📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

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

Options
12527293031

Comments

  • Mortgage_Minimiser
    Mortgage_Minimiser Posts: 338 Forumite
    Part of the Furniture 100 Posts Name Dropper
    edited 10 August 2024 at 12:08PM
    #2 late to the updating for July party…update submitted though. 

    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!!!
  • Very late update but I've submitted my July update. Still don't think I'll meet my target of £70k by January next year but I'll be pretty close.

    2 updates left, can't believe it!
    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
  • julicorn
    julicorn Posts: 2,591 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    I've posted another update with the slightly later updates :) I also can't believe we only have less than half a year left, doesn't time fly? I'll set up a new challenge after our next update in September, and hope to see lots of you on board again. 
  • I've just sent my update for October.
    We've just re-mortgaged & I've received my statement ready for the switch-over from 1st Oct.
    I don't think we're gunna hit our goal by Jan, but at least we made a start.

    Once I'm sure the dust has settled in work, I'll be happier to throw money at the overpayments.
    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 made my update for October, as we've just moved a chunk of our emergency fund over to make a mortgage OP. 

    I have managed to exceed my target. We're down to £65k now on the mortgage and delighted (although also feeling reeeally impatient now to just get rid of the rest of the mortgage now :# ) We're not planning on any further OPs in the near future, so I think that's it for this year  B)

    Thanks Julicorn for running this!


    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
  • pavlovs_dog
    pavlovs_dog Posts: 10,215 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    just sent my October update through.  When I set the target, I wasn't convinced we would hit it, much less exceed it.  Mortgage freedom now feels tantalisingly close.  These threads have been a huge part of helping us to get there  <3
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • smetf
    smetf Posts: 362 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    October form submitted 😊
    Emergency fund 13.5k Home/ holiday fund 6.5k Mortgage £45,614
  • Submitted October update 😊 Hard to believe we only have one more left 😬


    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)£
  • Sistergold
    Sistergold Posts: 2,135 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Hello all, @julicorn, I have been a bit behind in my submissions. Have now sent update forms. Thanks again for running this fun challenge! 
    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. 🤓
  • powerspowers
    powerspowers Posts: 1,337 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    October update sent. We’ve got £2500 in a savings pot as it pays higher interest than the mortgage costs, so plan is that matures in December and goes to the mortgage ready for the final update. 
    I can’t believe how quick 3 years has gone and it shows the value of this longer term challenge in keeping up motivation, we’ve paid over 20k off 😳 
    thank you J as always for organising x
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £6,055
    MFW 2025 #27 £2,350 /£5,000


Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.2K Banking & Borrowing
  • 253.2K Reduce Debt & Boost Income
  • 453.7K Spending & Discounts
  • 244.2K Work, Benefits & Business
  • 599.2K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.6K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.