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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 819Posts
    • 3,511Thanks
    trix-a-belle
    The Mortgage Free in Three - Take 4 challenge (MFiT-T4)
    • #1
    • 7th Dec 15, 10:32 PM
    The Mortgage Free in Three - Take 4 challenge (MFiT-T4) 7th Dec 15 at 10:32 PM
    Read our Mortgage Guides for fully researched, up to date help on cutting your mortgage

    If you haven!!!8217;t already, join the forum to join the challenge. If you aren!!!8217;t sure how it all works, view our New to Forum? Intro Guide.


    The Mortgage Free in Three - Take 4 challenge (MFiT-T4)

    First I must give a huge thank you to Financial Bliss who ran T3, he is a great inspiration to many having reached mortgage free status in T2, I wish to continue this legacy.

    This is a the fourth in a series of three year mortgage challenges on this MFW board. Anyone who has joined a previous challenge should be aware of the format and timescales. If not see the next few posts below.

    This fourth challenge runs from January 2016 to January 2019 and is open to anyone who wants to devote the next three years to greatly reduce or completely pay off their mortgage, or build up a pot of savings.

    Below is a list of the challengers who have signed up and their own challenge:

    1. trix-a-belle Build up my savings from £33,123 to £85,000.
    2. Suffolk lass Reduce my mortgage from £114,882 to £70,000.
    3. icklehelen Reduce my mortgage from £56,800 to £40,000.
    4. lorriedriver1988 Reduce my mortgage from £79,000 to £50,000.
    5. A Frayed Knot Reduce my mortgage from £33,000 to £15,000.
    6. floxxie Reduce my mortgage from £88,500 to £30,000.
    7. megela Reduce my mortgage from £78,955 to £57,500.
    8. Shangaijimmy Reduce my mortgage from £126,000 to £85,000.
    9. muppets Reduce my mortgage from £204,414 to £173,232.
    10. dano17439 Completely clear my £95,000 mortgage.
    11. Ang4k Reduce my mortgage from £61,000 to £40,000.
    12. ourcornercottage Reduce my mortgage from £127,000 to £87,000.
    13. VoucherMan Completely clear my £25,858 mortgage.
    14. dark^knight Completely clear my £100,000 mortgage.
    15. hiddenshadow Reduce my mortgage from £159,500 to £69,500.
    16. JoeyGrey Reduce my mortgage from £195,000 to £100,000.
    17. Radish72 Reduce my mortgage from £ 74,200 to £ 36,400.
    18. uropachild Reduce my mortgage from £62,872 to £40,000.
    19. helibob Reduce my mortgage from £198,230 to £152,000.
    20. Runders Reduce my mortgage from £103,524 to £85,000.
    21. selloptape Reduce my mortgage from £77,000 to £57,000.
    22. AvidSaver Reduce my mortgage from £ 140,000 to £ 95,000.
    23. Dalradian Completely clear my £95,849 mortgage.
    24. Maybe_its_because Reduce my mortgage from £ 209,000 to £ 174,000.
    25. Catriona79 Build up my savings from £0 to £30,000.
    26. Wombatchops Reduce my mortgage from £ 149,294 to £ 134,294.
    27. Pearla*Merle Build up my savings from £0 to £ 15,000.
    28. Chutney86 Reduce my mortgage from £ 109,000 to £ 95,000.
    29. pavlovs_dog Reduce my mortgage from £103,798 to £75,000.
    30. taka Reduce my mortgage from £24,278 to £12,000.
    31. 2rea22 Completely clear my £ 30,000 mortgage.
    32. skaps Reduce my mortgage from £172,987 to £140,000.
    33. princess295 Reduce my mortgage from £68,709 to £50,000.
    34. Diamondsonly Build up my savings from £0 to £72,000.
