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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 3
    • selloptape
    • By selloptape 10th Dec 15, 9:47 PM
    • 457 Posts
    • 1,889 Thanks
    selloptape
    Hi everyone

    Just registered!!! So excited, love a challenge!

    Have decided to reduce mortgage however if I re-mortgage to a low interest deal then I might switch to building savings up if the savings rates are higher than my mortgage rate. Hope that's ok? x
    GC May £235.52/£290 GC April £240.65/£300March £322.53/£350
    £2 Savers Club #59 £58
    MFW 2018 #49 £600/£3,000
    MFiT T4 #21 - reduce mortgage by £20k over 3 years
    • Maybe_its_because
    • By Maybe_its_because 11th Dec 15, 9:48 AM
    • 391 Posts
    • 1,145 Thanks
    Maybe_its_because
    Doesn't time fly - almost time for the 4th challenge. Was always a Financial Bliss fan and really pleased to be part of the legacy.

    Our plan is to try to stick to the plan of MF by 2025. Lots of curve balls recently resulting in 3 months unpaid time off work for me which has scuppered any OPs at the mo.
    We'll pick ourselves up though.

    Consequently, our target is to reduce our mortgage by £35,000. From £209k to £174k
    That might be a little over ambitious, but this is a challenge after all

    Thanks Trix

    MIB xx
    MFW2018 #10 £1389/3000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Jan '18 £186,816 May'18 £181,852
    MFiT T4 #24 £25,349/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
    • Radish72
    • By Radish72 11th Dec 15, 11:26 AM
    • 1,863 Posts
    • 11,629 Thanks
    Radish72
    Newbie (to this) joining the challenge

    £74200 down to £36400

    So in theory MFI3 - Take 5 would see me mortgage free
    Mortgage Aug12 £165K, Apr18 £34500
    OP's in 2017 £3000 ish
    ISA challenge start 2017 £3000/£500 (16%)
    • brizzledfw
    • By brizzledfw 11th Dec 15, 12:17 PM
    • 7,275 Posts
    • 35,709 Thanks
    brizzledfw
    Trix - Happy to be allocated a new number or stick to the old one. No worries, whichever is easiest.

    Have just phoned bank and I am £89 under where I thought I'd be...just love the overpayments nudging that interest liability down, month on month

    So I end the MFiT -3 challenge at just sub-£165k, had wanted to be at £120k but ho hum..next time..bring it on MFiT-4

    Have a good weekend folks

    Brizzle
    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
    • megela
    • By megela 11th Dec 15, 2:15 PM
    • 754 Posts
    • 3,734 Thanks
    megela
    Thanks for all your hard work Trix-a-belle.


    MFi-3 number 7 registering for MFi-4 - new target £57,500.
    • Wombatchops
    • By Wombatchops 11th Dec 15, 7:10 PM
    • 177 Posts
    • 1,951 Thanks
    Wombatchops
    Thanks trix-a-belle, I've registered. We are remortgaging in February and the balance will be £149,294, and I want to shave that down to £134,294, so £15k off. We've had a bit of bad luck recently, so I've no idea if this is possible, but I'm going to damn well try. Ultimately, I want to be mortgage free by August 2028.
    2016 MFW no. 47 £0/£3,000
    MFiT T4 no 26 Start bal £149,294, Current bal £149,294, Target bal £134,294
    Make £2,016 in 2016 £1180.55
    • Pearla*Merle
    • By Pearla*Merle 11th Dec 15, 8:34 PM
    • 1,588 Posts
    • 9,390 Thanks
    Pearla*Merle
    Hurrah - I'm finally more settled and can at last join in with this.

    I'm going to build up my savings by £15,000. This should be achievable but definitely needs some hard graft being put in.

    With any luck taking part will seriously make me get my skates on with some self-employed work I do to make some extra pennies, so I'd like the smash the above target ideally. Can't wait to get started!

