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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 4th Jan 19, 12:36 AM
    • 886Posts
    • 3,839Thanks
    trix-a-belle
    The Mortgage Free in Three - Take 5 challenge (MFiT-T5)
    • #1
    • 4th Jan 19, 12:36 AM
    The Mortgage Free in Three - Take 5 challenge (MFiT-T5) 4th Jan 19 at 12:36 AM
    Read our Mortgage Guides for fully researched, up to date help on cutting your mortgage

    If you haven't already, join the forum to join the challenge. If you aren't sure how it all works, view our New to Forum? Intro Guide.


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

    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 fifth 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 fifth challenge runs from January 2019 to January 2022 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 Reduce my mortgage from £94,347 to £52,500
    2 Suffolk lass Completely clear my £59,999 mortgage.
    3 icklehelen Completely clear my £27,500 mortgage.
    4 Ilselm Reduce my mortgage from £120,200 to £75,000.
    5 JEdwards Reduce my mortgage from £80,000 to £50,000.
    6 Lomcevak Completely clear my £49,907 mortgage.
    7 Tara66 Reduce my mortgage from £70,800 to £35,000.
    8 shangaijimmy Reduce my mortgage from £86,600 to £45,000.
    9 Brodiebobs Reduce my mortgage from £129,720 to £99,999.
    10 littlemonkeywolf Completely clear my £32,795 mortgage.
    11 Ang4k Completely clear my £35,000 mortgage.
    12 Urbanshyne Completely clear my £48,865 mortgage.
    13 twinklie Reduce my mortgage from £233,421 to £203,421.
    14 LiuhutOz Reduce my mortgage from AUS $560,000 to AUS $440,000.
    15 julicorn Reduce my mortgage from £181,700 to £99,999.
    16 Unicorn Cottage Reduce my mortgage from £131,000 to £83,000.
    17 Radish72 Completely clear my £20,000 mortgage.
    18 greent Reduce my mortgage from £54,829 to £34,829.
    19 Helibobs Reduce my mortgage from £149,150 to £99,999.
    20 Kittenkirst Reduce my mortgage from £152,781 to £119,000.
    21 frugal_lass Reduce my mortgage from £63,000 to £50,000.
    22 selloptape Build up my savings from £0 to £20,000.
    23 mummytummy Build up my savings from AUS $0 to AUS $50,000.
    24 Maybe_its_because Reduce my mortgage from £161,000 to £120,000.
    25 Poppycat1 Reduce my mortgage from £108,000 to £70,000.
    26 Miss D Meanour Reduce my mortgage from £94,353 to £40,000.
    27 inigma Reduce my mortgage from £78,352.77 to £22,000.
    28 lindez Reduce my mortgage from £65,000 to £45,000.
    29 pavlovs_dog Reduce my mortgage from £73,500 to £43,500.
    30 beth25 Reduce my mortgage from £44,650 to £5,000
    31 The frugal fairy Completely clear my £42,219.38 mortgage
    32 T. x Completely clear my £26,000 mortgage
    33 utopiah Completely clear my £11,768.69 mortgage
    34 Chutney86 Build up my savings from £5,000 to £20,000.
    35 shala_moo Completely clear my £63,000 mortgage.
    36 Muppets Reduce my mortgage from €173,232 to €148,032
    37 lalamb77 Reduce my mortgage from £79,173.39 to £30,000
    38 Avidsaver Completely clear my £84,219 mortgage
    39 Anagran Reduce my mortgage from £95,000 to £85,000.
    40 EG_MF_LO Reduce my mortgage from £220,000 to £180,000
    41 Karona Completely clear my £25,139 mortgage
    42 Stoplurking Completely clear my £28,859 mortgage
    43 crv1963 Reduce my mortgage from £85,302 to £50,000
    44 CathT Reduce my mortgage from £118,973 to £85,973.
    45 taka Build up my savings from £0 to £25,000.
    46 miss undastood Reduce my mortgage from £200,000 to £140,000.
    47 SuperSecretSquirrel Build up my savings from £143,378.17 to £225,000.
    48 Needhelpsaving Completely clear my £58,073 mortgage.
    49 Thriftyknickers Completely clear my £38,898 mortgage.
    ...
    53 Bunty109 Completely clear my £74,860 mortgage.
    ...
    59 Mortgage Minimiser Reduce my mortgage from £189,189 to £140,000.
    ...
    70 ajmoney Reduce my mortgage from £100,213.71 to £80,000.
    ...
    99 pinknsparkly Reduce my mortgage from £220,000 to £190,000.

