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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 823Posts
    • 3,515Thanks
    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 2
    • VoucherMan
    • By VoucherMan 8th Dec 15, 5:28 PM
    • 2,425 Posts
    • 4,933 Thanks
    VoucherMan
    Well I had hoped to clear mine in the next 3 years, but a change in spending plans has made that unlikely.
    New car needed, new bathroom wanted!

    I'll still give it a good try though.

    • ourcornercottage
    • By ourcornercottage 8th Dec 15, 6:01 PM
    • 1,510 Posts
    • 7,500 Thanks
    ourcornercottage
    Have set my target to reduce the mortgage by a whopping 40,000 in 3 years. Looking forward to having a longer term target
    target under 89k by end of 2018
    • 666paw
    • By 666paw 8th Dec 15, 9:23 PM
    • 330 Posts
    • 2,481 Thanks
    666paw
    Have just registered for MFiT-T4

    If possible could I keep my number from the last challenge, if yes then #75.

    Thanks Trix and co for taking on this challenge and heres hoping I do better than last time.

    Take care
    666
    MFI3 T3 # 75
    • dark^knight
    • By dark^knight 8th Dec 15, 9:41 PM
    • 469 Posts
    • 956 Thanks
    dark^knight
    I have registered, please let me know if hasn't filtered through and I'll register again.

    Thanks
    Aiming to be mortgage free by Dec 2018.
    • hiddenshadow
    • By hiddenshadow 8th Dec 15, 9:45 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Excited to sign up for my first challenges!

    Going ambitious and shooting for 75,000 ending balance (reduction of just over 86k).
    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%
    • trix-a-belle
    • By trix-a-belle 8th Dec 15, 11:50 PM
    • 823 Posts
    • 3,515 Thanks
    trix-a-belle
    got everyones inputs so far I think, those who have filled in the form but not said hello please join in we don't bite
    i'll fill the T3 people in who are wanting to keep their challenger numbers first then input the challenge newbies, i'll do a chunk at the weekend & update the first post then
    - 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
    • A Frayed Knot
    • By A Frayed Knot 9th Dec 15, 12:13 AM
    • 2,397 Posts
    • 10,737 Thanks
    A Frayed Knot
    Registered this morning for my first challenge.

    Amazing how events can change at the drop of a hat. My target/goal from this morning has changed due to events unfolding today, just a sign of things to come, but will still try my very best,

    Aiming to reducing my mortgage by at least half.
    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

    • lorriedriver1988
    • By lorriedriver1988 9th Dec 15, 8:32 AM
    • 207 Posts
    • 463 Thanks
    lorriedriver1988
    I registered yesterday. Hoping to reduce mortgage from 79,000 to 50,000.

    Does anyone have a OP spreadsheet template or a link to one they could kindly PM me pretty please. I'm rubbish with excel and need all the help I can get.

    Looking forward to the challenge ahead
    Savings for H2B Loan 3928.84/20,000 April's Monthly H2B target (24th March-23rd April: 334.69/530.00Emergency Fund: 112.00/1000 Car Maintenance Fund 75.00/900 Clear Remaining Debts ASAP: Halifax Loan March '15 WAS: 7000 NOW: 1918.93 Barclays (0%): 4,389.07

    Mortgage:October 2013: 87,264 April 16: 78,934.48-160.00= 78,774.48
    • hiddenshadow
    • By hiddenshadow 9th Dec 15, 9:16 AM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    lorriedriver sent you a PM.
    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%
    • VoucherMan
    • By VoucherMan 9th Dec 15, 10:22 AM
    • 2,425 Posts
    • 4,933 Thanks
    VoucherMan
    Does anyone have a OP spreadsheet template or a link to one they could kindly PM me pretty please. I'm rubbish with excel and need all the help I can get.
    Originally posted by lorriedriver1988
    Locoblade's spreadsheet is popular with many, although it may not be ideal if you struggle with Excel.
    It's excellent once you get all the figures in though, and easy to play with the figures to see what difference various ops could make.
    • Suffolk lass
    • By Suffolk lass 9th Dec 15, 10:58 AM
    • 1,953 Posts
    • 20,921 Thanks
    Suffolk lass
    got everyones inputs so far I think, those who have filled in the form but not said hello please join in we don't bite
    i'll fill the T3 people in who are wanting to keep their challenger numbers first then input the challenge newbies, i'll do a chunk at the weekend & update the first post then
    Originally posted by trix-a-belle
    I don't really want to be 129 for T4 - I was late to join last time - only seeing the challenge over the Christmas holiday and reading all of T2 before I committed (sad, I know!).

