The Mortgage Free in Three

A question about : The Mortgage Free in Three

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The Mortgage Free in Three - Take 3 challenge (MFiT-T3)

This is a the third 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 third challenge runs from December 2012 to December 2015 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. financialbliss. Build up my savings from Ј0 to Ј30,000.
2. Alion. Reduce my mortgage from Ј270,000 to Ј225,000.
3. lvm. Build up my savings from Ј23,322 to Ј60,000.
4. black taxi. Completely clear my Ј21,000 mortgage.
5. greent. Completely clear my Ј53,210 mortgage.
6. icklehelen. Reduce my mortgage from Ј72,500 to Ј54,500.
7. megela. Reduce my mortgage from Ј106,316 to Ј80,000.
8. gallygirl. Completely clear my Ј96,841 mortgage.
9. Ewig. Completely clear my Ј40,000 mortgage.
10. Double Trouble. Reduce my mortgage from Ј234,000 to Ј134,000.
11. Spiggle. Completely clear my Ј38,346 mortgage.
12. Tilly MFW in 6 YRS. Reduce my mortgage from Ј258,000 to Ј60,000.
13. VoucherMan. Reduce my mortgage from Ј50,208 to Ј28,000.
14. FlashBarry. Completely clear my Ј88,100 mortgage.
15. QB Wolf. Reduce my mortgage from Ј184,000 to Ј145,000.
16. JoeyGrey. Completely clear my Ј19,581 mortgage.
17. wantabetterlife. Reduce my mortgage from Ј132,817 to Ј99,999.
18. mortgagenomore. Completely clear my Ј18,650 mortgage.
19. uzubairu. Completely clear my Ј13,157 mortgage.
20. mfwin2019. Reduce my mortgage from Ј147,772 to Ј90,000.
21. spidystrider. Reduce my mortgage from Ј72,277 to Ј25,000.
22. AvidSaver. Reduce my mortgage from Ј192,955 to Ј140,000.
23. cake21. Completely clear my Ј54,745 mortgage.
24. foxblade. Completely clear my Ј28,000 mortgage.
25. Shooting star. Reduce my mortgage from Ј126,000 to Ј100,000.
26. Superfast_gran. Reduce my mortgage from Ј65,000 to Ј50,000.
27. coldcazzie. Build up my savings from Ј2,00 to Ј6,000.
28. RosieTiger. Completely clear my Ј11,000 mortgage.
29. pavlos_dog. Reduce my mortgage from Ј121,000 to Ј106,000.
30. OS QS. Reduce my mortgage from Ј133,650 to Ј90,000.
31. beth111. Reduce my mortgage from Ј147,083 to Ј125,000.
32. skaps.Reduce my mortgage from Ј213,343 to Ј200,343.
33. TallGirl. Build up my savings from Ј11,098 to Ј30,000.
34. SHOULDI. Completely clear my Ј88,000 mortgage.
35. curlygirl1971. Reduce my mortgage from Ј24,473 to Ј14,473.
36. moneysavingotter. Completely clear my Ј57,000 mortgage.
37. liuhutOz. Reduce my mortgage from Ј41,500 to Ј20,000.
38. HelenDaveKids. Reduce my mortgage from Ј86,400 to Ј33,000.
39. MuffinTops. Completely clear my Ј62,000 mortgage.
40. Starsailor. Reduce my mortgage from Ј193,700 to Ј125,000.
41. puddle96. Build up my savings from Ј0 to Ј18,000.
42. tjp70. Completely clear my Ј50,375 mortgage.
43. beachie. Reduce my mortgage from Ј85,750 to Ј42,875.
44. CathT. Reduce my mortgage from Ј106,000 to Ј80,000.
45. Penny pauper. Reduce my mortgage from Ј127,155 to Ј100.000.
46. kjsmith7. Reduce my mortgage from Ј43,000 to Ј30,000.
47. SuperSecretSquirrel. Reduce my mortgage from Ј81,055 to Ј40,000.
48. Trying to be good. Completely clear my Ј146,000 mortgage.
49. hoobydoobydoo. Reduce my mortgage from Ј99,999 to Ј49,999.
50. ElusiveLucy. Completely clear my Ј43,790 mortgage.
51. someday soon. Completely clear my Ј24,500 mortgage.
