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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 7th Dec 15, 10:32 PM
    • 854Posts
    • 3,633Thanks
    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 60,000.
    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 55,000.
    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 74,000.
    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; 07-10-2018 at 4:53 PM.
    - Mortgage: 1st one down, 2nd: 114800 101k
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
Page 28
    • Suffolk lass
    • By Suffolk lass 12th Apr 18, 8:27 AM
    • 2,129 Posts
    • 22,155 Thanks
    Suffolk lass
    Just lodged my form for Chart 9 - a lot better this quarter. The 2 year BS Bond matured and went straight in to the mortgage and we elected to take DH's 25% Tax Free Lump Sum from his DC pot when the stock market started to jitter so that also brought our mortgage down by a lump. Just need to keep squeezing now. My emergency cash pot has a little too much in it but I will leave this for a bit longer as DH's car is at the main dealership today and it smells expensive
    MFiT T4 #2 update 94.29% after Q10 ahead of where I should be (must set stretch target!)
    Save 12k in 2018 #53 83.33% 9,999.70/12,000 (after upping my target from 10k to 12k in October)
    OS Grocery Challenge 2018 spent 1,696.43/3,000 including stores 56.55% of my annual budget at the end of Sept.
    My DFD is here
    • icklehelen
    • By icklehelen 19th Apr 18, 4:37 PM
    • 311 Posts
    • 1,363 Thanks
    icklehelen
    Just submitted my form for Chart 9. So happy to be where I am - something I would never have achieved without these boards and the amazing stories of other people's journeys!

    Would love to add another 10000 on my target but circumstances are ruling against that at present.......maybe that'll have changed by the next update and I can attempt it in the final stretch??
    Last edited by icklehelen; 26-04-2018 at 9:47 AM.
    2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 1775.50/1200 2017 10068.90/5500
    OP Target 2018 - 4306.58/2500
    MFiT-T4 #03 MFW2018 #6
    • CathT
    • By CathT 19th Apr 18, 8:21 PM
    • 5,746 Posts
    • 40,239 Thanks
    CathT
    Am so far behind updating here, we are still making regular OP's but not as much as I would like. Will submit my update to see how deep into the red I am!
    Oct 2018 -
    part 1 - 75,530
    part 2 - 44,799
    Total - 120,329
    • ang4k
    • By ang4k 21st Apr 18, 9:45 AM
    • 53 Posts
    • 329 Thanks
    ang4k
    Had a bad year last year but back on track now and still aiming to make my target.

    For some reason my signature isn!!!8217;t showing it as I edit it as I go but not sure why !!
    Last edited by ang4k; 21-04-2018 at 9:47 AM. Reason: Siginature not updated
    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 17 : 8000/7000
    • shangaijimmy
    • By shangaijimmy 22nd Apr 18, 7:28 AM
    • 2,782 Posts
    • 13,926 Thanks
    shangaijimmy
    #8 chart update submitted. Hoping for green, but expect i'll be in yellow again!! Thanks for running the challenge, it really helps to motivate on this slog of a journey.
    MFW: Turning June 2036 into March 2025... 41//120 Payments Challenge, Diary Reduction 44,136.86
    Aug 2009: 163,051 // Current: 91,863.15 // Avg Daily Interest 4.13
    MFiT-T4 #8 - 80.74% of 41,000
    • Suffolk lass
    • By Suffolk lass 22nd Apr 18, 12:11 PM
    • 2,129 Posts
    • 22,155 Thanks
    Suffolk lass
    #8 chart update submitted. Hoping for green, but expect i'll be in yellow again!! Thanks for running the challenge, it really helps to motivate on this slog of a journey.
    Originally posted by shangaijimmy
    Chart 8? are you running a quarter behind SJ?
    MFiT T4 #2 update 94.29% after Q10 ahead of where I should be (must set stretch target!)
    Save 12k in 2018 #53 83.33% 9,999.70/12,000 (after upping my target from 10k to 12k in October)
    OS Grocery Challenge 2018 spent 1,696.43/3,000 including stores 56.55% of my annual budget at the end of Sept.
    My DFD is here
    • A Frayed Knot
    • By A Frayed Knot 22nd Apr 18, 12:39 PM
    • 2,485 Posts
    • 11,146 Thanks
    A Frayed Knot
    Chart 8? are you running a quarter behind SJ?
    Originally posted by Suffolk lass

    Wish it was chart 8 with the total I have left


    SJ is no 8 in the thread.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • A Frayed Knot
    • By A Frayed Knot 22nd Apr 18, 9:37 PM
    • 2,485 Posts
    • 11,146 Thanks
    A Frayed Knot
    Submitted my update. Didn't quite make my 4 figures - will be a month late with that, then again, I've had 2 fantastic holidays the last 2 months - can't have it all ways, well not me anyway.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • mummytummy
    • By mummytummy 23rd Apr 18, 10:05 AM
    • 738 Posts
    • 3,675 Thanks
    mummytummy
    #62 checking in have just updated for chart no.9, just shy of $500 of where I should be but on track to reach target
    1. Sealed Pot Challenge No.11 #11 538.74
    2. MFiT-T4 #62 (90% saved)
    3. Save 12k in 2018 #144 3165/3000
    • Suffolk lass
    • By Suffolk lass 23rd Apr 18, 8:01 PM
    • 2,129 Posts
    • 22,155 Thanks
    Suffolk lass
    Wish it was chart 8 with the total I have left


    SJ is no 8 in the thread.
    Originally posted by A Frayed Knot
    Doh!
    MFiT T4 #2 update 94.29% after Q10 ahead of where I should be (must set stretch target!)
    Save 12k in 2018 #53 83.33% 9,999.70/12,000 (after upping my target from 10k to 12k in October)
    OS Grocery Challenge 2018 spent 1,696.43/3,000 including stores 56.55% of my annual budget at the end of Sept.
    My DFD is here
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 23rd Apr 18, 9:29 PM
    • 706 Posts
    • 3,145 Thanks
    SuperSecretSquirrel
    MFiT4 Update #9
    Code:
    S&S:       29,673.11 (Quarterly change: +1,902.53)
    Cash:      23,858.76 (Quarterly change: +1,119.47)
    Mortgage:       0.00 (Quarterly change: =0.00)
    Tax:         -253.34 (Quarterly change: -127.20)
    MN+:       53,278.53 (Quarterly change: +2,894.80)
    Not long left now... Good work everyone!

