A question about : The Mortgage Free in Three
The Mortgage Free in Three - Take 2 challenge (MFiT-T2)
This is a challenge similar in concept to the original Mortgage Free in Three (MFiT) thread.
The inspiration for this challenge was originally to formalise the remaining three years of my own mortgage free goal of 12/12/12. I was giving the opportunity for people to join me in the next 3 years as I complete the final leg of my own journey.
Maz123 recently posted the question of a 20/12/12 challenge. A few PMs later and we've decided on a joint venture, again like the original MFiT thread with Dithering Dad and Tall Girl.
So, this challenge runs from December 2009 to December 2012 and is open to anyone who wants to devote the next three years to greatly reduce or completely pay off their mortgage.
Below is a list of the challengers who have signed up and their own challenge:
01. FinancialBliss. Completely clear my Ј48,383 mortgage.
02. Maz123. Reduce my mortgage from Ј51,000 to Ј25,000.
03. Captain Pie. Reduce my mortgage from Ј144,875 to Ј133,000
04. abouttimetoo. Reduce my IO mortgage from Ј85,000 to Ј45,000.
05. warrior princess. Completely clear my Ј145,000 mortgage.
06. cazmanian_minx. Reduce my offset mortgage from Ј128,114 to Ј88,114.
07. Welshlassie. Reduce my mortgage from Ј178,291 to Ј155,000.
08. setmefree2. Completely clear my Ј98,567 mortgage.
09. Floxxie. Completely clear my Ј85,500 mortgage.
10. skaps. Reduce my mortgage from Ј230,252 to Ј220,252.
11. gallygirl. Completely clear my Ј68,432 mortgage.
12. Robert Tycelyn. Completely clear my Ј70,505 mortgage.
13. Kaz2904. Reduce my mortgage from Ј52,856 to Ј6,856.
14. ### Spare Slot ###
15. SparkleBlack. Reduce my mortgage from Ј40,485 to Ј0 (including offset).
16. Shineoballo. Reduce my mortgage from Ј60,000 to Ј30,000.
17. ### Spare Slot ###
18. medic1978. Reduce my mortgage from Ј80,000 to Ј40,000.
19. uzubairu. Reduce my mortgage from Ј81,520 to Ј32,000.
20. Little Mama. Reduce my mortgage from Ј94,900 to Ј65,000.
21. JonnyBravo. Completely clear my Ј30,077 mortgage. 
22. ### Spare Slot ###
23. travellady. Reduce my mortgage from Ј88,000 to Ј44,000.
24. FlowerPower. Reduce my mortgage from Ј121,000 to Ј100,000.
25. frazzmunch. Reduce my mortgage from Ј75,000 to Ј65,000.
26. kazzys51. Completely clear my Ј40,662 mortgage.
27. LouiseJ. Completely clear my Ј42,991 mortgage.
28. RosieTiger. Reduce my mortgage from Ј145,000 to Ј60,000.
29. Double Trouble. Reduce my mortgage from Ј260,800 to Ј170,000.
30. gingernutbizkit. Completley pay off my Ј167,637 mortgage and debts.
31. ### Spare Slot ###
32. SuiDreams. Completely clear my Ј22,400 mortgage.
33. ### Spare Slot ###
34. diadeb. Reduce my mortgage by Ј66,471.
35. clearing_out_my_pockets. Reduce my mortgage from Ј156,247 to Ј142,000.
36. ### Spare Slot ###
37. luihut. Reduce my mortgage from Ј63,500 to Ј48,000.
38. AvidSaver. Reduce my mortgage from Ј242,000 to Ј195.000.
39. ### Spare Slot ###
40. elliemoo. Completely clear my Ј53,000 mortgage.
41. ### Spare Slot ###
42. chirpchirp. Reduce my mortgage from Ј235,946 to Ј141,000.
43. welshlady33. Completely clear my Ј36,700 offset mortgage.
44. gillybean73. Reduce my mortgage from Ј74,573 to Ј40,000.
45. ### Spare Slot ###
46. Lynn11. Reduce my mortgage from Ј115,500 to Ј105,000.
47. misswissy. Reduce my mortgage from Ј98,060 to Ј58,060.
48. Trying to be good. Reduce my mortgage from Ј300,000 to Ј180,000.
49. hoobydoobydoo. Completely clear my Ј15,173 mortgage advance.