52. canne. Completely clear my $57,220 mortgage.
53. ammonite. Build up my savings from Ј0 to Ј40,000.
54. unhappy_shopper. Completely clear my Ј115,000 mortgage.
55. chocoholic_chic. Reduce my mortgage from Ј98,500 to Ј76,000.
56. Moneybag. Build up my savings from Ј0 to Ј15,000.
57. Isca. Reduce my mortgage from Ј55,000 to Ј35,000.
58. ShALLaX. Completely clear my Ј73,391 mortgage.
59. abouttimetoo. Reduce mortgage from Ј64,500 to Ј30,000.
60. teapot2. Completely clear my Ј29,964 mortgage.
61. diadeb. Reduce my mortgage by Ј50,000
62. bownyboy. Reduce my mortgage from Ј125,00 to Ј82,000.
63. MotorMouth. Completely clear my Ј147,327 mortgage.
64. shala_moo. Reduce my mortgage from Ј171,501 to Ј127,000.
65. Kwaker_Knacker. Completely clear my Ј30,450 mortgage.
66. littlefred169. Reduce my mortgage from Ј86,471 to Ј74,000.
67. PetitePeche. Reduce my mortgage from Ј149,885 to Ј110,000.
68. FreedomGirl. Build up my savings from Ј39,649 to Ј99,999.
69. Welshlassie. Reduce mortgage from Ј179,058 to Ј165,000.
70. ajmoney. Reduce my mortgage from Ј136,938 to Ј100,000.
71. SusanneCape. Reduce my mortgage from Ј125,900 to Ј80,000.
72. Matt The Chippy. Reduce my mortgage from Ј93,000 to Ј70,000.
73. tiredredhead. Reduce my mortgage from Ј220,000 to Ј180,000.
74. TwinnyD. Reduce my mortgage from Ј75,600 to Ј45,000.
75. 666paw. Reduce my mortgage from Ј47,800 to Ј30,000.
76. remote_control. Reduce my mortgage from Ј123,500 to Ј99,999.
77. anonymous. Reduce my mortgage from Ј139,699 to Ј120,000.
78. Stingy_3000. Reduce my mortgage from Ј137,600 to Ј45,650.
79. slowlyfading. Reduce my mortgage from Ј123,000 to Ј99,999.
80. Taranaman. Reduce my mortgage from Ј184,808 to Ј90,000.
81. slarlet10. Completely clear my Ј54,472 mortgage.
82. newgirly. Reduce my mortgage from Ј178,550 to Ј146,175.
83. marinia75. Reduce my mortgage from Ј238,525 to Ј200,000.
84. happycamel. Reduce my mortgage from Ј256,800 to Ј241,800.
85. PrincessLou. Reduce my mortgage from Ј126,000 to Ј100,000.
86. Peonie. Reduce my mortgage from Ј145,800 to Ј125,000.
87. Aless. Completely clear my Ј94,507 mortgage.
88. samtoby. Reduce my mortgage from Ј110,920 to Ј85,920.
89. the end of the rainbow. Build up my savings from Ј0 to Ј40,000.
90. babyb06. Reduce my mortgage from Ј247,000 to Ј200,000.
91. uzubairu. Build up my savings from Ј0 to Ј35,000.
92. icontinuetodream. Reduce my mortgage from Ј55,843 to Ј10,000.
93. I want a baby. Reduce my mortgage from Ј97,500 to Ј84,000.
94. Southernman. Reduce my mortgage from Ј82,000 to Ј60,000.
95. ChickenFriedRice. Reduce my mortgage from Ј180,515 to Ј130,000.
96. brizzledfw. Reduce my mortgage from Ј183,000 to Ј120,000.
97. trix-a-belle. Reduce my mortgage from Ј26,865 to Ј2,500.
98. lawbee. Reduce my mortgage from Ј72,000 to Ј60,000.
99. SparkleBlack. Reduce my mortgage from Ј205,000 to Ј165,000.
100. TheWebDev. Reduce my mortgage from Ј121,000 to Ј96,000.
101. Needhelpsaving. Reduce my mortgage from Ј100,000 to Ј86,000.
102. muddywhitechicken. Reduce my mortgage from Ј165,520 to Ј125,000.
103. Skittle. Reduce my mortgage from Ј99,000 to Ј65,000.
104. lilyp. Completely clear my Ј46,000 mortgage.
105. Mrs Money Penny. Reduce my mortgage from Ј89,220 to Ј50,000.
106. tattycath. Reduce my mortgage from Ј74,800 to Ј48,000.
107. Fluffypigs. Reduce my mortgage from Ј162,496 to Ј128,516.
