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  • FIRST POST
    • trix-a-belle
    • By trix-a-belle 3rd Jan 19, 11:36 PM
    • 893Posts
    • 3,904Thanks
    trix-a-belle
    The Mortgage Free in Three - Take 5 challenge (MFiT-T5)
    • #1
    • 3rd Jan 19, 11:36 PM
    The Mortgage Free in Three - Take 5 challenge (MFiT-T5) 3rd Jan 19 at 11:36 PM
    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 £20,000.
    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.
    50 murdayg Reduce my mortgage from £129,328 to £90,000.
    51 Lumiona 41195.43 Reduce my mortgage from £95,195 to £54,000.
    ...
    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; 23-04-2019 at 6:15 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 4
    • inigma
    • By inigma 17th Feb 19, 6:45 PM
    • 116 Posts
    • 359 Thanks
    inigma
    Those numbers just blow my mind, we are just a fraction of a % of mortgaged people and the number is huge, it makes you realise just how much money is floating around out there. It makes me want to clear all of mine now.
    Original mortgage free date 01/09/2036
    Current mortgage free date 01/08/2025
    JUST BRING IT
    • taka
    • By taka 18th Feb 19, 3:52 PM
    • 3,230 Posts
    • 17,197 Thanks
    taka
    Loving those numbers Trix-a-belle! Good luck everyone!

    Thanks pinknsparkly. Good to know that even more people are mixing and matching other plans alongside actual mortgage OPing too! My actual overpaying now is pretty much all those random bits like topcashback money / bank account rewards / voucher / getting £2 coins in my food shopping change etc.

    I've been part of the MFiT challenges since the 1st one! ( ) I hated the fact that when I moved to my current flat I had to start a 25yr term all over again to afford to do so. Summer 2019 would be when my original mortgage would have ended so that was always my end target. My mortgage is now less than my council tax every month so it now no longer feels like a huge, evil thing looming over me and I'm mortgage neutral so I'm concentrating more on things like retirement now instead. Still very tempted to say... erm... stuff it... and pay my mortgage off this summer though!

    My biggest tip is to have a budget! (I use YNAB classic.) For me a budget is not about having only X to spend on whatever or feeling restricted in any way. It is there to help me make a conscious decision about whatever spare cash I am likely to have and decide my priorities for it. It gives me choices...