50. hoobydoobydoo. Reduce mortgage from Ј112,059 to Ј99,999.
51. llydaw. Reduce my mortgage from Ј101,527 to Ј85,000.
52. hypno06. Reduce my mortgage from Ј185,853 to Ј150,000.
53. ### Spare Slot ###
54. ### Spare Slot ###
55. Penny pauper. Reduce my mortgage from Ј149,829 to Ј129,829.
56. lunar. Reduce my mortgage from Ј129,011 to Ј100,000.
57. determined1. Reduce my mortgage from Ј125,950 to Ј85,000.
58. canne. Reduce my mortgage from $105,171 to $50,000 (Australian dollars).
59. ### Spare Slot ###
60. debtfreewannab. Reduce my mortgage from Ј96,600 to Ј69,000.
61. Freedom Fighter. Completely clear my Ј46,882 mortgage.
62. Louba. Reduce my mortgage from Ј225,000 to Ј170,000.
63. egon. Reduce my mortgage from Ј93,026 to Ј56,210.
64. THRIFTY GIRL. Reduce my mortgage from Ј194,000 to Ј140,000.
65. Alion. Reduce my mortgage from Ј150,000 to Ј100,000.
66. pineapple_beach. Completely clear my Ј61,000 mortgage.
67. nellis10. Reduce my mortgage from Ј183,999 to Ј175,000.
68. ### Spare Slot ###
69. cha97michelle. Reduce my mortgage from Ј35,000 to Ј20,000.
70. shala_moo. Reduce my mortgage from Ј79,999 to Ј50,000.
71. ### Spare Slot ###
72. ### Spare Slot ###
73. Queen-Bee. Completely clear my Ј59,000 mortgage.
74. ### Spare Slot ###
75. ### Spare Slot ###
76. Ayeshalush. Completely clear my Ј33,219 mortgage.
77. unhappy_shopper. Completely clear my Ј47,566 mortgage.
78. ### Spare Slot ###
79. DJ Mike. Reduce my mortgage from Ј171,570 to Ј130,000.
80. TheBees. Reduce my mortgage from Ј48,968 to Ј40,000.
81. glitterball. Reduce my mortgage from Ј59,826 to Ј30,000.
82. ### Spare Slot ###
83. Lady Tara. Reduce my mortgage from Ј132,055 to Ј94,700.
84. PhoneGuru. Reduce my mortgage from Ј217,461 to Ј200,000.
85. wynnvegas. Completely clear my Ј31,500 mortgage.
86. ninky. Completely clear my Ј90,000 mortgage.
87. ### Spare Slot ###
88. spidystrider. Reduce my mortgage from Ј151,000 to Ј100,000.
89. PetitePeche. Reduce my mortgage from Ј159,740 to Ј79,870.
90. ElusiveLucy. Reduce my mortgage from Ј83,000 to Ј48,000.
91. manka04. Reduce my mortgage from Ј60,000 to Ј1,000.
92. PipPip. Reduce my mortgage from Ј220,000 to Ј100,000.
93. ### Spare Slot ###
94. Starsailor. Reduce my mortgage from Ј246,000 to Ј199,000.
95. Optimisticpair. Reduce my mortgage from Ј71,000 to Ј62,000.
96. taxi73. Completely clear my Ј40,493 mortgage.
97. ### Spare Slot ###
98. adwat. Completely clear my Ј52,000 mortgage.
99. vwchris. Reduce my mortgage from Ј145,000 to Ј100,000.
100. WorkingHardDFW. Reduce my mortgage from Ј113,000 to Ј50,000.
101. taka. Reduce my mortgage from Ј44,790 to Ј33,500.
102. Mat_Money_saver_wannabe. Reduce my mortgage from Ј93,000 to Ј60,000.
103. Kipper. Completely clear my Ј21,500 mortgage.
104. mollysmummy. Reduce my mortgage from Ј98,000 to Ј65,000.
105. ### Spare Slot ###
106. tattycath. Reduce my mortgage from Ј90,750 to Ј75,000.
107. TOPAZ7. Completely clear my Ј148,999 mortgage.
108. joolley. Reduce my mortgage from Ј296,900 to Ј240,900.