108. taka. Build up my savings from Ј0 to Ј11,184.
109. Poppy_Golightly. Build up my savings from Ј50 to Ј249,000.
110. zebedeesaysboing. Reduce my mortgage from Ј156,499 to Ј126,499.
111. GoldenSand. Reduce my mortgage from Ј72,000 to Ј54,000.
112. exarmydreamer. Reduce my mortgage from Ј109,000 to Ј85,000.
113. MortgageFreeby50. Reduce my mortgage from Ј199,369 to Ј177,850.
114. SillySod. Completely clear my Ј175,000 mortgage.
115. rockabelle. Reduce my mortgage from Ј246,000 to Ј190,000.
116. Shineyhappy. Completely clear my Ј160,000 mortgage.
117. norfolkdream. Completely clear my Ј44,842 mortgage.
118. Mrs-hoppy. Completely clear my Ј70,829 mortgage.
119. jeanniefaethecarse. Completely clear my Ј60,000 mortgage.
120. CaroB. Completely clear my Ј35,884 mortgage.
121. hypno06. Reduce my mortgage from Ј154,655 to Ј125,000.
122. PurpleJellyFish. Reduce my mortgage from Ј60,000 to Ј50,000.
123. jimmyjones. Reduce my mortgage from Ј79,000 to Ј10,000.
124. Snood. Reduce my mortgage from Ј143,700 to Ј113,700.
125. Mardybum15. Reduce my mortgage from Ј35,327 to Ј20,000.
126. Lomcevak. Reduce my mortgage from Ј186,369 to Ј150,00.
127. littlemonkeywolf. Reduce my mortgage from Ј80,000 to Ј60,000.
128. ictquizzer. Reduce my mortgage from Ј81,250 to Ј50,000.
129. Suffolk lass.Reduce my mortgage from Ј167,649 to Ј115,000.
130. irishlassie. Reduce my mortgage from Ј63,528 to Ј18,528.
131. glitterball. Completely clear my Ј21,000 mortgage.
132. seeking happiness. Completely clear my Ј91,141 mortgage.
133. sammy70. Build up my savings from Ј0 to Ј25,000.
134. Calfuray. Reduce my mortgage from Ј57,050 to Ј50,000.
135. secretsavers. Completely clear my Ј13,880 mortgage.
136. life is sweet. Reduce my mortgage from Ј80,500 to Ј62,000.
137. gjb1503. Reduce my mortgage from Ј148,372 to Ј126,772
138. ShelleyC. Build up my savings from Ј0 to Ј50,000.
139. newbaby. Reduce my mortgage from Ј78,000 to Ј50,000.
140. Courgette. Reduce my mortgage from Ј104,500 to Ј80,000.
141. lulabelle1. Reduce my mortgage from Ј107,000 to Ј30,000.
142. mrsmumbles. Completely clear my Ј126,000 mortgage.
143. *Jellie*. Build up my savings from Ј30,193 to Ј66,193.
144. eeker. Reduce my mortgage from Ј132,000 to Ј100,000.
145. YoungBusinessman. Reduce my mortgage from Ј100,000 to Ј70,000.
146. PaddyPaws. Reduce my mortgage from Ј61,274 to Ј40,000.
147. egon. Reduce my mortgage from Ђ215,156 to Ђ200,000.
148. Twiggy_34. Reduce my mortgage from Ј68,000 to Ј60,000.
149. Gizmo247. Completely clear my Ј46,447 mortgage.
150. akamustang. Reduce my mortgage from Ј96,791 to Ј80,000.
151. Bobbi13. Reduce my mortgage from Ј175,000 to Ј130,000.
152. gc_bus. Completely clear my Ј61,000 mortgage.
153. drinkduffbeers. Completely clear my Ј47,000 mortgage.
154. snappybadger.Reduce my mortgage from Ј120,693 to Ј84,000.
155. kateyliz. Build up my savings from Ј0 to Ј2,000.
156. uropachild. Reduce my mortgage from Ј85,447 to Ј50,000.
157. tootoo. Build up my savings from Ј0 to Ј3,000.
158. BlueDaisy. Reduce my mortgage from Ј76,920 to Ј57,000.
159. mummy18. Reduce my mortgage from Ј137,075 to Ј90,000.
160. BlueMoo. Reduce my mortgage from Ј173,000 to Ј150,000.
161. StrawberryJam132. Reduce my mortgage from Ј54,665 to Ј42,000.
162. Kerfuffle. Reduce my mortgage from Ј102,486 to Ј78,000.