    Good luck everyone
    a penny picker upper. every penny's a prisoner!
    £26.65 til OnePoll payout! Round six! | Save £7200/£15,000
    Normality is a paved road; it's comfortable to walk,!!!65279; but no flowers grow on it.
    Whatever you're meant to do, do it now. The conditions are always impossible.
    The only thing you absolutely have to know, is the location of the library.
    • Chutney86
    • By Chutney86 12th Dec 15, 7:58 AM
    • 276 Posts
    • 2,590 Thanks
    Chutney86
    Have just registered for this challenge. Aiming to reduce our mortgage by £15,000 - from £110k to £95k

    Thanks trix-a-belle
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75
    MFW #93 - 2017 = £1942.84/£1900 / 2018 = £1874.07/£3000
    MFiT-T4 #28
    • 2rea22
    • By 2rea22 12th Dec 15, 10:23 AM
    • 13 Posts
    • 44 Thanks
    2rea22
    My First Challenge!
    I've got my last 2K of debt to vanquish then it's onward and upward to MFW!! Never done a challenge before but think this might just be the thing for me. I've got 30K left on the mortgage and would love to pay it off before I'm 55 so I can get a part time job and kick back a bit! So here goes!
    • muppets
    • By muppets 12th Dec 15, 12:59 PM
    • 787 Posts
    • 5,515 Thanks
    muppets
    This will be my 1st year on this challenge, I filled in the request form a few days back, just waiting for a number so I know I did it correct.
    • Trying to be good
    • By Trying to be good 12th Dec 15, 1:32 PM
    • 1,908 Posts
    • 2,416 Thanks
    Trying to be good
    Hello! I'm back for my fourth MFIT - and hope to make it all the way to Mortgage Freedom with this one! Will need to update my sig, and have asked to stick with number 48, please, as that's been me since the original MFIT :-)

    Thanks for all the hard work, looking forward to sharing progress and the support of the MFIT community - let's do this!
    Mortgage Free in Three T4; target to clear (or offset) mortgage by 25 Jan 19
    £17,800 for a target Mortgage balance of £NOTHING
    £61,000 of a £20,000 target Cash ISAs
    £2,000 of a £6,000 target Savings
    • Trying to be good
    • By Trying to be good 12th Dec 15, 1:34 PM
    • 1,908 Posts
    • 2,416 Thanks
    Trying to be good
    sellotape

    Lots of us do an informal 'offset' of our savings where their either earning better interest (unusual in this day and age, but will be better when we're not paying as much tax on interest), or we've maxed the overpayment allowance for our individual mortgage deals. If you'd like to do that, just deduct your savings balance from your mortgage balance and report the net figure :-)
    Mortgage Free in Three T4; target to clear (or offset) mortgage by 25 Jan 19
    £17,800 for a target Mortgage balance of £NOTHING
    £61,000 of a £20,000 target Cash ISAs
    £2,000 of a £6,000 target Savings
    • someday soon
    • By someday soon 12th Dec 15, 8:31 PM
    • 141 Posts
    • 742 Thanks
    someday soon
    Good Luck everyone, for those on their first challenge - the time will fly by. It's hard to believe it's 6 years since we sat down and worked out just how much we could afford to overpay and then tried to squeeze the number to get 60k off in 3 years. That 2nd number was not rational, then we started to plan! We didn't quite make it, but got it in the 4th year. Biggest tips - meal plan, batch cook, flog what you will never use again! Old cars have much more character than newer ones! Think short term pain for long term SUPER gain. What you are gunning for is choices, choices choices. Seriously. Choices.
    Everyone's personal circumstances are different, so try not to compare your numbers to others. Stay focused and look forward to checking in every 3 months. Short sprints, deep breath and go again.

    Someday Soon
    Completely Debt Free 2009

    Completely Mortgage Free 2013
    • A Frayed Knot
    • By A Frayed Knot 12th Dec 15, 11:14 PM
    • 2,393 Posts
    • 10,718 Thanks
    A Frayed Knot
    Biggest tips - meal plan, batch cook, flog what you will never use again! Old cars have much more character than newer ones! Think short term pain for long term SUPER gain. What you are gunning for is choices, choices choices. Seriously. Choices.
    Everyone's personal circumstances are different, so try not to compare your numbers to others. Stay focused and look forward to checking in every 3 months. Short sprints, deep breath and go again.