    I would be happy to take the place of someone a little higher up the list (a lower number) - especially if they cleared their mortgage last time - you know, sort of setting me a good example! I had already submitted my form with 129 in it when you suggested that was the method for keeping it.

    Sorry to be a nuisance
    SL
    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
    • A Frayed Knot
    • By A Frayed Knot 9th Dec 15, 12:44 PM
    • 2,397 Posts
    • 10,737 Thanks
    A Frayed Knot
    Just handed in my notice to the Mortgage Free in 2025-2030 Club mixed emotions.

    As my new mortgage free date is 2023 with a target of 2020.

    I lowered my mortgage free date by remortgaging, - taking 7 years off my term, upping my payments, and thanks to new deal a massive reduction in interest payments, which now goes towards upped payments.
    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 9th Dec 15, 1:11 PM
    • 823 Posts
    • 3,515 Thanks
    trix-a-belle
    I don't really want to be 129 for T4 -
    Originally posted by Suffolk lass
    SL, noted, if people don't thats absolutely fine i'll fill through once any who want them pop over.

    For the time being i've reserved peoples T3 numbers in T4 if they have expressed an interest or signed up already so if you want a newer shiny number just shout
    (looking at you lilmonkeywolf, ajmoney, Lomcevak, avidsaver)
    Last edited by trix-a-belle; 09-12-2015 at 1:16 PM.
    - 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
    • A Frayed Knot
    • By A Frayed Knot 9th Dec 15, 1:17 PM
    • 2,397 Posts
    • 10,737 Thanks
    A Frayed Knot
    I didn't have a number before - but i've hopefully registered early enough to get a nice early number, if that's what you mean.
    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

    • ajmoney
    • By ajmoney 9th Dec 15, 8:09 PM
    • 4,868 Posts
    • 55,619 Thanks
    ajmoney
    For the time being i've reserved peoples T3 numbers in T4 if they have expressed an interest or signed up already so if you want a newer shiny number just shout
    (looking at you lilmonkeywolf, ajmoney, Lomcevak, avidsaver)
    Originally posted by trix-a-belle
    Please can I keep mine, it is the same as my MFW one and makes it easier on my brain!
    2018 MFW No. 70 3588.14/6000
    MFiT-T4 No. 70 28278.70/29544
    Mortgage 109890.26 Savings 91799.38
    Total left to pay/save 18090.88
    • brizzledfw
    • By brizzledfw 9th Dec 15, 8:47 PM
    • 7,267 Posts
    • 35,710 Thanks
    brizzledfw
    I'm in!!! Shiny new challenge.. LETS DO THIS!!

    Planning to 'shave' 66k off the mortgage

    Thanks Trix (also for PM )
    Last edited by brizzledfw; 09-12-2015 at 8:50 PM.
    MFiT-T4 Member No. 96 - 2022 is my MF goal
    Winter 17/18 Savings Rate Goal: 25% [October 30%]
    Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 25/500 NSDs Target 10 for March 02/10 Trying to be a Frugalista
    • tattycath
    • By tattycath 10th Dec 15, 12:09 AM
    • 6,820 Posts
    • 35,978 Thanks
    tattycath
    I've registered.
    Thanks Trix-a-Belle.
    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
    • uropachild
    • By uropachild 10th Dec 15, 11:20 AM
    • 517 Posts
    • 3,396 Thanks
    uropachild
    I'm in. Hoping to clear my 62k down to 40k.
    Sarah.
    DD is 8 years old DS1 is 6 years old
    DS2 is 14 months old
    • Runders
    • By Runders 10th Dec 15, 2:23 PM
    • 183 Posts
    • 509 Thanks
    Runders
    I have registered, seems like an excellent way to keep the motivation high!

    I'd like to get my 103k down to 85K

    Thanks Trix-a-Belle
    MFW Start: September 2014 - 110844
    Current: 91,996.99 Offset: 18,000
    73,996.99 until mortgage neutral
    • catriona79
    • By catriona79 10th Dec 15, 9:23 PM
    • 850 Posts
    • 1,630 Thanks
    catriona79
    Hello Trix, I've registered for a saving of 30k, to be paid off the mortgage at a later date, for now to be on savings, as my mortgage is a lowish 1.69% APR.

    I have just remortgaged to a tracker and my mortgage is 110k

    Id like a low number too, please, though understand the previous year's contestants will want to go first.

    Let the fun begin!!! Looking forward to it!
    * * * Catriona's Credit Card Countdown * * * from -16k to debt neutraldom - for my debt diary click here
    Barclaycard -5,867.52;
    mbna1 - 3,009.22
    mbna2 - 1,755.70
    Savings 5,017 MFiT #25 2,627/10k; daily interest 5.04
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