Please see the posts immediately below for further information. Good luck in your own challenges.

Financial Bliss.

Best answers:

• Questions and Answers...
  Q. Why are you doing this?
  Having been part of the two previous mortgage three in three challenges and running the second, I recently offered to run a third challenge.
  Having studied the MFW board recently, people appear to have one of three objectives and this will be reflected in this third three year challenge:
• Completely clear my mortgage
• Reduce my mortgage
• Build up my savings

You will need to choose an objective type from the list above.
Q. Is this challenge for me?
This is a 3 year challenge. I'm proposing that we have regular updates every 3 months, ie 12 updates over the course of the 36 months. If you don't think you can provide regular mortgage updates over the course of 3 years, then perhaps this isn't the challenge for you.
There are regular annual challenges on this board which you can join if you feel a three year challenge is too long for you.
Q. What are the timescales?
The challenge will officially start on 12/12/12 and it will complete on 12/12/15. See post #4 directly below which gives a suggested progress chart update schedule.
Q. How do I join?
Using the previous challenge updates form as a baseline, I've updated the form to include registering / setting and updating your objective and also providing chart updates. You can use this update form to register.
Q. What if I can't clear my mortgage in the 3 year period?
You don't have to pledge to clear your mortgage completely to enter this challenge. Everyone's circumstances are going to be different, so look at what you can realistically attain and set your own challenge goal accordingly.
Q. What information do you need about my own challenge?
I'll need an estimate of your mortgage on 12/12/12, although the update form can be used to provide an accurate figure at that time.
Also, I'll need a figure of where you would like to be by the end of the challenge, ie a challenge start and end value, eg:
Completely pay off my Ј125,000 mortgage.
Reduce mortgage from Ј48,000 to Ј30,000.

Q. What happens when I register my challenge objective?
We will allocate you a MFiT-T3 quest number, add you to post #1 and the progress chart and PM you back with your number.
Q. Why haven't you responded to my private message (PM) yet?
I've very limited internet access at work (personal use at lunch times only) and while I may have noticed your post in this thread, you're very unlikely to get an immediate reply. I'm hoping to reply to PMs within 3 days (and much sooner if I can), which I think is a reasonable time scale considering I'm managing this challenge in my own time.
Q. I have a mortgage free diary. Can you link to it in post #1?
If you have a mortgage diary, then it's not a problem to link to it in post number 1. The main "problem" is that we will need to be aware of your diary. Note: You can now use the updates form to make us aware of your diary.
Q. I've made an overpayment - what do I do now?
Not a lot I'm afraid. Unlike other annual challenge threads, which are only running for 12 months, keeping track of payments / overpayments on a monthly basis for everyone is probably too much admin work in a 3 year challenge. Feel free to mention any significant overpayments in this challenge thread, but as long as you give a mortgage update at the chart update schedules, your mortgage reduction will get logged.

