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

julicorn

Latest additions

@Hetta 18
@Bargainhunter30 19
@CathT 44

LadyWithAPlan

Hi Julie, I have filled in form - no number as yet.
Start savings amount £117,134 -
3 year aim 400k

julicorn

A couple more sign-ups yesterday  

@LadyWithAPlan 20
@Tartan_Mum 21

Tartan_Mum

Thanks @julicorn 🎉

PiggyBankShaker

Hello (Again !) can I join this challenge too please? Don't care about the number.

Our mortgage balance is £134814.54. Because we're on a fixed rate for the next two and a half years the max over-payments we can make is capped at £15,400 per annum.  Also we're not 100% sure whether we will or won't be going ahead with an extension and if we do we'll have to divert money to that (as chronicled in my very mundane diary here: https://forums.moneysavingexpert.com/discussion/6278636/the-scenic-route-to-mortgage-freedom/p1)

So, the upshot is for this challenge, I'd like to aim for a finishing mortgage balance of £100,000 but we might overshoot if we decide to really throw everything at it.

Thanks

skippie

This is right up my street. Motivation wained during 2021 due to a number of distractions and a botched £25k kitchen refurb.

Looking to get back in the saddle.

My mortgage started in 2015 at £304500, due to expire in 2039. Current mortgage debt is £199500.

Want this down to £150k by Jan 2025.

julicorn

PiggyBankShaker said:

Hello (Again !) can I join this challenge too please? Don't care about the number.

Our mortgage balance is £134814.54. Because we're on a fixed rate for the next two and a half years the max over-payments we can make is capped at £15,400 per annum.  Also we're not 100% sure whether we will or won't be going ahead with an extension and if we do we'll have to divert money to that (as chronicled in my very mundane diary here: https://forums.moneysavingexpert.com/discussion/6278636/the-scenic-route-to-mortgage-freedom/p1)

So, the upshot is for this challenge, I'd like to aim for a finishing mortgage balance of £100,000 but we might overshoot if we decide to really throw everything at it.

Thanks

Of course you can! Would you be able to fill in the form please? I'll add you to the list then, and give you a number

PiggyBankShaker

julicorn said:

Of course you can! Would you be able to fill in the form please? I'll add you to the list then, and give you a number

Sorry! Totally missed that in the first post. I have done it now though. Thanks!

julicorn

Welcome to the challenge @skippie (22) & @PiggyBankShaker (23)  

Anagran

Hi Julicorn,

I am keen to join this challenge again. I took part in T5 and managed to make my target (admittedly it was a VERY cautious target which I had hoped to increase at some point, but never mind). 

In the last few months though I have increased my mortgage to cover some home improvements, which will hopefully be completed by the summer.

I will not be in a position to really start attacking the mortgage until all the improvements are complete and I can reevaluate my finances. Hopefully though I will be able to start making overpayments later in the year and so have set myself the goal of getting back down to my original mortgage amount of £102500 in 3 years.

This might be way too optimistic (will depend totally on the final cost of the improvements I think) but it was too miserable to imagine still being even more in debt than when I first moved in here in 2025, so I am thinking happy thoughts and aiming high!