    35. Karona Reduce my mortgage from £35,216 to £25,000.
    36. XSpender Reduce my mortgage from £117,553 to £87,000.
    37. My Lovely Carrot Reduce my mortgage from £153,900 to £120,000.
    38. HelenDaveKids Completely clear my £7,800 mortgage.
    39. Anagran Reduce my mortgage from £102,500 to £92,500.
    40. Mrs Money Penny Build up my savings from £10,000 to £40,000.
    41. GETMYACTTOGETHER2016 Reduce my mortgage from £35,963 to £17,500.
    42. Maximum Saving Completely clear my £24,351 mortgage.
    43. Lexi-lu Completely clear my £90,472 mortgage.
    44. CathT Reduce my mortgage from £89,501 to £69,501.
    45. Penny pauper Reduce my mortgage from £115,500 to £85,000.
    46. pathtofreedom Reduce my mortgage from £153,892 to £120,000.
    47. SuperSecretSquirrel Build up my savings from £14,733 to £60,000.
    48. Trying to be good Completely clear my £46,000 mortgage.
    49. Rachiedabbler70 Reduce my mortgage from £70,800 to £45,000.
    50. ielond Completely clear my £255,850 mortgage.
    51. Sox77 Reduce my mortgage from £177,764 to £100,000.
    52. utopiah Reduce my mortgage from £54,000 to £4,000.
    53. bunty109 Reduce my mortgage from £139,386 to £99,999.
    54. Haras_nosirrah Reduce my mortgage from £225,000 to £175,000.
    55. littlemonkeywolf Reduce my mortgage from £58,000 to £35,000.
    56. Needhelpsaving Reduce my mortgage from £83,710 to £65,000.
    57. SueP19 Reduce my mortgage from £70,350 to £50,350.
    58. Socks779 Reduce my mortgage from £30,600 to £6,000.
    59. Mortgage Minimiser Reduce my mortgage from £234,787 to £195,000.
    60. afoolandhermoney Reduce my mortgage from £157,500 to £140,000.
    61. brila Completely clear my £55,947 mortgage.
    62. mummytummy Build up my savings from $0 to $100,000.
    63. Hollysan Reduce my mortgage from £67,342 to £40,000.
    64. shala_moo Reduce my mortgage from £116,871 to £65,000.
    65. new mortgageeee Completely clear my £16,569 mortgage.
    66. jodles16 Reduce my mortgage from £177,472 to £156,000.
    67. mrsp1987 Reduce my mortgage from £99,311 to £80,000.
    68. FreedomGirl Build up my savings from £ 160,537 to £ 250,000.
    69. Welshlassie Reduce my mortgage from £150,140 to £130,000.
    70. ajmoney Reduce my mortgage from £109,544 to £80,000.
    71. SusanneCape Reduce my mortgage from £80,000 to £35,000.
    72. Daisy Duck Reduce my mortgage from £184,000 to £164,000.
    73. Mysteek Completely clear my £46,400 mortgage.
    74. Annaharky Completely clear my £38,190 mortgage.
    75. PorgieGeorgie Reduce my mortgage from £142,480 to £86,700.
    76. brigzy Completely clear my £22,962 mortgage.
    77. tim_n Build up my savings from £0 to £168,000.
    78. Stingy_3000 Completely clear my £73,350 mortgage.
    79. PennyJar Reduce my mortgage from £101,062 to £81,062.
    80. juststuff123 Completely clear my £45,232 mortgage.
    81. kizzie01 Reduce my mortgage from £54,643 to £34,643.
    82. lincoln-potter Reduce my mortgage from £85,000 to £38,000.
    83. tattycath Reduce my mortgage from £148,750 to £131,750.
    ...
    92. icontinuetodream Completely clear my £25,913 mortgage.
    ...
    96. brizzledfw Reduce my mortgage from £166,000 to £100,000.
    ...
    106. tattycath Completely clear my £58,500 mortgage. Retired number
    ...
    126. Lomcevak Reduce my mortgage from £135,000 to £60,000.
    ...
    148. Twiggy_34 Reduce my mortgage from £ 58,500 to £ 45,000.
    ...
    150. ElusiveLucy Completely clear my £5,619 mortgage.