109. Courgette. Completely clear my Ј25,086 mortgage.
110. ### Spare Slot ###
111. suze369. Reduce my mortgage from Ј94,000 to Ј74,000.
112. ### Spare Slot ###
113. not_tonight_josephene. Reduce my mortgage from Ј197,834 to Ј60,000.
114. ### Spare Slot ###
115. gerbiljo. Reduce my mortgage from Ј106,800 to Ј16,852.
116. ### Spare Slot ###
117. greent. Reduce my mortgage from Ј99,917 to Ј67,500.
118. ### Spare Slot ###
119. sleepingpintsized1. Reduce my mortgage from Ј105,047 to Ј85,047.
120. mrs_deadline. Completely clear my Ј61,500 mortgage.
121. museumworker. Reduce my mortgage from Ј194,055 to Ј160,000.
122. yukkibear. Reduce my mortgage from Ј83,435 to Ј63,435.
123. ### Spare Slot ###
124. ### Spare Slot ###
125. perrywinkle. Reduce my mortgage from Ј93,000 to Ј73,000.
126. Susiesue. Reduce my mortgage from Ј60,000 to Ј6,000.
127. lamorna23. Completely clear my Ј82,843 mortgage.
128.julliff. Reduce my mortgage from Ј118,828 to Ј99,999.
129. moneysavingotter. Reduce my mortgage from Ј170,000 to Ј90,000.
130. twinklie. Reduce my mortgage from Ј39,606 to Ј29,000.
131. dexter fan. Completely clear my Ј135,000 mortgage.
132. ### Spare Slot ###
133. Superfast_Gran. Reduce my mortgage from Ј36,863 to Ј25,000.
134. deefadog. Completely clear my Ј95,224 mortgage.
135. deedee71. Reduce my mortgage from Ј51,116 to Ј38,000.
136. ### Spare Slot ###
137. CaroB. Reduce my mortgage from Ј59,625 to Ј40,000.
138. mummyofonechild. Completely clear my Ј21,000 mortgage.
139. shangaijimmy. Reduce my mortgage from Ј157,901 to Ј128,000.
140. SOandSO. Reduce my mortgage from Ј236,877 to Ј156,877.
141. macgirl. Completely clear my Ј55,767 mortgage.
142. vespa rider. Completely clear my Ј51,000 mortgage.
143. cake21. Reduce my mortgage from Ј121,897 to Ј50,000.
144. Needhelpsaving. Reduce my mortgage from Ј110,147 to Ј80,000.
145. doolally_gall. Reduce my mortgage from Ј109,000 to Ј84,000.
146. bungrefurb. Reduce my mortgage from Ј229,133 to Ј100,000.
147. black taxi. Completely clear my Ј48,515 mortgage.
148. ### Spare Slot ###
149. secretsavers. Completely clear my Ј38,300 mortgage.
150. spicymel72. Reduce my mortgage from Ј130,000 to Ј100,000.
151. ### Spare Slot ###
152. silver_4444_uk. Reduce my mortgage from Ј120,000 to Ј75,847.
153. wantabetterlife. Reduce my mortgage from Ј161,000 to Ј135,000.
154. mortgagenomore. Reduce my mortgage from Ј33,990 to Ј19,080.
155. ### Spare Slot ###
156. someday soon. Completely clear my Ј58,478 mortgage.
157. Thriftyknickers. Reduce my mortgage from Ј120,000 to Ј80,000.
158. Daft Dora. Reduce my mortgage from Ј69,200 to Ј50,000.
159. weezl74. Completely clear my Ј79,480 mortgage.
160. Aless. Reduce my mortgage from Ј225,254 to Ј150,000.
161. ### Spare Slot ###
162. ### Spare Slot ###
163. SHOULDI. Reduce my mortgage from Ј193,000 to Ј99,999.
164. ### Spare Slot ###
165. Jock_Tight.Completely clear my Ј39,906 mortgage.
166. golfiematt. Reduce my mortgage from Ј45,000 to Ј15,000.
167. ### Spare Slot ###
168. scottiedog. Completely clear my Ј39,500 mortgage.
169. shaz_mum_of _2. Completely clear my Ј55,353 mortgage.
170. tiddles. Completely clear my Ј75,755 mortgage.
171. stef495. Reduce my mortgage from Ј35,500 to Ј16,000.
172. pawlala. Completely clear my Ј80,000 mortgage.