    Please see the posts immediately below for further information. Good luck in your own challenges.
    Registration / update form: MFiT-T5 Form

    Trix
    Last edited by trix-a-belle; 28-02-2019 at 1:29 PM.
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
Page 3
    • Chutney86
    • By Chutney86 11th Jan 19, 5:27 PM
    • 302 Posts
    • 2,757 Thanks
    Chutney86
    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.
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75 / 2018 = £295.50 / 2019 =
    MFW #93 - 2017 = £1942.84/£1900 / 2018 = £8591.23/£9050
    MFiT-T4 #28 = reduced mortgage from £109,000 to £77,000
    MFiT-T5 #34
    • AvidSaver
    • By AvidSaver 12th Jan 19, 7:51 PM
    • 49 Posts
    • 297 Thanks
    AvidSaver
    Latest Challenge
    Hi, Iíd really like to join this challenge. Having participated in previous challenges, I am hoping this will be my last one as I am aiming to completely clear my £84,219 mortgage.
    • JEdwards
    • By JEdwards 13th Jan 19, 9:43 PM
    • 6 Posts
    • 34 Thanks
    JEdwards
    I’m a long term lurker who has finally got brave enough to give my first ever challenge a go. Having just bought out my ex husband, my aim is to reduce my 80k mortgage to 50k by the end of the 3 years, because that feels achievable. However, given that I’m on a great fixed term rate for 3 years with Platform mortgages, anything over and above my goal ready for when I have to change mortgage in 2022 would be brilliant.
    • trix-a-belle
    • By trix-a-belle 17th Jan 19, 10:27 PM
    • 886 Posts
    • 3,839 Thanks
    trix-a-belle
    Avidsaver; I don't think I've had a registration form from you yet

    JEdwards; Welcome! Well done on taking the first steps

    I think i'm now up to date on the spreadsheet and first post for everything received.
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
    • AvidSaver
    • By AvidSaver 23rd Jan 19, 8:20 PM
    • 49 Posts
    • 297 Thanks
    AvidSaver
    Registration form completed and submitted. Thank you.
    • The frugal fairy
    • By The frugal fairy 24th Jan 19, 12:26 PM
    • 22 Posts
    • 32 Thanks
    The frugal fairy
    Really liking having the challenge. Form sent and today's balance is £ 42,219.38. Hoping this time next year the balance will start with a 2
    Last edited by The frugal fairy; 24-01-2019 at 12:27 PM. Reason: Spelling
    • trix-a-belle
    • By trix-a-belle 24th Jan 19, 5:48 PM
    • 886 Posts
    • 3,839 Thanks
    trix-a-belle
    On your marks then people!!!
    forms and numbers up to date based on what i've received on google drive
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 25th Jan 19, 8:29 AM
    • 723 Posts
    • 3,205 Thanks
    SuperSecretSquirrel
    Thanks for running this again Trix!

    Please sign me up with challenger number #47 - savings target: increase from £143,378.17 to 225k.

    Achieving this target would see us halfway financially independent No idea if this is in any way realistic The figures include S&S and pensions so impossible to predict over such a short timescale!

    I've posted more detail on my diary if anyone is interested
    Mortgage free 17.5 years early. Totally debt free. Heading towards financial independence.
    MFiT-T5: 12.9% (2/36)
    FI (exc SP): 2013 -1%, 2014 3%, 2015 7%, 2016 13%, 2017 18%, 2018 32%, 1/3/19 34.2%
    • trix-a-belle
    • By trix-a-belle 25th Jan 19, 5:06 PM
    • 886 Posts
    • 3,839 Thanks
    trix-a-belle
    So of course Nationwide applied the overpayment I made yesterday afternoon before midnight last night immediately dropping my starting figure lol. Its about the journey though and its not a sprint, good job as I don't have a plan for achieving my target yet, answers on a postcard
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
    • taka
    • By taka 26th Jan 19, 5:23 PM
    • 3,216 Posts
    • 17,043 Thanks
    taka
    Gah... I can't decide what to do... Part of me would love to join up again and part of me thinks I'm in the wrong place now!

    I've being doing the MFiT challenge since the first one... and I still have a mortgage which is just under £10k now. Historically I wanted to be MF by the time my 1st ever mortgage would have ended - summer 2019. I'm now technically mortgage neutral and could pay it off now, though I am still making small OPs. It now costs me less than my council tax... Mostly, instead I'm prioritising things like my pension and S&S ISA in the hope I can retire sometime before the 67 (prob 68) that it looks like my DB and state pensions will be payable at without reductions. I want to document this all and do a challenge (as I find it helps no end!) but I have no idea whether it should be on here or not, and am struggling to work out how to track it if I do!

