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

pinknsparkly · 6 January 2019 at 2:28PM

Hi Trix-a-belle,

This is a great challenge - I've just sent through my form. I'm aiming to get down to £190k. Although I'm also in the MFW challenge, I've not actually sat down and worked out what my outstanding mortgage would be in X amount of time (I've instead been saying I want to aim for £500/month OPs). I'm intending to invest my mortgage OPs and so my "reported" mortgage value will be outstanding mortgage minus the value of the investments.

ajmoney · 6 January 2019 at 10:40PM

I have just completed the form. My circumstances will be changing through the challenge as we will be putting the house on the market in the next month or so and then I will be buying alone. I think the total mortgage should be a similar amount to what I have now. I have estimated my final figure for 3 years time but until I am settled I am unsure what I can afford by myself so I will update when I can. I the meantime I am working at paying down the total mortgage here so I have more of a deposit from the proceeds when we sell.

helibob · 7 January 2019 at 11:48AM

Thanks for running the challenge. I found the last one really useful and interesting.

I put the form through the other day. In the last three and a half years, we've paid off a quarter of our mortgage, so we're just below £150k at the moment, and hoping to get to £100k in the next 3 years. Ideally we'd get lower still, but this is a manageable target that will put us on course to pay it off before either of us turns 50.

CathT · 7 January 2019 at 10:22PM

Sent my update through. Hoping for a £33k mortgage reduction.

icklehelen · 8 January 2019 at 2:34PM

Hi Trix

I've just put my registration through - hoping to keep my number 3.

Thanks to these challenges I will have exceeded my target of the previous 3 years so hope that this is the MFiT where I will be able to say goodbye to the mortgage

Thanks for running T5

ickle

beth25 · 8 January 2019 at 5:24PM

I'm hoping to really cut my mortgage in the next 3 years. currently stands at £44,650 with 5.7 yrs left. Can overpay 10% balance each year, which we did in full last year,and hoping to again this year. also hoping to save ££ ready, so that when current mortgage ends in Dec we can pay that off the total too. Really hoping to get paid off within the next 3-4 years

trix-a-belle · 10 January 2019 at 11:31PM

Utopiah
I can't find you in the forum pm system matching the username you have typed, please can you pm me to make contact

Lomcevak you've got pm's turned off so I can't pm your challenge number, so fyi you are number 6

Everyone that I've got a form from apart from those listed above should have had a pm with your challenger number now, if you haven't please flag it up

pinknsparkly · 11 January 2019 at 11:20AM

Thanks Trix!

shala_moo · 11 January 2019 at 6:18PM

Thanks for setting up the new challenge trix-a-belle!

My target for the next three years is to become mortgage neutral:eek: I have an offset mortgage that I just fixed for another 5 years.

So £63000 to £0 :eek: I really don't think it's possible as we are doing up the house a little too, but you never know until you try.

I was number 64 in the previous challenge, but I don't mind what number I have if that's easier

Good luck everyone x

Chutney86 · 11 January 2019 at 6:27PM

Thanks for running the thread trix-a-belle

I've submitted a registration form and I am aiming to increase my savings from £5,000 to £20,000 during this challenge.

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

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