173. shop-to-drop. Reduce my mortgage from Ј90,000 to Ј30,000.
174. puddle96. Completely clear my Ј43,000 mortgage.
175. Bearcat. Completely clear my Ј41,751 mortgage.
176. ### Spare Slot ###
177. Jonsey Bonesy. Reduce my mortgage from Ј60,000 to Ј30,000.
178. Saver54. Reduce my mortgage from Ј90,000 to Ј75,000.
179. broomstick27. Reduce my mortgage from Ј133,230 to Ј90,000.
180. starbucks. Reduce my mortgage from Ј26,000 to Ј1,000.
181. ### Spare Slot ###
182. Moneybag. Reduce my mortgage from Ј158,000 to Ј146,000.
183. jsbarrett. Reduce my mortgage from Ј106,089 to Ј66,089.
184. mfwin2019. Reduce my mortgage from Ј181,869 to Ј150,000.
185. brizzledfw. Reduce my mortgage from Ј180,000 to Ј120,000.
186. ### Spare Slot ###
187. ### Spare Slot ###
188. ### Spare Slot ###
189. the end of the rainbow. Reduce my mortgage from Ј107,243 to Ј53,621.
190. ### Spare Slot ###
191. curlygirl1971. Reduce my mortgage from Ј45,490 to Ј35,490.
192. Charterhouse. Completely clear my Ј401,388 mortgage.
193. miss undastood. Reduce my mortgage from Ј53,993 to Ј30,000.
194. littlefred169. Reduce my mortgage from Ј103,000 to Ј85,000.
195. loopy-juice. Completely clear my Ј51,439 mortgage.
196. Daisy Duck. Reduce my mortgage from Ј170,000 to Ј90,000.
197. FreedomGirl. Completely clear my Ј25,622 mortgage.
198. must stop spending. Reduce my mortgage from Ј73,000 to Ј20,000.
199. LilacPixie. Reduce my mortgage from Ј51,584 to Ј31,584.
200. motch. Completely clear my Ј28,000 mortgage.
201. teapot2. Reduce my mortgage from Ј58,142 to Ј30,000.
202. slopemaster. Reduce my mortgage from Ј91,000 to Ј67,000.
203. ### Spare Slot ###
204. chickadee. Completely clear my Ј36,621 mortgage.
205. ### Spare Slot ###
- indicates objective met or exceeded.
This 3 year challenge started in December 2009 and is due to complete in December 2012 (12/12/12).
NOTE: 18 month into the challenge and I've decided to have a spring clean. I've freed up some dormant challengers, shown as ### Spare Slot ### and if you would like to join for the remaining duration of the challenge, please post here with:
* Your forum user name
* The challenger number you would like
* Your mortgage objective for the remaining part of the challenge.
If I've not picked up your request within a few days, nudge me with a PM and I'll get you added in.
Please see the posts immediately below for further information. Good luck in your own challenges.
Financial Bliss / Maz123.
Best answers:
- Questions and Answers...
Q. Why are you doing this?
The original mortgage free in three was a great challenge, brought lots of like-minded people together with great mortgage reduction and money saving benefits. While I made great in-roads into my own mortgage, I misjudged my own budgeting (over keen / optimistic at the time) and although at the time of writing, the MFiT challenge has not ended, I’m going to be short of my own target.
A short while after the MFiT challenge started, I decided on a mortgage free date of 12/12/(20)12, and later in 2007 I started my own diary. This challenge formalises the remaining 3 years of my own mortgage free journey.
I'm giving the opportunity for people to join me in the next 3 years as I complete the final leg of my mortgage free journey, so they can also greatly reduce their mortgage or become mortgage free.
Maz123 has very kindly offered to support me in this challenge. The exact details we’re still sorting out via PM, but I’m sure Maz123 will be a great help. Thanks Maz123.
Q. Isn't this a blatant rip off of the original MFiT challenge?
No, I don't think so. I'm not out to steal any of the MFiT members, in fact I'd much prefer they all become mortgage free, but for various reasons, eg in my own case mis-budgeting - things don't always work out as expected.
I’ve previously PM’d Dithering Dad and he doesn’t have any issues with me starting this challenge and if any of the original MFiT members do want to join this challenge, you’re more than welcome to do so.