    Current plans for the next 3 years...
    Mortgage £9864.98 to £5k (which is roughly £1.5k OPs presuming no rate changes)
    S&S ISA Add £200/month so extra £7200 to be added.
    Pension - Increase DC pot with voluntary contributions (salary sacrificing a % chunk of my gross salary). The scheme is up in the air with threatened change from a hybrid DB + DC to DC only and in the meantime while this is being argued over basic contributions (which pay for the DB bit) are increasing from 8% to 11.7% over the next 16 months in 3 stages unless something else is decided in the mean time. Its blooming hard to model how much I can challenge myself (and afford!) to add with moving goal posts involved! Its hard enough trying to calculate my take home pay re Scottish tax bands...

    TLDR: Can I join but get advice on how to count all the bits? It is making my head hurt!
    2019 MFW #51 £144.11/£500
    MFiT-5 no 45
    You can't fly with one foot on the ground!
    • trix-a-belle
    • By trix-a-belle 26th Jan 19, 9:54 PM
    • 886 Posts
    • 3,839 Thanks
    trix-a-belle
    Taka
    Have a read of SuperSecretSquirrel's plan they did for T4 & for T5 written here/in the T4 thread/their personal thread, it might suit you as they counted everything in together somewhat, you just need to be clear on what is and isn't included & you can always tweak targets part way through
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
    • Suffolk lass
    • By Suffolk lass 27th Jan 19, 10:29 AM
    • 2,588 Posts
    • 25,371 Thanks
    Suffolk lass
    Taka, you could separate the things that happen before you receive your net pay (ie your workplace pension) from your disposable income and then use the annual statements re your pension and your SP forecast to run a forward look spreadsheet of your future income.

    I do this and combine it with a budget spreadsheet that includes all the annual and monthly commitment payments, averaged out (and with anything that stops when I stop work, highlighted - commuting, work clothes, national insurance). Then I know what I have left for over-payments of mortgage, housekeeping and holidays (other debts have gone) and what I will need when fully retired. - I count anything I scrape out of the disposable pot as savings, using the "Save £12K in 2019" thread to keep a count - then when my cash pot exceeds my cash emergency fund target, I OP the mortgage (at least once a month now), and also keep the payment rounded up so it OPs a bit more without me noticing.

    It works for me but it does effectively double count savings and OPs. I think I am addicted to the little targets and need the different ones to maintain my motivation. That includes my Grocery Shopping where I have been tracking since 2009 over on the Old Style thread
    MFIT T5 target to clear our mortgage completely (£59,998) - Mortgage Free Wannabes 2019 #37 £23,972.28 after Feb
    Save £12k in 2019 - #68 target is £7k £2543.59 after Feb
    OS Grocery Challenge 2019 target is £3k 20.66% so far, just one March shop left
    My DFD is here
    • taka
    • By taka 27th Jan 19, 11:23 AM
    • 3,216 Posts
    • 17,043 Thanks
    taka
    Right, after a spending half of last evening (rock & roll Saturday evening me! ) constructing the spreadsheet from hell , I think I am in for 25k! I'm also going to count the 3 calendar years 2019-21 for this challenge as it makes my spreadsheet tracking a much, much easier.

    This 25k is made up of...
    1. Mortgage = drop it from 10k to 5k. Most of this will be due to my regular payments but will also need OPs of £582/yr. I'm in the 2019 MFW for £500 anyway so this will continue.
    2. S&S ISA = Add £200/month (£7200 over the 3 years).
    3. Voluntarily adding to the DC part of my work pension via salary sacrifice = ~£12.5k in total over the 3 years.
    4. ~£300 extra to one of the above to bring it to £25k

    Hopefully it is possible! It rather depends on...
    a) having my work contract renewed past the end of 2019,
    b) my DB/DC hybrid work pension scheme + employers representatives + unions actually agreeing to something... and the costs to me aren't higher than the "cost sharing" increases already announced (and factored into my spreadsheet).
    c) I need to (finally!) learn to drive, pass my test, and buy/insure/run a car during the challenge so god knows how that will affect my budget and eat up my spare cash!
    d) me getting my big pants on and actually opening a S&S ISA!
    2019 MFW #51 £144.11/£500
    MFiT-5 no 45
    You can't fly with one foot on the ground!
    • stoplurking
    • By stoplurking 28th Jan 19, 6:45 AM
    • 353 Posts
    • 2,353 Thanks
    stoplurking
    Hello
    I would like to try this challenge if I may please? I have sent a registration form and my aim is to reduce my £26k+ mortgage to £5k -I think that's what I put on the form!
    It may be a few months before I can start overpaying as I have a loan to clear first, but my regular payments will at least bring it down a bit.
    Thank you for running the challenge Trix-a-belle.
    • crv1963
    • By crv1963 28th Jan 19, 7:29 AM
    • 713 Posts
    • 1,658 Thanks
    crv1963
    Hi Trix-a-belle, can I join the challenge please? I've submitted my form thinking I need a long term challenge to reduce the mortgage from 85k to 50k over the 3 years.