Q. When can I give a figure for a chart update?
The chart update schedule in post #4 gives the dates each chart will be published, ie on the 12th day of every third month. The first chart is due to be published on 12th March 2013. If your mortgage payment is taken on the first of the month, so you may want to report your mortgage as soon as the payment clears when we are in a chart month. That then gives us enough time to gather and publish the data.

Q. What information do you need in a chart update?
Hopefully you have gave an accurate starting mortgage value, so updating us with a current mortgage value will show the reduction made in each 3 month period. Your forum name, challenger number and current mortgage balance is all we need.

Q. How do I provide information for a chart update?
There are 2 ways of providing an update, with '1' being the preferred method.
1. Google Docs chart update form:
See post #4 for details.
This has a benefit over private messages (PMs) as an update via the above form won't fill up our private message box. Using this update form does not update any chart directly, but instead goes to a "holding" chart so the information can first be checked. Values entered other than as we approach a chart date or the challenge start may be disregarded.
2. Private message (PM) to FinancialBliss.
There is a good chance my private message mailbox will get full, so if that is the case, try option 1.
Q. What about the 12/12/15 chart?
Not 100% sure how to handle this one, but rather than publish the last chart on that date, we could make 12/12/15 the last date in the challenge that you can make a payment / overpayment. Once everyone has got back to us with a final mortgage value, we then publish a final chart.

Q. What happens if I become mortgage free during the challenge?
Do tell us as soon as possible including the date you became mortgage free and we will add you to the list of questees who became mortgage free during the challenge.

Q. What if I want to leave this challenge?
While I hope this won't be the case, perhaps a change in circumstances may dictate this? Rather than just leave with everyone wondering why we have had no updates from you, we would appreciate if you could let us know you are leaving the challenge. You don't have to give a reason. This is just so we can update our active challengers.

Q. How do I bookmark this challenge so I can locate it easily?
The easiest way to store the address of this challenge is to bookmark it in your web browser. You don't actually need to be logged in to the MSE forums in order to view the challenge. Simply click on this link:
which will take you to page one of this challenge thread. Once you are there, bookmark it in your browser.
Internet Explorer (IE).
Favourites, Add to Favourites.
Firefox.
Bookmarks... Bookmark this page. Or Double click on the star in the address bar to file the bookmark somewhere.
The process will be similar in other browsers. Every time you want to locate this challenge, simply fire up your web browser and use the bookmark.

Q. Where can I find the first two challenges?
Each of the previous challenges have their own threads and can be found here.
Original MFiT challenge:
https://forums.moneysavingexpert.com/...d.php?t=435291
Second installment of MFiT challenge - MFiT-T2:
https://forums.moneysavingexpert.com/....php?t=1402631

Q. I have a question that you haven't covered.
Hopefully the challenge is simple enough. If you do have a question, please PM myself or post in this thread and we will try to help / add the question and answer to this list.
Best of luck everyone.
Financial Bliss.

