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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 813Posts
    • 3,491Thanks
    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 24
    • Mortgage Minimiser
    • By Mortgage Minimiser 24th Apr 17, 5:40 PM
    • 66 Posts
    • 316 Thanks
    Mortgage Minimiser
    Thanks Trix....I'm not really with at the moment

    MM x
    2016MFW#46 O'Pd-104%; 2017MFW Paid 5754.35
    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 203,430.40)
    • A Frayed Knot
    • By A Frayed Knot 24th Apr 17, 11:09 PM
    • 2,372 Posts
    • 10,567 Thanks
    A Frayed Knot
    Just updated was hoping for another tiny o/p, but that can wait.

    Thanks for all your hard work.

    Balance now 20,500
    Last edited by A Frayed Knot; 24-04-2017 at 11:11 PM.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    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 27th Apr 17, 1:20 PM
    • 813 Posts
    • 3,491 Thanks
    trix-a-belle
    Chart 5

    Some great progress made, I can't quite believe the next chart will be half way through!!!

    I'm not quite sure how I have caught up but currently in the final stage of completing my first camper interior for a paying customer to their specification, long may that continue. I have dropped to 4 days at my main job to free up some time for the upholstery so that reduction will show in the next quarter.
    I went over the PSA limit by a whole 35p I want to try and arrange sending the tax due from it to HRMC by cheque

    I may do some half way stats from chart 6 if people are interested?

    Keep on going everyone!
    - 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
    • Pearla*Merle
    • By Pearla*Merle 27th Apr 17, 9:13 PM
    • 1,588 Posts
    • 9,390 Thanks
    Pearla*Merle
    What lovely news on the camper project, trix! & on the 35p!

    Would love to see some halfway (halfway! ) stats

    Thanks for another chart!
    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.
    • brizzledfw
    • By brizzledfw 28th Apr 17, 9:41 AM
    • 7,275 Posts
    • 35,701 Thanks
    brizzledfw
    Brilliant. Thanks Trix.

    I am firmly in the red, but plodding on. Given differences between mortgage rates and current stock market rates/tax benefits from pension payments, am feeding any spare cash into this, but plan to gradually up my rate of payments into the mortgage soon.

    Well done all

    Brizzle
    Last edited by brizzledfw; 28-04-2017 at 9:47 AM.
    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
    • Welshlassie
    • By Welshlassie 28th Apr 17, 1:58 PM
    • 1,718 Posts
    • 2,995 Thanks
    Welshlassie
    So I haven't updated for a while *hangs head in shame* sorry!

    We've had a change of focus and now instead of actually paying off our mortgage we are saving frantically to extend the house next year. Our current deal comes to an end in January so we're planning on extending the mortgage to pay for the extension. We anticipate it all costing us about 50k so want to save as much as possible. The pot is currently at 11k so making lots of progress. Hoping it will be nearly 20k by the end of the year so don't have to borrow quite so much in January.

    Not sure how to reflect that for the challenge though??
    • ang4k
    • By ang4k 3rd May 17, 8:47 AM
    • 44 Posts
    • 257 Thanks
    ang4k
    Hi. Back on track now after a bad year. I have some catching up to do. I see everyone is doing great so it is a good incentive to keep going. Thank you
    2015 MFW no 17 : 2600/2000
    2016 MFW no 17: 4000/4000
    2017 MFW no 17: 400/8000
    MFiT-T4- reduce mortgage from 61000 to 40000
    2018 MFW no : 2400/7000
    • mrsp1987
    • By mrsp1987 21st May 17, 10:10 PM
    • 793 Posts
    • 3,921 Thanks
    mrsp1987
    Oh rats, been away from the website for AGES and totally forgot about April's update!
    Mortgage April 2011: 108,499 30 yr term Current Mortgage 91,084.44 20 yrs left
    MFiT T4 #67 - Reduce mortgage from 99,310.76 to 80,000
    • shangaijimmy
    • By shangaijimmy 14th Jun 17, 4:07 PM
    • 2,720 Posts
    • 13,420 Thanks
    shangaijimmy
    Huge apology but i've been AWOL for 6 months and missed 2 chart updates. I've just submitted forms for Jan and Apr but accept i'm very rudely late and worthy of being sacked from the challenge!
    MFW: Turning June 2036 into March 2025... 38//120 Payments Challenge, Diary Reduction 40,984.38
    Aug 2009: 163,051 // Current: 95,015.63 // Avg Daily Interest 4.27
    MFiT-T4 #8 - 74.24% of 41,000
    • trix-a-belle
    • By trix-a-belle 14th Jun 17, 4:17 PM
    • 813 Posts
    • 3,491 Thanks
    trix-a-belle
    No worries Jimmy life happens, have put them in, looks like you haven't been slacking on the overpayments
    - 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 14th Jun 17, 5:45 PM
    • 2,372 Posts
    • 10,567 Thanks
    A Frayed Knot
    Huge apology but i've been AWOL for 6 months and missed 2 chart updates. I've just submitted forms for Jan and Apr but accept i'm very rudely late and worthy of being sacked from the challenge!
    Originally posted by shangaijimmy

    Consider yourself ticked off - Glad your back
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    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 3rd Jul 17, 8:33 AM
    • 813 Posts
    • 3,491 Thanks
    trix-a-belle
    & so chart update time rolls round again, Chart 6 the halfway point is approaching!!
    - 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
    • brizzledfw
    • By brizzledfw 7th Jul 17, 5:30 PM
    • 7,275 Posts
    • 35,701 Thanks
    brizzledfw
    Hello Trix and gang

    Just updating..could be worse. As before, all spare cash going into ISA and pension. But healthily below 150k now which I adore. I reckon I will get to below 140k by November which will be excellent.

