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

Bella_Budget

julicorn said:

A few updates and new joiners since I last checked in - welcome on board

@Anagran 39
@Bella_Budget 26
@pinknsparkly 99
@Poppycat 25
@ajmoney 70

Thanks for organizing julicorn

kr147

Hello! I filled in the form a little while back. Not sure if I was too late? I'm looking to make a dent in my second mortgage (as in the top-up, non-ported one, not a second home!) which is currently £60k but would like to knock £20k off it!

julicorn

kr147 said:

Hello! I filled in the form a little while back. Not sure if I was too late? I'm looking to make a dent in my second mortgage (as in the top-up, non-ported one, not a second home!) which is currently £60k but would like to knock £20k off it!

Not too late at all, I'm just updating this one a little sporadically because it's quite a slow-moving challenge  

Cheery_Daff

Hello lovely people, I'm coming to join you (if that's ok!) for the second time  

Last time I set quite an unambitious target - we'd not long moved house, and the mortgage felt huge. But we smashed our target, and so I'd like to be a bit more ambitious this time! 

Mortgage at start of 2022: £178,818.20
Mortgage at end of challenge with no overpayments: £156,396.52
Goal for challenges: get under £145,000

I've just rung up to increase the monthly DD by £70.01 (to a round £1000), which means if I do nothing else, by the end of the challenge we'll be at £153,504.63. I'm going to need to average around another £200 a month on top of that to meet the goal. 

I'm not sure how much progress we'll make at the start. We've just had a load of work done on the house, and savings are far too depleted for my liking, so I'd like to build those up a bit more before I start chucking everything at the mortgage again. I did want to do SOMETHING though, hence the DD increase. 

A couple of other points that might be relevant: 
* I am due a pay rise in September, and have also applied for a promotion, which might mean another one - assuming we're happy with savings by that point, I'll throw whatever extra I can at the mortgage
* Our fix ends September 2024. We're on 2.26% at the minute, but who knows what interest rates will be doing by then. 
* If we ONLY overpay that monthly £70.01, the mortgage will finish in April 2040. That's 3 years earlier than the original end date. If we manage to overpay the extra £200 a month, it'll finish in Sept 2036 (I'll be 56), and have saved us over £8000 in interest (although obviously that will depend on the fix rate). 

Happy OP-ing everyone!

pavlovs_dog

very excited to have sent my first update through.  We've managed to OP a bit more than I had anticipated so hoping to be in the green!  Looking forward to seeing how everyone has got on at the end of the month

Sistergold

Hello all how time flies! 3 months already! Current balance 👇🏾

julicorn

Hi all, lovely to see some initial chart 1 updates roll in!  

Here are the numbers for everyone who has registered over the last few weeks, welcome on board!
@Tiredbutdetermined 31
@muppets 32
@kr147 33
@DiscountDuck 34
@miss_undastood 35
@villafan 36
@AvidSaver 37

julicorn

MFW2026 said:

Hi all
January- £81,713.20 16yrs 10months to now 

Hi @MFW2026, could you please submit your update via the form? Let me know if any technical problems come up

northwalesd

I've just submitted my update. Since joining the challenge we have had two interest rate increases. As we'd overpaid the mortgage last year the lender has recalculated the monthly payment down (as the term has stayed the same). Since the original payment is budgeted for, it just means we're making slightly higher overpayments than last year

Mortgage_Minimiser

Update submitted for number 2. OPS are sloe at the moment but still down to 151910 from 155k, so its going in the right direction

MM x