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

pavlovs_dog

I've just sent my last update through - can't quite believe that this challenge has come to an end.  We're finishing just over £6k ahead of what felt like a very ambitious target when we set it.  We have 8 months of mortgage payments left until we are MF. 

Taking part in the MFi3 challenges have been so motivational in giving us a target to work towards.  Huge thanks to @julicorn for your efforts in running the challenge for us all (and of course to trix a belle and Financial Bliss before that) and to all the other challengers who have shared your progress.  When the numbers feel like they just aren't falling fast enough, these 3 monthly check ins have been a great way to remind myself that the needle is going in the right direction.  Now it's time for the final furlong!

twinklie

I have just reported my total too. Although I now realise that I've just made an additional OP and I usually report my total at the end of the month - not the beginning. However, either way I've surpassed my aim for the challenge so I am a very happy bunny. 

eat_that_frog

Happy New Year everyone! I have updated my form, I cannot believe this challenge is over. Where have those 3 years gone?!

I started this challenge with £199k outstanding on my mortgage, and I finish it with £55k left to pay, beating my original target of £70k left outstanding. This has been achieved against quite an 'interesting' backdrop of the cost of living increasing and interest rates rising, neither of which I foresaw when I signed up to the challenge.

I won't be joining you all on the next MFiT challenge, as we've decided we're going to really push and get the final £55k remaining on the mortgage paid off by the end of 2025. 

Thanks Julicorn for running this challenge and thanks to everyone for their posts/updates...this challenge has been a really great way of tracking progress over a longer period of time, and it's absolutely helped to keep my overpayments on track!

twinklie

Wow @eat_that_frog that is some going. Well done you. 

Mortgage_Minimiser

#2 - just posted my final update. I am a mile away from my target which was very ambitious but then again further ahead than i would have been had I not joined, 

Single parent and 2 redundancies meant I had to pause OPS and even took a mortgage holiday at one point. I could have achieved but I have increase my savings and emergency fund by £71k (contributions and growth) in the last 18 months meaning i can really focus on this for the next challenge!

Thanks for running this @julicorn

MM
X

julicorn

Hey all, happy new year and thanks so much for your updates that have already come through earlier! I'm just setting up the new 3 year challenge now so keep your eyes peeled for that  

I also noticed that some of the colouring on the last 3 months' update sheet was stricter than intended. That's all fixed now, has moved a couple of yellows to light greens - every little helps, right?  

julicorn

Aaaaand here's the new thread: https://forums.moneysavingexpert.com/discussion/6577812/the-mortgage-free-in-three-take-7-challenge-mfit-t7/p1

mummytummy

Submitted my registration for the next challenge and hoping to clear it by the end. It’s gone up since I last declared as we had to pull 30k. Even so I am so pleased with what we have achieved and looking forward to mortgage freedom.

Thank you Julicorn for carrying this on 👏👏👏

Mortgage_Minimiser

HI @julicorn. please ignore my update on the MFiT-T6 thread

MM
X

Bella_Budget

Hi
Have been missing from the challenge due to basically two pretty awful years. Currently we have offset the mortgage so that the outstanding balance is £24877. Not the £0 I was aiming for but overall pretty amazing as we'd be about £45000 without it.

Thank you @julicorn for running the challenge.