    I then end up setting targets that are a wee bit of a stretch above what I think may be possible as I like a challenge!
    2019 MFW #51 £218.27/£500
    MFiT-5 no 45
    You can't fly with one foot on the ground!
    • pinknsparkly
    • By pinknsparkly 18th Feb 19, 4:10 PM
    • 330 Posts
    • 755 Thanks
    pinknsparkly
    Thanks pinknsparkly. Good to know that even more people are mixing and matching other plans alongside actual mortgage OPing too! My actual overpaying now is pretty much all those random bits like topcashback money / bank account rewards / voucher / getting £2 coins in my food shopping change etc.
    Originally posted by taka
    It would be boring if we all approached life in the same manner That's what I'm telling myself anyway!! I'm off to hunt out Secret Squirrel's posts as suggested by Trix now....
    MFW 2019 challenge #99: £1440.88 / £6,000
    MFiT-T5 (Jan 2019 - Jan 2022) challenge #99: £1440.88 / £30,000
    Save £12k in 2019 challenge #99: £10290 / £12,000
    2019 keep moving challenge: 190.2 / 1000 miles
    Last updated: 17/04/2019
    Initial MF date (18th Dec 2018): Jan 2054 Current MF date: Nov 2052
    • JEdwards
    • By JEdwards 18th Feb 19, 8:14 PM
    • 10 Posts
    • 66 Thanks
    JEdwards
    Hi, I’m new and being brave at trying this challenge for the first time but am very excited about it. I found the MSE mortgage overpayment calculator but it only allows for me to put in one lump overpayment in addition to the monthly ones I’m going to be making. Is there a spreadsheet template somewhere which I could use please, or another mortgage overpayment calculator that will allow me to add in multiple lump sum pay offs? I know it’s silly but getting my geek on with a spreadsheet makes me happy!
    • miss undastood
    • By miss undastood 18th Feb 19, 8:21 PM
    • 154 Posts
    • 368 Thanks
    miss undastood
    Hi, Iím new and being brave at trying this challenge for the first time but am very excited about it. I found the MSE mortgage overpayment calculator but it only allows for me to put in one lump overpayment in addition to the monthly ones Iím going to be making. Is there a spreadsheet template somewhere which I could use please, or another mortgage overpayment calculator that will allow me to add in multiple lump sum pay offs? I know itís silly but getting my geek on with a spreadsheet makes me happy!
    Originally posted by JEdwards
    Look up locobladeís excel mortgage calculator on the mortgages and endowment boards
    • liuhutOz
    • By liuhutOz 19th Feb 19, 1:35 AM
    • 168 Posts
    • 623 Thanks
    liuhutOz
    Oh blimey not sure if I want to have the highest amount to repay, undecided if that is good or bad!
    We went to see a mortgage broker last night and I'm transferring the mortgage to a different bank, better rate at 3.64% and I get $2000 cash for the transfer which I will put straight into the mortgage. I have fixed part and left the $120,000 at variable so we can pay it off. Spoke to OH on the way home and he is on board to try to pay it off, so here we go...
    Formally liuhut
    WIN £2008 in 2008 £1836.31 2009 wins - £91!!! 2010 6170.... wins 2011 aprox 2000
    • Suffolk lass
    • By Suffolk lass 19th Feb 19, 8:02 AM
    • 2,687 Posts
    • 26,029 Thanks
    Suffolk lass
    Hi, Iím new and being brave at trying this challenge for the first time but am very excited about it. I found the MSE mortgage overpayment calculator but it only allows for me to put in one lump overpayment in addition to the monthly ones Iím going to be making. Is there a spreadsheet template somewhere which I could use please, or another mortgage overpayment calculator that will allow me to add in multiple lump sum pay offs? I know itís silly but getting my geek on with a spreadsheet makes me happy!
    Originally posted by JEdwards
    Look up locobladeís excel mortgage calculator on the mortgages and endowment boards
    Originally posted by miss undastood
    Which is here if you want to use it. It all looks much more comprehensive than mine.
    MFIT T5 target to clear our mortgage completely (£59,998) - Mortgage Free Wannabes 2019 #37 £26,242.80 after Mar
    Save £12k in 2019 - #68 target is £7k £3,669.04 after Mar
    OS Grocery Challenge 2019 target is £3k - 23.57% spent so far, after starting April shops
    My DFD is here
    • trix-a-belle
    • By trix-a-belle 6th Apr 19, 5:45 PM
    • 893 Posts
    • 3,904 Thanks
    trix-a-belle
    & in the blink of an eye chart 1 is approaching at a rapid pace!
    - 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
    • Lomcevak
    • By Lomcevak 7th Apr 19, 6:09 AM
    • 804 Posts
    • 4,701 Thanks
    Lomcevak
    Blimey, that came around quick!

    #6 reporting a current mortgage of £42,451 so a reduction of £7,456 since the start of MFiT-T5. We have 14 months to go to our expected mortgage-free date, and so far on track
    MFiT-T5#6, £50k to zero: £17,456/£49,907 (34.98%), 2019 MFW#8 £27,168/£40,000 (67.92%)
    £50k-in-í19#6 £30,354.86/£50,000 (60.71%)
    • twinklie
    • By twinklie 7th Apr 19, 9:36 AM
    • 4,156 Posts
    • 10,899 Thanks
    twinklie
    I just need to wait 9 days to get my figure then I can update. I'm expecting to be on target or thereabouts. I can't wait to see the chart - I love a good chart.
    Daily mortgage interest Start - £16.45. April 19 - £16.16
    % of house owned/% of mortgage paid off. Start - 10.4%/0% April 19 - 12%/1.71%
    MFiT-T5 #13
    Aim to be debt free by the end of 2019. % remaining April19 - 73.1%
    • SuperSecretSquirrel
    • By SuperSecretSquirrel 7th Apr 19, 5:37 PM
    • 728 Posts
    • 3,230 Thanks
    SuperSecretSquirrel
    We're off to a flying start! Over 15k up in the first three months. Absolute insanity. We can't really take any credit for it... Pensions up over 8k, S&S up over 6k, we paid in well under half that amount, closer to a third, the market did the rest. Fully expecting a reversal and back down with a bump soon enough!
    Mortgage free 17.5 years early. Totally debt free. Heading towards financial independence.
    MFiT-T5: 18.8% (3/36)
    FI (exc SP): 2013 -1%, 2014 3%, 2015 7%, 2016 13%, 2017 18%, 2018 32%, 1/4/19 35.3%
    • Mortgage Minimiser
    • By Mortgage Minimiser 7th Apr 19, 6:56 PM
    • 168 Posts
    • 699 Thanks
    Mortgage Minimiser
    #59 reporting in. I have posted my update through the official form too.

    Mortgage is at £182,814. Future projections take me to £141,495 so at current rate I need to find 1495 (assuming I make my minimum over payments each month. Fingers crossed - I am going to try and smash that target!