    Please see the posts immediately below for further information. Good luck in your own challenges.

    Registration / update form: The MFiT-T4 form

    Trix.
    Last edited by trix-a-belle; 03-03-2018 at 11:15 AM.
    - Mortgage: 1st one down, 2nd: £114800 £104k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
Page 27
    • utopiah
    • By utopiah 13th Jan 18, 9:19 AM
    • 272 Posts
    • 946 Thanks
    utopiah
    Well done supersecretsquirell what a fab way to start 2018
    Last edited by utopiah; 13-01-2018 at 9:21 AM. Reason: Spelling error
    Mortgage Jan 2015 £66,737.98 Now £21,905.97
    MFW 2018 target £10000/£6945

    MFD was JUNE 2028 now Sept 2021
    • hiddenshadow
    • By hiddenshadow 13th Jan 18, 7:23 PM
    • 2,482 Posts
    • 11,356 Thanks
    hiddenshadow
    Congrats SSS.
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 13th Jan 18, 10:42 PM
    • 696 Posts
    • 3,085 Thanks
    SuperSecretSquirrel
    Thanks trix-a-belle, utopiah, and hiddenshadow

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • SusanneCape
    • By SusanneCape 19th Jan 18, 11:57 AM
    • 389 Posts
    • 3,811 Thanks
    SusanneCape
    Hi Trix-a-belle,


    I have been scarce here - but am wacking the cash into the mortgage when I can. I am unable to load the update form for some reason (I get a blank page). Would you mind very much updating my mortgage amount? Am on £44 997 as at the end of December 17. Much appreciated.


    Well done SSS - you are our inspiration.


    Susanne
    Save £12k 2013 '13 #66 £12,106.76/£12,000 // '14 #44 £10,081.90/£10,000 // '15 #67 £11,976/£12,000 // '16 #67 £7,322/£12,000
    MFiT: £187,200 - MFD: 02/31 - Target = £35,000
    T3 #71 - '12 £125,899
    T4 #71 - '15 £80,264; '16 £66,946 '17 £44,997
    • bunty109
    • By bunty109 21st Jan 18, 4:35 PM
    • 1,191 Posts
    • 2,890 Thanks
    bunty109
    Iíve updated and am pleased to say that by next update my target will have been exceeded (barring unforeseen circumstances)
    MFW 2017#24 £12107.18/£8000
    MFW 2018#24 £3707/£15000
    MFi3 v4 #53 £39949/£39387
    • A Frayed Knot
    • By A Frayed Knot 22nd Jan 18, 8:12 PM
    • 2,393 Posts
    • 10,718 Thanks
    A Frayed Knot
    Just updated, and still on target, pity this wasn't 2 days later when my next payment comes off.

    But Hey-Ho - all the more for the next update.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 18 months 6/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • trix-a-belle
    • By trix-a-belle 22nd Jan 18, 8:56 PM
    • 819 Posts
    • 3,511 Thanks
    trix-a-belle
    Hi Trix-a-belle,


    I have been scarce here - but am wacking the cash into the mortgage when I can. I am unable to load the update form for some reason (I get a blank page). Would you mind very much updating my mortgage amount? Am on £44 997 as at the end of December 17. Much appreciated.


    Well done SSS - you are our inspiration.


    Susanne
    Originally posted by SusanneCape
    Thats odd, have popped it through for you, can you see if you can view it on another browser if you get a chance as its fine on 2 PCs for me

    Amazing progress everyone!!!
    I've just paid my first overpayment on the new mortgage today which felt good
    - Mortgage: 1st one down, 2nd: £114800 £104k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 24th Jan 18, 7:09 AM
    • 696 Posts
    • 3,085 Thanks
    SuperSecretSquirrel
    MFiT4 Update #8
    Code:
    S&S:       £27,770.58 (Quarterly change: +£3,584.41)
    Cash:      £22,739.29 (Quarterly change: -£16,703.32)
    Mortgage:       £0.00 (Quarterly change: +£15,649.20)
    Tax:         -£126.14 (Quarterly change: +£324.01)
    MN+:       £50,383.73 (Quarterly change: +£2,854.30)
    One year left and 10k to go!
    Last edited by SuperSecretSquirrel; 23-04-2018 at 8:58 PM.

