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

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Comments

  • Sistergold
    Sistergold Posts: 2,136 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    Happy new year everyone! Have also submitted an update form. 
    @julicorn for keeping us updated on the 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. 🤓
  • smetf
    smetf Posts: 364 Forumite
    Part of the Furniture 100 Posts Name Dropper Photogenic
    Update form submitted with our last OP meaning our mortgage stands at £53,730.41. We surpassed our target my more than 6k, mainly thanks to earnings being higher through an additional job for me and a pay rise for DH.

    Looking forward to joining the next MFiT challenge. Thanks for all the support and your work maintaining @julicorn

    S
    Emergency fund 14k Home/ holiday fund 7k Mortgage £44,592
  • Bounty123
    Bounty123 Posts: 98 Forumite
    Sixth Anniversary 10 Posts Photogenic Name Dropper
    Morning,
    I have submitted the update. I did not get to target but I found the challenge really helpful for providing a bit of focus over the last three years.
    Thank you for running the challenge @julicorn.
    Bounty
    2025 MFW No:23
    MFiT-T7 12
  • powerspowers
    powerspowers Posts: 1,347 Forumite
    1,000 Posts Fourth Anniversary Name Dropper
    Final update submitted and we smashed it!!
    well done everyone on the challenge, it has really kept me motivated and looking forward to T7 
    MFW 2021 #76 £5,145
    MFW 2022 #27 £5,300 
    MFW 2023 #27 £2,000
    MFW 2024 #27 £6,055
    MFW 2025 #27 £2,850/£5,000


  • Clueless56
    Clueless56 Posts: 104 Forumite
    Seventh Anniversary 100 Posts Name Dropper
    Morning @juliecorn
    I've just updated and although I didn't make the target I'd set, I've found the challenge very helpful.  Thank you so much for running this.  If you or anyone is running a T7, I'd love to join.
    Best wishes,
    Clueless56
  • julicorn
    julicorn Posts: 2,596 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper Photogenic
    Morning @juliecorn
    I've just updated and although I didn't make the target I'd set, I've found the challenge very helpful.  Thank you so much for running this.  If you or anyone is running a T7, I'd love to join.
    Best wishes,
    Clueless56
    I'm running T7 as well, here's the thread for it :) https://forums.moneysavingexpert.com/discussion/6577812/the-mortgage-free-in-three-take-7-challenge-mfit-t7/p1
  • Despite the last year not being very mortgage blasting I have hit my target for this challenge.  
    I have joined up for the next one 

    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
  • ajmoney
    ajmoney Posts: 6,467 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Just submitted my final update. 

    I didn't hit my target of £57k and finished at £60100.63 but it is better than not aiming for anything. Ready and raring to go for round 7, let's see how that one ends  :)
    MFW 2025 No. 7 £1530/£2700
    MFiT-T7 No. 6 £3571.87/£30,000
  • mummytummy
    mummytummy Posts: 967 Forumite
    Part of the Furniture 500 Posts Name Dropper Photogenic
    Submitted mine too, couldn’t remember if I’d already done it 😂 

    T7 here we come 😊
    MFiT-T7 #17 (Jan 2025) £193k (Apr) £177k (July) £159k (Oct) £
    SPC 18 #6 £336.10 (01/09/2025)

    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)£
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