News

cake21 · 06-11-2009, 11:57 PM

Welcome to the thread for everyone starting or continuing their MFW journey in 2010.

Hopefully many of us will want to continue the hard work that we have put in to overpaying our mortgages in 2009, and there will be those who want to start on their MFW journey - for all of us this is the place to be.

Please feel free to join our journey at any time - you can either:

Complete the online form; or
send me a private message (PM); or
reply to the thread (please give me a shout if it seems I've missed your post)

to be added to the list with your overpayment target for 2010 and then on a monthly basis your overpayment for the month and a year to date figure - including your MFW 2010 number would be really useful

There is no cut off point for joining the thread and the challenge (except the 31st December

) so if at any point this year you are ready to start working on becoming mortgage free please join us! Any overpayment (OP) target welcome

Also, if you have a diary on MSE it can be linked to the first post if you want, just let me have the link.

If you would like join in the 2009 challenge or just see how it works, please see Zavarony's 2009 MFW thread that I have shamelessly plagiarised

If you're looking for a longer challenge, please see Financial Bliss' MF in 3 thread (nb. you don't need to pay it all off in that time) - feel free to do both!

Good luck to us all!

.....................................2010 OVERPAYMENT TARGET MONTH TOTAL YEAR TO DATE

cake21 - £8607 / £ / £
cha97michelle - £5000 / £ / £
cookie 9 - £3000 / £ / £
someday soon - £6500 / £ / £
wantabetterlife - £5000 / £ / £
pammyj74 - £3000 / £ / £
Welshlassie - £4000 / £ / £
oscarbobbins - clear mortgage in 3 years / £3000 / £3000
pollys - £5000 / £ / £
pigtails_21 - £3500 / £ / £
gallygirl - £25000 / £ / £
violetblue - be mortgage-free! / £ / £
chirpchirp - £13200 off mortgage, £9500 in savings / £ / £
SOandSO -£20000 / £ / £
Lynn11 - £4100 / £ / £
Little Chicken - £10000 / £ / £
wynnvegas - be mortgage-free! (£22440 OP) / £ / £
golfiematt - £2000 / £ / £
uzubairu - reduce mortgage to £65000 / £ / £
Little Mama - £5000 / £ / £
jackie_w - £5000 / £ / £
FlowerPower - £4000 / £ / £
gratefulforhelp - £3000 / £ / £
littlemrtinkle - £9000 / £750 / £750
Sleepy head - £10000 / £ / £
waughc01 - £8000 / £ / £
sammiell - £5000 / £ / £
Shineyhappy - £1500 / £ / £
financialbliss - £2750 / £ / £
black taxi - £4800 / £ / £
Thriftyknickers - reduce mortgage to £120000 / £ / £
jacqhale - £3500 / £ / £
elliemoo - £5988 / £ / £
jo_assisi - £1800 / £ / £
Topaz7 - reduce mortgage by £30000 / £ / £
agile83- £5000 / £ / £
ironman1 - £3000 / £ / £
moneysavingotter - reduce mortgage to £133000 / £ / £
the three of us - £2500 / £ / £
ch1ca - will confirm / £ / £
Kerry Woman - £1500 / £ / £
ajmoney - £1200 / £ / £
taka - will confirm / £ / £
Ayeshalush - £5000 / £ / £
VickyA - £5000 / £ / £
haras_nosirrah - £6000 / £ / £
fluffiesmum - £6000 / £ / £
SmileyG - £2760 / £ / £
claremylove - £1500 / £ / £
julie_beth - £2400 / £ / £
Di-Dough - will confirm / £ / £

cake21 · 06-11-2009, 11:58 PM

Just in case we get loads of challengers...

cake21 · 06-11-2009, 11:58 PM

Feeling optimistic

cake21 · 06-11-2009, 11:59 PM

you never know!

cha97michelle · 07-11-2009, 12:49 AM

Thanks for starting a new challenge up. It must have been a lot of work for Zav this year so i admire anyone who offers to sort it out.

I have just sent you a google docs message. I have set myself a target of £5000 for the year. I have done nearly £19k this year with a lot of effort. I can see the 5k being a huge challenge for me but i have signed up for almost that amount per year on the 3 year challenge, so might as well push myself.

A good time to regain my focus as i am just starting to get my 'must treat everyone as it is nearly xmas' head on.

Michelle

cake21 · 07-11-2009, 1:21 AM

Quote:

Originally Posted by cha97michelle

Thanks for starting a new challenge up. It must have been a lot of work for Zav this year so i admire anyone who offers to sort it out.

I have just sent you a google docs message. I have set myself a target of £5000 for the year. I have done nearly £19k this year with a lot of effort. I can see the 5k being a huge challenge for me but i have signed up for almost that amount per year on the 3 year challenge, so might as well push myself.

A good time to regain my focus as i am just starting to get my 'must treat everyone as it is nearly xmas' head on.