    MM
    x
    2016 MFW#46 O'Pd- £3641.26; 2017 MFW OP'd £7779.28 ; 2018 MFW OP'd £11,515.16
    MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000
    Mortgage at start (01/2/2015) - £243,750. @31/12/15 - £235,906.71. @31/12/16 - £224,120.98. @31/12/17 - £210,224.06. @31/12/18 - £190,821.21
    Mortgage today £182,814
    • T. x
    • By T. x 7th Apr 19, 7:45 PM
    • 63 Posts
    • 67 Thanks
    T. x
    #32 1K down 25K to go. Form update in

    T. x
    • lindez
    • By lindez 8th Apr 19, 6:13 PM
    • 497 Posts
    • 2,164 Thanks
    lindez
    Good evening all
    #28 with my first update reduce the mortgage from £65000.00 to £45000.00
    £2131.00 paid off so far leaving a new balance of £62869.00
    This is quite addictive well done everyone.
    MFWB#44
    MFTT5 #28
    save 12k in 2019 #71
    • Brodiebobs
    • By Brodiebobs 8th Apr 19, 8:06 PM
    • 799 Posts
    • 3,347 Thanks
    Brodiebobs
    #9 reporting in-form just submitted.

    Reduction from £129,720 to £126,865.

    £2,845 happy with that ��
    Addicted to MSE.
    Overpaying mortgage for a better debt free life!
    • trix-a-belle
    • By trix-a-belle 9th Apr 19, 2:56 PM
    • 893 Posts
    • 3,904 Thanks
    trix-a-belle
    Thanks all for the updates flooding in, lots of amazing progress. Don't worry if you're waiting for balance details before submitting.

    I think I've got form submissions for most who have said but just to refresh memories as this is a fresh challenge and for the newbies who have joined this time around please make sure you submit your update through the MFiT-T5 Form picking the chart update option & appropriate chart number (this being chart 1 coming due), posts in the thread can be edited so are not taken as formal submissions, if you have a problem with the form drop me a 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
    • greent
    • By greent 16th Apr 19, 4:14 PM
    • 8,032 Posts
    • 81,453 Thanks
    greent
    #18 - just done my update via the form.

    Will be behind target on here for years 1 & 2 as priority is saving for 3 week holiday in Florida next summer for 6 of us (and other halves of older 2 children) - so whilst my mtge has only reduced by <£2k we've also saved over £4.6K towards holiday since Dec - this is made up mainly from money which would usually have gone to the mtge (eg: cashback, second job etc) Post holiday will see me then diverting energies (money!) back to the mtge
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £1603.41/£5K
    Net sales 2019 £155.17/£500
    • mummytummy
    • By mummytummy 20th Apr 19, 10:49 AM
    • 750 Posts
    • 3,747 Thanks
    mummytummy
    #23 updated and form sent I donít think the next quarter will be as good as this one
    1. Sealed Pot Challenge no.12 #11
    2. MFiT-T5 #23 (52% saved )
    3. Supermarket savings for Christmas - £35
    • Miss D Meanour
    • By Miss D Meanour 22nd Apr 19, 5:22 AM
    • 147 Posts
    • 1,052 Thanks
    Miss D Meanour
    #26 updated form sent in -hope I've done this right!
    Good luck everyone
    LBM- June 2009 - 15 year plan started, Dec 2018 - time to review & refocus
    SPC12 #33 .... Xmas 2019 - #15 £31 / £365 ... PAYDBX 2019 #23: £0 / £3,400
    MFW2019 #2: £777.81 / £8,000 ... MFiT-T5 start £95,352.52 - target £40k

    No matter how far you go, you always take yourself with you
    • Suffolk lass
    • By Suffolk lass 22nd Apr 19, 7:06 AM
    • 2,687 Posts
    • 26,029 Thanks
    Suffolk lass
    #2 reporting - just submitted my form.

    I've just made an OP and was waiting for this before doing my update form. We have made one big lump of progress when I stopped my job and took my pension, using a substantial lump of my TFLS to pay a big lump off the mortgage. We may be able to repeat this in September, when DH also stops work and takes his teachers' pension.

    I have been rounding to the nearest £50 on my Tilly Tidies and although this has made us feel "poor" at the end of each month, we are making faster progress than I suspected when we started this challenge.
    MFIT T5 target to clear our mortgage completely (£59,998) - Mortgage Free Wannabes 2019 #37 £26,242.80 after Mar
    Save £12k in 2019 - #68 target is £7k £3,669.04 after Mar
    OS Grocery Challenge 2019 target is £3k - 23.57% spent so far, after starting April shops
    My DFD is here
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