I've been planning this for some time and myself and Maz123 are prepared to put our own time and effort into managing this challenge for the good of all mortgage free wannabe's.
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.
The 2010 MF Wannabe's, managed by cake21 may be a more appropriate if you’re looking for a shorter challenge. This challenge can be found here:
https://forums.moneysavingexpert.com/...html?t=2062237
Q. What are the timescales?
The challenge will officially start on 12/12/09 and it will complete on 12/12/12. See post #4 directly below which gives a suggested progress chart update schedule.
Q. Why registration?
This challenge was originally planned to be announced on 13/11/09, ie about a month before it started. During PMs with Maz123, it occurred that unless you join before 12/12/09, then you’re not getting the benefit of a full 3 year challenge, so we've decided on a registration period before the challenge officially starts.
Note: For registration, you merely need to send me a private message or post here to express your interest. You’ve then got a few months to formulate your own mortgage reduction target.
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 12/12/09. As this is some way off due to announcing this earlier than planned, you can send an update much nearer the time, or even check and report on an actual 12/12/09 figure on the day.
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.
If you could send Financial Bliss a private message (PM) and also post your challenge here in this thread, you stand a better chance of catching my attention.
Q. What happens when I PM / post my challenge?
We will allocate you a MFiT-T2 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 48 hours (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. Please PM myself or Maz123 and we can then get a link to your diary organised.
Q. I’ve made an overpayment – what do I do now?
Not a lot I’m afraid. Unlike to MFW 2008 and MFW 2009 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 #3 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 2010. Normally, mortgage payments are 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 challenger number and current mortgage balance is all we need.
Q. How do I provide information for a chart update?
There are 3 ways of providing an update, with '1' being the preferred method.
1. Google Docs chart update form: - Announcements.
Intending to use this post for any announcements relating to this challenge, so do check back here regularly.
Chart 10 has now been published. See list of charts below for the link to this chart.
Note: If you can provide an accurate update for any of the previous charts and you missed out on an update, please pass one on and I'll get the appropriate chart updated. If you're doing that - please add a comment that it's for an older chart so I don't update the current chart by mistake
Next chart to be published is the the second last of the challenge - Chart 11 to be published on 12th September 2012.
Get that date in your diary, put a post-it on the fridge, or whatever you need to do, so you know to provide an update for that chart...
Thanks,
Financial Bliss / Maz123. - 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: Google Docs chart update form. Using this update form does not update any chart directly, but instead goes to a "holding" chart so the information can first be checked.
The 'Who's updated...?' chart.
In an attempt to motivate you all to have a clean 100% chart update score, I've compiled a who's updated chart. Provide 12 updates for all 12 charts and you'll get 100% for updates against your name. Provide less and you get scored accordingly.
It's a quick chart to see who's still in the challenge and providing regular updates. It also serves as a reminder for yourself as to if you have provided an update for a particular chart.
Link to 'Who's updated...?' chart: Who's updated...?
Hopefully this is simple enough to follow...
Financial Bliss / Maz123. - 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 10, which was published on 12th June 2012. The next chart to be published is Chart 11 - which will be published on 12th September 2012.
Current chart: Chart 10
All challenge charts.
The challenge charts can be viewed from here.
The challenge summary gives an overview from all challenge charts. Each chart gives a snapshot of mortgage balances at that point in time.
Challenge summary
Chart 01
Chart 02
Chart 03
Chart 04
Chart 05
Chart 06
Chart 07
Chart 08
Chart 09
Chart 10
Chart 11
Financial Bliss / Maz123 - MFiT-T2 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: Mortgage free roll of honour
Financial Bliss / Maz123. - Good one FB! As your diary was part of the initial inspiration behind my own MF plans started last year, I would like to sign up to join the journey! I was too late for the original MFi3, so this is perfect. Happy New Year too.
- Excellent - count me in! Will have a think about a 2012 target over the weekend.
Caz - Hi FB and MAZ123
Thanks for running this challenge. Me and Mr WL are up for this.
I'm currently part of the MFW 2009 challenge and hope to have around Ј2,400 paid off by the end of that challenge so I'm hoping that my mortgage will be around the Ј190,000 mark in December 09 and I would like to reduce it by a further Ј30,000 during this challenge so getting to Ј160,000. This would be a huge amount for us but will really make a difference when we come to remortgage at the beginning of 2013.
