATE 29/7/22 

    Mortgage balance May 21 £177,096.19. Now £143,070.41
    Mortgage free date. At start of sole mortgage = July 2042

    2024 SAVINGS FOCUS - get rid of the car finance. £12,706.25  PAID OFF 
    2025 Savings Focus - 33.3/33.3/33.3 split; savings for house renovations (bathrooms/garden/kitchen; whichever collapses first), save for a family holiday (probably our last one!) and paydown/offset the mortgage. Total pot = £4238.56
  • x_raphael_xx
    x_raphael_xx Posts: 4,411 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 29 October 2023 at 9:39AM
    julicorn said:
    Hello everyone! Thanks so much to everything who has submitted their October update, I really appreciate you keeping up with the challenge (whether you're on target or not of course). 
    Here is the latest update sheet, let me know if there's anything you'd like me to tweak or fix. 

    @julicorn I think you missed my update form. Current balance at 4th October £106,253.77 :)
    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
  • pavlovs_dog
    pavlovs_dog Posts: 10,216 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    thanks as ever for all your work behind the scenes @julicorn and congrats to everyone on their mortgage minimising progress  B)
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • @julicorn - i've just signed up, late to the party, but with 14 months to go, there's still plenty of time to make a dent :smiley:
  • ajmoney
    ajmoney Posts: 6,466 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 29 October 2023 at 9:17PM
    I had a slight change of plan earlier in the year and am saving the money rather than OPing as the interest rate is better. I will probably pay it as a lump sum nearer the end of this challenge as it will be just before I remortgage.
    MFW 2025 No. 7 £1130/£1200
    MFiT-T7 No. 6 £2873.51/£30,000
  • twinklie
    twinklie Posts: 5,176 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Thanks @julicorn - you are a legend. :smiley:
    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
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