    Mtg [2013 £64k|2014 £51k|2015 £38k|2016 £26k|2017 14k] Zero!
    MN [2013-£25k|2014-£2k|2015+£16k|2016+£34k|2017+£52k] +£56,615.31(MFiT4:+60k)
    NW [2013 £126k|2014 £156k|2015 £190k|2016 £228k|2017 £269k] £278,659.39 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 30.9% (exc SP)
    • mummytummy
    • By mummytummy 24th Jan 18, 2:18 PM
    • 729 Posts
    • 3,639 Thanks
    mummytummy
    #62 reporting in, just updated and on target
    1. Sealed Pot Challenge No.11 #11 £428.74
    2. MFiT-T4 #62 (74.3% saved)
    3. Save 12k in 2018 #144 £700/£3000 = 23% saved
    • Suffolk lass
    • By Suffolk lass 26th Jan 18, 5:27 AM
    • 2,013 Posts
    • 20,888 Thanks
    Suffolk lass
    A couple of days late, I have just popped through my update on Chart 8. Thanks Trix, slow but sure progress - should pick up in the next quarter as good planned overpay lumps expected
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • SusanneCape
    • By SusanneCape 26th Jan 18, 2:17 PM
    • 389 Posts
    • 3,811 Thanks
    SusanneCape
    Thats odd, have popped it through for you, can you see if you can view it on another browser if you get a chance as its fine on 2 PCs for me

    Amazing progress everyone!!!
    I've just paid my first overpayment on the new mortgage today which felt good
    Originally posted by trix-a-belle

    Hi Trix-a-Belle

    There is nothing wrong with the form, it is simply the restrictions put in place by my employer. So sorry! Will work this out on my new tablet - homework for the weekend!

    Many thanks for updating the form for me, much appreciated.

    Many thanks,
    Susanne
    Save £12k 2013 '13 #66 £12,106.76/£12,000 // '14 #44 £10,081.90/£10,000 // '15 #67 £11,976/£12,000 // '16 #67 £7,322/£12,000
    MFiT: £187,200 - MFD: 02/31 - Target = £35,000
    T3 #71 - '12 £125,899
    T4 #71 - '15 £80,264; '16 £66,946 '17 £44,997
    • pavlovs_dog
    • By pavlovs_dog 27th Jan 18, 9:22 AM
    • 9,756 Posts
    • 23,676 Thanks
    pavlovs_dog
    can't believe how little of the challenge is left! We're a little over £7k off our target
    know thyself

    MFW 2018 #22 - £2180.08 /£6,000 (36%)
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • trix-a-belle
    • By trix-a-belle 27th Jan 18, 10:50 AM
    • 819 Posts
    • 3,511 Thanks
    trix-a-belle
    can't believe how little of the challenge is left! We're a little over £7k off our target
    Originally posted by pavlovs_dog
    I know pavlovs_dog! where has the time gone!!!

    & so
    Chart 8
    Amazing progress from everyone, its a marathon not a sprint so still 12 months to go!

