The Mortgage Free in Three - Take 5 challenge (MFiT-T5)

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  • Suffolk_lass
    Suffolk_lass Posts: 9,306
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    I would like to sign up again please - I was number 2 last time - that would be great but I am also 107 on the one year challenge (I promise not to muddle them up). I plan to completely clear my mortgage but as I have not finished over on T4 I can't tell you my start figure yet!
    Save £12k in 2024 - #2 target is £5000
    OS Grocery Challenge 2024 16.02% spent or £480.73/£3,000 annual
    I also Reverse Meal Plan on that thread and grow much of our own premium price fruit and veg, joining in on the Grow your own thread
    My Debt Free Diary Get a grip Woman
  • pavlovs_dog
    pavlovs_dog Posts: 10,195
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    I'm back to play! Huge thanks to Trix for running the thread again :beer:

    I'd like #29 again if possible. Starting at £73,500 and aiming to get to £43,500, £30k wiped off our balance. Capital reduction and our built in OPs will take us to £25k. We need to find the remaining £5k over the 3 years to hit our target
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • Brodiebobs
    Brodiebobs Posts: 1,032
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    Long time lurker who needs to commit to a challenge here, prompted by o MSE'ers brilliant progresses.

    Just signed up to the rather ambitious (for us) reduction from £129,720 to under £100,000 (£99,999) to be precise.

    Look forward to seeing everyone's progresss
  • twinklie
    twinklie Posts: 5,049
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    I’ve not been able to join anything like this for over 6 years. I cannot tell you how excited this makes me. My aim is to reduce my mortgage by 30K.
    I’ll probably run a bit behind initially but then I hope to SMASH it! I need to focus on clearing my debts this year. But then I’m hoping to OP with more regularity!

    I’m genuinely super excited for this! :j
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • Urbanshyne
    Urbanshyne Posts: 105
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    Hello all,

    I haven't tried this challenge before, so I'm new to this game. I've been posting regularly on the yearly Mortgage Free Wannabe threads but really I've been waiting for a new MFiT thread to come up!

    My current mortgage balance stands at £48,865 and it's my intention to clear that within 2 years. I hope to be mortgage free for Christmas 2020.

    Good luck to everyone.
    US
    Neither a borrower or lender be; for loan oft loses both itself and friend.
  • trix-a-belle
    trix-a-belle Posts: 1,479
    First Anniversary Name Dropper First Post Mortgage-free Glee!
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    Wow so many familiar and new faces already!!
    i'll gradually work through assigning numbers over the next week, newbies i'll sort the old timers first who want to keep previous numbers so bear with.

    Announcements..

    Maybe its Because please can you pop a registration form through with your objective so i've got it committed (Google Docs commitment is as close as I can get to a signature in blood via the internet ;) )
    SL you can always give me a rough starting figure now and update more accurately later sweetie
    Twinklie Please can you put your registration form through again, if I understand what you've said you are an object 2 (reduce from £X to £Y, rather than objective 1 £X to £0) & I need to know your actual starting balance for the challenge, you can always give a current estimate of your starting balance now so I can get you locked in then update to an accurate starting figure later.

    Thanks
    Trix
    - Mortgage: 1st one down, 2nd also busted
    - Student Loan gone
    Swagbucks, Mingle, GiffGaff, Prolific, Qmee & Quidco; thank you MSE every little bit helps
  • twinklie
    twinklie Posts: 5,049
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    Twinklie Please can you put your registration form through again, if I understand what you've said you are an object 2 (reduce from £X to £Y, rather than objective 1 £X to £0) & I need to know your actual starting balance for the challenge, you can always give a current estimate of your starting balance now so I can get you locked in then update to an accurate starting figure later.

    Thanks
    Trix

    You were correct.
    I hope what I’ve put through makes sense. If not I promise not to submit anything after a few drinks again! :beer:
    Reduction in daily mortgage interest since October 23 - £0.31 (started new mortgage)
    % of house owned/% of mortgage paid off. December 23 - 32.30%/24.54%
    MFiT-T6 #5
    MFW 2024 #6
    MF Date: Oct 37 May 37
  • liuhutOz
    liuhutOz Posts: 183 Forumite
    Hi all
    My mortgage currently stands at $560,000. A lot of money and way more than I want it to be at. I would love to get it down to $440,000 in three years.
    Formally liuhut
    WIN £2008 in 2008 £1836.31 2009 wins - £91!!! 2010 6170.... wins 2011 aprox 2000
  • julicorn
    julicorn Posts: 2,279
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    Thanks so much for running this challenge again, trix-a-belle! So excited to join this one.

    Our goal is to get the mortgage below £100k. It's a real stretch (our current overpayment plan would only get us to £113k), but a little bit of optimism has never hurt anyone! ;)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • greent
    greent Posts: 10,669
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    Will complete my registration form now - have done 2 of these before when clearing our personal mtge. Goal this time is to reduce BTL mtge by 20k (keeping it relatively low as we have a big family holiday planned next year - that's more important! :T)
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    Net sales 2024: £20
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