    Someday Soon
    Originally posted by someday soon
    Thank you - someday soon
    I'm already flogging, so my next focus needs to be the meal planning and batch cooking you mention. I have been in my kitchen today clearing out the freezer in readiness for this. and clearing out some cupboards too, so I know what I have and what I need.


    Done the lower cupboards and drawers today, so tomorrow it will be all the top cupboards. As for figures, I love to see all the figures, I think "wish I had your salary with my mortgage" and the others will probably think "wish I had your mortgage with my salary" but as you say - everyone's personal circumstances are different.


    Can't wait to get started.
    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

    • icontinuetodream
    • By icontinuetodream 13th Dec 15, 10:19 AM
    • 985 Posts
    • 6,606 Thanks
    icontinuetodream
    I'm in again! Change of circumstances meant no ops this year and no financial change happening for a while, but I will get this mortgage gone within the next three years if it kills me!
    Mortgage 12.12.12 £55842 12.12.13 £42716 14.12.14 £28837 13.12.15 £25913
    Mortgage OP £50/£600 House Fund £420/£5000
    • Karona
    • By Karona 13th Dec 15, 10:28 AM
    • 12 Posts
    • 140 Thanks
    Karona
    Hi everyone, I'm a newbie, please be gentle with me Ive been waiting for this thread. I can't wait to get started. I'll post my starting figures early jan after payment gone out and set a target. Let the adventure begin x
    ccard1 £3000-paid. scard £1500-paid. od £3000-paid. ccard 2 £996- paid Jan 17
    Cc3 4585 on 0% now 3750 til sept 2018
    car finance £6200/£6200 paid April18 24months early
    M-FiT T4 no 35 starting £35000 now 29000
    WTSHTF £ 2750/1000
    Weight loss 21/36kgs
    • princess295
    • By princess295 13th Dec 15, 11:02 AM
    • 50 Posts
    • 109 Thanks
    princess295
    Ive just registered, its my first challenge so i hope i completed registration correctly.
    I have a mortgage of £68,709.23 hoping to reduce it to £50,000 I have only had the mortgage since august and already made overpayments of £1000 so hope the challenge will keep me focused and get as much paid off as possible.
    1st May 2015
    Car Loan- £10,253
    Zopa- 195.87
    overpayment fund-£30
    • trix-a-belle
    • By trix-a-belle 13th Dec 15, 11:15 AM
    • 819 Posts
    • 3,511 Thanks
    trix-a-belle
    Hi everyone, I'm a newbie, please be gentle with me Ive been waiting for this thread. I can't wait to get started. I'll post my starting figures early jan after payment gone out and set a target. Let the adventure begin x
    Originally posted by Karona
    Hi Karona
    if you'd like to put a registration form in now to get on the list for a number you can always update the figures nearer the start

    trix
    - 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
    • selloptape
    • By selloptape 13th Dec 15, 11:15 AM
    • 457 Posts
    • 1,889 Thanks
    selloptape
    sellotape

    Lots of us do an informal 'offset' of our savings where their either earning better interest (unusual in this day and age, but will be better when we're not paying as much tax on interest), or we've maxed the overpayment allowance for our individual mortgage deals. If you'd like to do that, just deduct your savings balance from your mortgage balance and report the net figure :-)
    Originally posted by Trying to be good
    Thank you Trying to be good
    GC May £235.52/£290 GC April £240.65/£300March £322.53/£350
    £2 Savers Club #59 £58
    MFW 2018 #49 £600/£3,000
    MFiT T4 #21 - reduce mortgage by £20k over 3 years
    • CathT
    • By CathT 13th Dec 15, 11:54 AM
    • 5,583 Posts
    • 38,872 Thanks
    CathT
    I would love to join please. FinancialBliss diary was the first I ever read and completely inspired me! I think I forgot about this challenge last time as was away from the forums for a while. I am back with renewed energy as we will have some additional borrowing for a planned extension I hope to pay off as fast as I can.

    Not sure of figures yet but would love to join and will update as soon as I can.
    June 2018 -
    part 1 - £77,571
    part 2 - £45,272
    Total - £122,843
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