    Hope everyone has a good weekend

    Brizzle x
    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
    • A Frayed Knot
    • By A Frayed Knot 7th Jul 17, 6:55 PM
    • 2,372 Posts
    • 10,567 Thanks
    A Frayed Knot
    & so chart update time rolls round again, Chart 6 the halfway point is approaching!!
    Originally posted by trix-a-belle
    just given you your 3,000th thanks and would give you another 3,000 for half way stats
    Last edited by A Frayed Knot; 07-07-2017 at 7:01 PM.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    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 7th Jul 17, 9:19 PM
    • 813 Posts
    • 3,491 Thanks
    trix-a-belle
    Haha cheers AFK, I like round numbers
    Some amazing updates coming through for chart 6!

    My 4 day weeks are helping but also hindering, no additional team member quite yet to pick up at the day job but self employment on the side is progressing and growing steadily, my sleep is occasionally suffering thanks to the one awkward customer so far, regular job craziness & dealing with house viewers on a regular, but not regular enough to keep the house clean enough in between, basis but if I can get through all that then it only makes you stronger doesn't it.
    So to add to my challenge target if I get an offer on my house I should be moving and taking on a mortgage again, I like making things interesting lol
    - 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 7th Jul 17, 10:23 PM
    • 2,372 Posts
    • 10,567 Thanks
    A Frayed Knot
    Haha cheers AFK, I like round numbers
    Originally posted by trix-a-belle

    It's in my signature ! ! !


    You must really like this MFW malarky - to be taking on another mortgage - didn't think it was quite that addictive Good Luck

    ps ooops just messed your neat figures up
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • Lomcevak
    • By Lomcevak 8th Jul 17, 7:08 AM
    • 702 Posts
    • 4,189 Thanks
    Lomcevak
    Now at 104,492, with 4.9k repaid over the last three months - think that means I now drop out of green but that's always been expected, my target is very ambitious. Still, I'm now past 30k paid off since the start of the challenge, and I'm happy with that
    Originally posted by Lomcevak
    And now at 99,557 - so under the great 100k barrier

    4935 repaid since the last update, a bit over 35k repaid since the start of the challenge with just under 40k to go to my target - that means I'm a little behind at the halfway point (2072, to be precise ) but i'm delighted to even be close to on-track.

    Next big milestone is to get under 90k, which will mean I've repaid 100k since I remortgaged four years ago. Currently looks like Jan '18, but i'd really like to drag it into this year...
    Last edited by Lomcevak; 08-07-2017 at 7:12 AM.
    MFiT-T4#126, 135k to 60k: 57,247/75,000(76.33%), 2017 MFW#11 5,296.44/12,000 (44.14%)
    30k-in-18#11 12,651.96/30,000 (42.17%)
    • Suffolk lass
    • By Suffolk lass 8th Jul 17, 11:20 AM
    • 1,978 Posts
    • 20,665 Thanks
    Suffolk lass
    So to add to my challenge target if I get an offer on my house I should be moving and taking on a mortgage again, I like making things interesting lol
    Originally posted by trix-a-belle
    My estate agent reports that "footfall" is the lowest they have ever known it for the last two weeks. I hope you get your offer (no sign of one here now, after Mr and Mrs Keen disappeared).

    I haven't done my update chart yet but I'm also trying to round down to a nice round number each month
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after March 19.96% 1,996.19/10,000 5.04% behind
    OS Grocery Challenge 2018 spent 721.33/3,000 including stores so far 24.04% of my annual budget at the end of April
    My DFD is here
    • trix-a-belle
    • By trix-a-belle 8th Jul 17, 12:28 PM
    • 813 Posts
    • 3,491 Thanks
    trix-a-belle
    You must really like this MFW malarky - to be taking on another mortgage - didn't think it was quite that addictive Good Luck
    Originally posted by A Frayed Knot
    i'm not sure about liking it or it being addictive, it will be bigger this time but I feel far better prepared about how to manage it and what is achievable in terms of escalation to pay it off but its a complete change of mind set from the full on savings one of the last 12-18 months.

    My estate agent reports that "footfall" is the lowest they have ever known it for the last two weeks. I hope you get your offer (no sign of one here now, after Mr and Mrs Keen disappeared).
    Originally posted by Suffolk lass
    Thanks SL, fingers crossed for you as well. My footfall has been pretty consistent but it doesn't stop me getting twitchy. I've got at least 2 parties interested however both have not yet sold their houses, had a viewing yesterday who are sstc & another shortly who are also sstc but won't get feedback on these two till monday to know whether they are goers.
    - 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 8th Jul 17, 5:32 PM
    • 1,978 Posts
    • 20,665 Thanks
    Suffolk lass
    Thanks SL, fingers crossed for you as well. My footfall has been pretty consistent but it doesn't stop me getting twitchy. I've got at least 2 parties interested however both have not yet sold their houses, had a viewing yesterday who are sstc & another shortly who are also sstc but won't get feedback on these two till monday to know whether they are goers.
    Originally posted by trix-a-belle
    I'd be happy to show any spare buyers around if you want to send them "next door" to Suffolk. I hope it goes well for you
    MFiT T4 #2 update 88.72% after Q9 tiny bit ahead of where I should be
    Save 12k in 2018 #53 - after March 19.96% 1,996.19/10,000 5.04% behind
    OS Grocery Challenge 2018 spent 721.33/3,000 including stores so far 24.04% of my annual budget at the end of April
    My DFD is here
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