    I have managed to slip an extra pay day into this quarter which has got me through so need to sharpen up on the next quarter. For now i'm just ignoring my mortgage and adding mortgage regular and over payments onto my total & will change to a mortgage paydown on the next installment.
    Last edited by trix-a-belle; 27-01-2018 at 10:55 AM.
    - Mortgage: 1st one down, 2nd: £114800 £104k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Suffolk lass
    • By Suffolk lass 27th Jan 18, 1:17 PM
    • 2,013 Posts
    • 20,888 Thanks
    Suffolk lass
    I need to pay more attention to this - only four more updates to go and I am determined to get below £85,000. I will be reducing by over £3000 next week when a two year bond will go into the mortgage account, so my £5k shortfall is a bit better than it looks
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save £12k in 2018 #53 - after May 45.81% £4,581.38/£10,000
    OS Grocery Challenge 2018 spent £1,021.80/£3,000 including stores so far 34.06% of my annual budget at the end of May
    My DFD is here
    • hiddenshadow
    • By hiddenshadow 28th Jan 18, 9:08 PM
    • 2,482 Posts
    • 11,356 Thanks
    hiddenshadow
    Short by almost £4k, but have also had OPs on pause for over 6 months. If all goes well this year, we'll be MF (or at least MN) by the last chart update.
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
    • tattycath
    • By tattycath 3rd Feb 18, 8:17 PM
    • 6,820 Posts
    • 35,978 Thanks
    tattycath
    Just updated. sorry it's late.
    GE 36 *MFD
    MFIT-T4 No 83
    Mortgage overpayments:

    Emergency savings £100/£2000
    Savercard Christmas savings £10
    12/3/17 175lb - 15/3/17 173lb - 28/6/17 167lb - 14/7/17 164lb - 12/9/17 160lb - 29/12/17 155lb
    • Lomcevak
    • By Lomcevak 5th Apr 18, 9:39 AM
    • 706 Posts
    • 4,205 Thanks
    Lomcevak
    Now at £86,779, so £7055 paid off since the last update, and a bit over £48k paid off in the last two years (and £102k in the last four!), with a bit under £27k left to go in the challenge. Still a bit behind the curve, now £1794 away from green, but closed the gap a little since last update. Going to be a big ask to get to the target, but will give it a go

    Onwards and downwards ... and it is already two years since the start of MFiT-T4!?
    Originally posted by Lomcevak
    Slightly early update as i'll be away later in the month, but now at £81,607 so £5,172 paid off since my last update, and £53,379 since the start of MFiT-T4. Just under £3k short of being "in the green", so falling a little further behind.

    Looking ahead, I've got over £21k to go in the last 9 months of this challenge and i'm averaging about £2k a month overall since the start, so unless I can find a bit more cash somewhere it looks like I'll fall a little short. Still, have to remind myself that paying off £75k in three years was always a huge stretch target, so happy just to get a near-miss
    Last edited by Lomcevak; 05-04-2018 at 9:41 AM.
    MFiT-T4#126, £135k to 60k: £59,607/£75,000(79.49%), 2017 MFW#11 £6,556/£12,000 (54.63%)
    £30k-in-í18#11 £16,584.46/£30,000 (55.28%)
    • Mortgage Minimiser
    • By Mortgage Minimiser 5th Apr 18, 6:28 PM
    • 68 Posts
    • 323 Thanks
    Mortgage Minimiser
    #59 reporting in early as well.

    Mortgage today is £203,444.83

    Pleased with that - should be on track to hit £195k, although extension is starting in a couple of weeks, so who knows where we will land. Will keep trying though! ......

    Good luck everyone

    MM
    x
    2016MFW#46 O'Pd-104%; 2017 MFW OP'd £7779.28
    MFiT-T4 # 59 - reduce mtg to £195,000 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750.
    Mortgage at 31/12/15 - £235,906.71.
    Mortgage @ 31/12/16 - £224,120.98
    Mortgage @ 31/12/17 - £210,224.06 (now 198,037.59)
    • trix-a-belle
    • By trix-a-belle 5th Apr 18, 8:12 PM
    • 819 Posts
    • 3,511 Thanks
    trix-a-belle
    everyone is heading in the right direction which is the aim, I can't believe where this year has gone already it seems only weeks ago since I did the last chart update.

    chart 9 coming soon.....
    - Mortgage: 1st one down, 2nd: £114800 £104k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Anagran
    • By Anagran 9th Apr 18, 9:01 PM
    • 153 Posts
    • 312 Thanks
    Anagran
    I have just put in an update in case I forget later in the month! I agree, this challenge is flying in. Unfortunately I am definitely in the red again, but great to see how well others are doing.
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