    Mtg [2013 64k|2014 51k|2015 38k|2016 26k|2017 14k] Zero!
    MN [2013-25k|2014-2k|2015+16k|2016+34k|2017+52k] +61,918.30(MFiT4:+60k)
    NW [2013 126k|2014 156k|2015 190k|2016 228k|2017 269k] 291,327.81 (2020:300k)
    FI [2013 -1.2%|2014 2.8%|2015 6.9%|2016 13%|2017 18%] 33.2% (exc SP)
    • pavlovs_dog
    • By pavlovs_dog 25th Apr 18, 6:13 AM
    • 9,765 Posts
    • 23,760 Thanks
    pavlovs_dog
    I've sent my update though just now as I couldn't remember if I had done it or not. Apologies if I have sent the same thing twice!
    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 28th Apr 18, 11:05 AM
    • 854 Posts
    • 3,633 Thanks
    trix-a-belle
    Chart 9 has finally arrived

    Amazing progress everyone!!!!

    i've not had the quarter I expected although nothing really has a plan these days, i've definitely got a bit of an uphill climb now to the end & hopefully then my aim for MFiT-T5 may become more clear.
    - Mortgage: 1st one down, 2nd: 114800 101k
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Mortgage Minimiser
    • By Mortgage Minimiser 28th Apr 18, 11:25 AM
    • 77 Posts
    • 410 Thanks
    Mortgage Minimiser
    No 59 here:

    Hi Trix,

    Just checked the chart. You have me down as not updating but I sent mine thorugh early on 5th April:

    #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

    Are you able to update it pleae?

    Sorry!

    Thanks

    MMX
    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 192,374.59)
    • trix-a-belle
    • By trix-a-belle 28th Apr 18, 7:30 PM
    • 854 Posts
    • 3,633 Thanks
    trix-a-belle
    No 59 here:

    Hi Trix,

    Just checked the chart. You have me down as not updating but I sent mine thorugh early on 5th April:

    #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

    Are you able to update it pleae?

    Sorry!

    Thanks

    MMX
    Originally posted by Mortgage Minimiser
    I've just checked the form entries in the google drive spreadsheet MM & can't see one from you, it sometimes decides not to send through but have added your update in, nice work!
    I can see your post in the thread on the 5th but as posts can be edited (& i'm often just glancing at the forum while half asleep) I only log from the form updates as per the post#2, unless someone is unable to use the form for some reason and flags it up. i'm regularly in google drive & input updates as I notice them there.
    - Mortgage: 1st one down, 2nd: 114800 101k
    - Student Loan: 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T4
    • Mortgage Minimiser
    • By Mortgage Minimiser 29th Apr 18, 7:21 AM
    • 77 Posts
    • 410 Thanks
    Mortgage Minimiser
    Thanks Trix, !!

    Much appreciated

    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 192,374.59)
    • 2rea22
    • By 2rea22 29th Apr 18, 6:10 PM
    • 14 Posts
    • 50 Thanks
    2rea22
    Yey! In the green for the first time! Going to try and get rid of the last bit as fast as possible. I'm pending redundancy or at the very least a significant pay cut. However, now the house is very nearly all paid for it's taken the pressure off massively. All the hard work paying off!
    • Lomcevak
    • By Lomcevak 6th Jul 18, 5:49 PM
    • 738 Posts
    • 4,336 Thanks
    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.
    Originally posted by Lomcevak
    Here we are again Now at 73,482 with 8,125 paid off since the last update, 61,504 since the start of MFiT-T4. Having a concerted dig at the mortgage right now, and pulled it back to 996 away from being green.

    Now need to pay off just under 13.5k over the final six months to hit the target, just a couple of hundred quid more than i've paid back over the last six months, so going to be close - need a rummage down the back of the sofa to get over the line

    And was just looking back, currently paying about 95 per month in interest on the mortgage, when we moved in 12 years ago it was over 950 per month...!
    MFiT-T4#126, 135k to 60k: 66,633/75,000 (91.15%), 2018 MFW#11 12,913.83/15,000 (86.09%)
    30k-in-18#11 35,129.12/30,000 (117.10%)
    • Mortgage Minimiser
    • By Mortgage Minimiser 6th Jul 18, 7:04 PM
    • 77 Posts
    • 410 Thanks
    Mortgage Minimiser
    #59 here.

    I updated early as im away later in the month. Mortgage as it stands is 197,381.65. Down from 203,444 at the last update.


    Pleased with that - should hit target of 195,000 by the end of the challenge.

    Looking to remortgage early, before the fix runs out in Jan, just looking for a decent rate to reserve.....doesn't see to good tbh.

    Thanks Trix!

    MM
    x
    Last edited by Mortgage Minimiser; 06-07-2018 at 7:04 PM. Reason: Spelling
    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 192,374.59)
    • ang4k
    • By ang4k 20th Jul 18, 9:03 AM
    • 53 Posts
    • 329 Thanks
    ang4k
    Hi

    Updated for July and finally looking at being back on track! 2 more updates to go and should make target.

    Thank you Trix
    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 17 : 8000/7000
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