    Along with that is the need to build Mrs CRV pension pot from 96k to 140k and clear some debts, which although manageable servicing them is a drag on savings rate!
    CRV1963- Light bulb moment Sept 15- Planning the great escape- aka retirement!
    • trix-a-belle
    • By trix-a-belle 1st Feb 19, 1:26 PM
    • 886 Posts
    • 3,839 Thanks
    trix-a-belle
    challenger numbers all up to date, am just in the middle of some deadlines at the moment so will do the final chart for T4 and opening stats for T5 in a week or so

    another £850 overpayment made today from a regular saver which has matured, trying to get ahead while I can.
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
    • miss undastood
    • By miss undastood 3rd Feb 19, 3:34 PM
    • 135 Posts
    • 325 Thanks
    miss undastood
    Hi. Am I too late to join?

    My mortgage was big mortgage was 200k at the start of the year

    I’ve made my maximum overpayment until September

    I want to be around the 120k mark by the time my fix ends in 2023, so I think I’m looking at 140k in 3 years from now (plus my other smaller mortgage)
    Mortgage 1: £5,350 / £43,127 (@ 1.64%) 12%
    Mortgage 2: £76,869 / £264,869 (@ 3.89%) 29%
    MFW-19 #56 £11,690.11/ £18,000


    Go GREEN for energy - sign up to bulb and get £50 credit click here for more info
    • trix-a-belle
    • By trix-a-belle 3rd Feb 19, 5:05 PM
    • 886 Posts
    • 3,839 Thanks
    trix-a-belle
    Hi. Am I too late to join?

    My mortgage was big mortgage was 200k at the start of the year

    Iíve made my maximum overpayment until September

    I want to be around the 120k mark by the time my fix ends in 2023, so I think Iím looking at 140k in 3 years from now (plus my other smaller mortgage)
    Originally posted by miss undastood

    Definitely not mis undastood please pop a joining form through from the link in the first post
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
    • trix-a-belle
    • By trix-a-belle 17th Feb 19, 5:31 PM
    • 886 Posts
    • 3,839 Thanks
    trix-a-belle
    So, starting stats...
    The collective aims are to reduce mortgages/increase savings by more than £2,125,000 from a starting figure of nearly £5,240,000
    LuihutOz has the biggest target of paying off AUS $120,000

    So lets give it our best shot
    Anyone got any tips they want to share of bits and pieces they have been doing to help work on their target?
    - Mortgage: 1st one down, 2nd: £114800 £95k
    - Student Loan: £ 7100 0!
    Swagbucks, Neobux, GiffGaff, Roamler, Qmee & Quidco; thank you MSE every little bit helps
    MFiT-T5 building savings up/knocking mortgages down/combination of both
    • pinknsparkly
    • By pinknsparkly 17th Feb 19, 7:38 PM
    • 313 Posts
    • 719 Thanks
    pinknsparkly
    Eeeeeep, let's get this show on the road! That's a crazy sum of money Trix, fingers crossed we can all do it!

    And taka - I'm taking a similar approach to you. I've rounded up my monthly mortgage payments so I'm making an OP of £12 something (megabucks, I know!) and then any "random" extra money I have is sent to the mortgage as OPs too (such as topcashback payouts, interest in my Tesco current accounts, money earned from selling junk etc). Then I am also intending to make £6000/year "OPs" into a stocks and shares ISA in the hope that I earn more in there than I pay on my mortgage. I am also in the save £12k in 2019 and the bulk of this will be mine and my husbands LISAs, which will also be in stocks and shares (£8k + £2k bonus), the rest into another stocks and shares ISA (probably in my husbands name so we end up approximately equal). So whilst my "true" mortgage OPs won't be anything close to the £30,000 I've registered for I am viewing the stocks and shares ISA as being a mortgage off-set pot if you will. And there's always a strong possibility that I'll change my mind again before the end of the challenge (I certainly intended to throw every spare penny I had at my mortgage when I signed up for this in January!)
    MFW 2019 challenge #99: £656.45 / £6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: £656.45 / £30,000
    Save £12k in 2019 challenge #99: £6290 / £12,000
    2019 keep moving challenge: 120.9 / 1000 miles
    Last updated: 08/03/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Jan 2053
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