• Announcements.
  Intending to use this post for any announcements relating to this challenge, so do check back here regularly.
  Challenge is still open. Feel free to register and post in this thread...
  Thanks,
  Financial Bliss.
• Chart update schedule.
  As this is a three year challenge, I'm proposing that we have regular progress updates every 3 months on the 12th of the month.
  Each chart is 8.33% of the challenge. On each chart is a percentage complete column for each questee. If you're on track, then your entry will be green. If you're slightly behind schedule, then your entry will be yellow. If you're further behind schedule, then your entry will be red. See the table below for details:
  Note: As charts will be published on the 12th of each chart month - if you could have your updates in by the 11th of a chart month at the latest, that would be ideal.
  The preferred method of updating your mortgage balance is via the Google Docs chart update form.
  Registration / updates form.
  The form below can be used to register for and provide updates for the challenge.
  Registration / update form: The MFiT-T3 form
  Hopefully this is simple enough to follow...
  Thanks,
  Financial Bliss.
• This post will always be used to enable you to locate the current chart, the chart summary and links to each of the previous charts and analysis for each chart.
  Current chart.
  The current chart is Chart 02, which will be published on 12th June 2013.
  Current chart: Chart 03
  Previous charts.
  Chart 01
  Chart 02
  Thanks,
  Financial Bliss.
• MFiT-T3 mortgage free roll of honour.
  This post lists challengers who have become mortgage free during this mortgage free challenge. In order to be included in this list, we need to know your mortgage free date as this is used in the chart.
  Link to mortgage free roll of honour:
  Thanks,
  Financial Bliss.
• Ok. That's the formal stuff out of the way. What's the deal then?
  In a nutshell, register and set an objective. This objective is divided by 12 with their being 12 charts and you provide 12 updates during the challenge.
  Providing you're on track to hit your goal, your chart progress colour will be green. If you're a little off your objective your chart progress colour will be yellow and if you're a little further behind, you're in the red zone
  Keep an eye on these first few posts in this challenge thread as they will be updated with links to charts and further information in the coming weeks and months.
  Get your calculator out, set an objective and register.
  Enjoy,
  Financial Bliss.
• Thank you for organising this again - I'll work out my objectives once I've sorted out the new mortgage.
• Oooohhh, I'm so excited! That's me registered!!
  I reckon I'll have a tricky 3 years...plan is to save as much as possible until Sept 2014 then buy a new house where I'll then try and clear the mortgage. Whilst saving for new house, I'm also trying to pay a little extra off current mortgage as and when I can.
  I'll pretend I'm just saving cash for the time being and will start a proper diary (need to stop using my DFW one) from December/January.
  This had made my day :-)
• Thanks so much FB. I've registered-I think. Hoping to really stretch myself this time and pay of 25K in the 3 years.
• Thanks, fb! I think I've registered, too! Am looking to hopefully clear mtge in the next challenge, so need to step my game up
• Thanks FB! All registered and now looking forward to getting started!!
• A big thanks FB - hope i've managed to register correctly!
• Hi all. I've tried to register but might have got myself a bit lost. When, where do I get allocated my number?
  Sorry if I'm being a bit stupid but I haven't done this before!
  Ewig
• Ok - I think I have found the answer!
  "We will allocate you a MFiT-T3 quest number, add you to post #1 and the progress chart and PM you back with your number."
  Sorry for asking before re-reading!
  Ewig
• I've registered too although the target may be a bit of a moveable feast to begin with although by December we may have a clearer idea
  Present situation is that we are getting our house ready to put up for sale and then downsizing with a move 70 miles away but to a more expensive area so hence the problem with the mortgage reduction target but hope a move and over payments should reduce it by 100K in 3 years - of course we do have to sell our house first and of course I haven't spent the whole of today ruling in and out places in our search area and viewing potential houses from the outside because that would be stupid wouldn't it
  and I haven't found a bungalow with just the right potential that has only been on the market 2 weeks because that would be even more stupid
  Oh well a girl has to have something to dream about
  Good luck everyone and here's to the next three years.
  DTxx
• Thank you so much FB,
  Very much appreciated. My target is to be completely clear by August 2015 at the very latest, so perfect for me.
  Registration completed and submitted but will firm up the start figure in November due to money moving around to pay for new boiler at the moment.
  All the best,
  Spigs
• Just registered for this. I have only been thinking about clearing my Mortgage for a week, so I hope I haven't bitten off more than I can chew! I still haven't monitored exactly how much we spend each month. Yikes!
• Registered!!! I'm excited now
• Thanks.
  Should be interesting as I'm planning a double assault on the finances.
  2013 I want to build up the savings, though still making some overpayments. Then starting 2014 I should be putting everything towards the mortgage.
  This does mean that I'll probably spend the first year in the red, or at best yellow. But hopefully it will all come together towards the end.