I already know where Ј12,600 of this is coming from, so add the additional interest saved from including this we're looking to find an around additional Ј15,000 from somewhere (Ј5,000 per year, about Ј400 per month).
This is a huge amount more than we have been able to OP previously, but although I don't know whether we can actually do it, we are going to have a bl**dy good go. It wouldn't be a challenge if we weren't stretching ourselves.
If these figures change I'll PM you nearer the time.
Can I have a number please??
Thanks again and looking forward to getting to know everyone and follow their journeys. - Count me in too
- Just wanted to say good luck to all of you and I hope you achieve your goals. Please let me know if any of you wish to leave the original MFi3 Challenge so I can take you off the chart.
Ofcourse I hope you don't leave us but that you will continue to post your updates to me every three months. It may even help if I use the same dates as you are using here. We only have 15 months left of the original challenge. - Ok count me in. Aiming to clear the whole of my mortgage which is a very tall order but if I don't aim for it, then I won't reach it.
Will post nearer the start date the actual remaining mortgage. In the meantime, I shall continue with the MFW 2009 challenge.
Thanks for arranging this.
Floxxie - Yes, I'd like to join too.
FB, I'll send you a PM as well but in the meantime I think my numbers will look like this - start balance on interest only part of mortgage Ј80, 000
- aim to reduce this to Ј40,000 by end of challenge
- Just wanted to say hello again, and also say Oh my God, FB you have been busy! You put me to shame, sorry for letting the cat out the bag i'm sure you'll forgive me! Lets get this MFI3-T2 party started!
- hey FB
i would like to sign up for the challenge
i am currently doing the 2009 MFW challenge .........so bear with me as the below mentioned schedule is liable for change
Current mortgage - 154000 ( BOE + 0.99%), offset - 35,000
2009 - ie till 12/12/09 - 145,000 , offset - 55,000
12/12/12 - i intend to repay mortgage in full
Hopefully this leaves us with an option to travel / move to another country ........OH and me would like to sell up and move to sunny Australia
Let the challenge begin
regards
warrior princess - Hi, I'd like to join too as this challenge fits in with my own plan to be hopefully mortage free in 3!
We're started overpaying (or saving to overpay) last year and have thus reduced our mort from Ј55,000 to Ј47,000. We will be keeping up overpayments this year all being well so not sure how much will be left in December. However the goal for Dec 2012 is to have paid off the mort completely.
Thnaks - Welcome to you all!
About my mortgage, it's with Nationwide @6.13% not the best but i got it a month after my partner walked out so it's what i could get. I've knocked 5 years off the end date but its still at 2023
Luckily its currently at Ј47,000 (could be worse, was Ј54,000 Jan 2008) but i know i need to dip in too it later. Ideally i want it gone by 20/12/2012 realistically i'll have a small amount left. ( but savings may just clear it)
By the official start date it'll still be at approx Ј47,000 due to having to dip into it but i'm just trying to prepare myself mentally for the challenge and finally start budgetting properly rather than thinking oh it's okay i've got the money.
I'm about to contact Nationwide and decrease the term again by 2 years I do find them very good in being able to do this as i'm covering the Ј500 o/p quite nicely at the moment. but then again i do have a lodger i now think it's time he left (little one's growing and its time i ended being a b&b) so that's going to be a shock to my financial system.
I'm sure as time goes by we'll all get to know a little about each other
bye for now & good luck
maz123
p.s. forgot to say please don't worry about allocation of numbers quite just yet, you WILL get one! Once we've got you you'll never get away! - Hi everyone!
I just wanted to wish you all GOOD LUCK on your challenge! As you can see by my sig I am doing the MFI3 and ours ends next year, it has flown by and been worthwhile, I can heartily recommend it.
When I joined in I never thought I would be able to pay mine off but as you can see I am on target and I can't believe how much I have paid off in the time. Give it a go, you've nothing to lose.
Good luck! - Hi Everyone...
Good Luck...
I won't be joining it as I have to be MF by 10/10/2010
But I will be reading this with interest - Thankyou desperate housewife,
like you say at the start it just seems impossible but you and the others are proof it's possible and give us inspiration.
Now lets get to the important stuff, any tips for us learners? What 1 piece of advice would you tell yourself before you started your challenge?
Thanks to you and Maz123 for organising
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