Michelle

Welcome, you're number 2 - hurrah, I had the awful thought that no-one would join me

£19k this year is amazing btw!!

cookie9 · 07-11-2009, 6:04 AM

Can I join too? Started late as only got mortgage in September so was aiming for £50 per month in 2009 but managed £500 in first month and on target for £200 this month. Still quite a few bits and pieces to get so setting a target of £3000 for 2010 with monthly OP of £200 topped up when I come into any extra funds.

someday soon · 07-11-2009, 7:09 AM

Hello
New to this. Have been concentrating on clearing all other debts as per Martins excellent advice, and have been working really hard to overpay since April this year. Overpayments on 60,000 mortgage are currently £540 per month. I am waiting for the annual statement to arrive almost as much as Christmas! How sad am I?? I'd love to join your list for 2010.

cake21 · 07-11-2009, 7:39 AM

Quote:

Originally Posted by cookie9

Can I join too? Started late as only got mortgage in September so was aiming for £50 per month in 2009 but managed £500 in first month and on target for £200 this month. Still quite a few bits and pieces to get so setting a target of £3000 for 2010 with monthly OP of £200 topped up when I come into any extra funds.

Quote:

Originally Posted by someday soon

Hello
New to this. Have been concentrating on clearing all other debts as per Martins excellent advice, and have been working really hard to overpay since April this year. Overpayments on 60,000 mortgage are currently £540 per month. I am waiting for the annual statement to arrive almost as much as Christmas! How sad am I?? I'd love to join your list for 2010.

Welcome both of you! I've added you to the first post

cookie9 - that's a fantastic start to overpaying!

someday soon - I love getting my annual statement too

I've put your target down as £540 x 12 = £6480 for now, please let me know anytime if you want to change it.

gallygirl · 07-11-2009, 8:15 AM

Not another mortgage challenge......... oh all right then

But can I be really cheeky & ask for number 11 as that's my MFiT take 2 number & it would make my life easier

I'm not very good with numbers

Now, what should my challenge be

My MFiT challenge is £68432, so 1/3 of that is £22810.67. But, I will be paying slightly more in interest in the 1st year so maybe I should reflect that & make it a little lower

. But that's assuming mortgage rates stay the same over the 3 years, so maybe I should make it a bit higher to try to get ahead? But I have also factored in a small savings payout in Yr 2, so I could knock that off

. Have I allowed enough for BTL bills

? And how much should I expect to get from mystery shopping

? Will I ever get a pay rise again

?

After all those deliberations I have come up with the precise figure of £25,000. Ish

My diary is HERE if anyone has insomnia

Thanks for taking this on Cake

Welshlassie · 07-11-2009, 9:23 AM

I'm in. Could I please be number 7 (like Gallygirl to match MFiT-T2). I think I'd like to set my target at £4,000 for the year. Very stretching, but as we have just remortgaged and I'm not sure what can afford yet as a need a clear month to sort through everything.

uzubairu · 07-11-2009, 9:32 AM

Hi cake21,

Thanks for taking up the responsibility of running the 2010 challenge.

I'm already down for the MFiT-T2 challenge to reduce my mortgage by £50,000.

My target for 2010 is to reduce the mortgage to £65,000.

Would it be possible for me to have No:19 , because that is the number I have been allocated on the MFiT-T2 challenge.

SOandSO · 07-11-2009, 10:11 AM

Hello

I'd like to join in please.

I am no.140 in the MFit-T2 challenge so I'm not asking for that number - but if possible number 14 has a sort of link to it.

I'll have final one year figures by 10th Dec if that's ok

gallygirl · 07-11-2009, 10:35 AM

Quote:

Originally Posted by Welshlassie

I'm in. Could I please be number 7

Quote:

Originally Posted by uzubairu

Would it be possible for me to have No:19 , because that is the number I have been allocated on the MFiT-T2 challenge.

Quote:

Originally Posted by SOandSO

I am no.140 in the MFit-T2 challenge so I'm not asking for that number - but if possible number 14 has a sort of link to it.

We're all very anal aren't we

(or are you all suffering from poor memory syndrome like me

.) Sorry for starting this Cake, I just thought that running a challenge would be very simple & I was trying to make it more interesting for you

wantabetterlife · 07-11-2009, 11:00 AM

Hi Cake, thanks for setting up the 2010 MFW challenge, can i join aswell. I have also signed up for the MFiT-T2 challenge but i like this one because of the monthly progress updates. I think it will keep me more focused. Im not fussy about my number...... lol

. Oh and my target for the year is to overpay by 5k. The MFiT-T2 challenge is 26K but this includes the normal mortgage payment aswell, so i think 5k overpayment per year is about right. And a big thanks to Zavarony for all her hard work last year

WABL

pammyj74 · 07-11-2009, 11:03 AM

well I will join this one too, my target last year was £2000 and I smashed it so my target next year will have to be £3000 which is £250 a month and I think is feasable (hopefully)
Hopefully going to reduce my term to 15 years in feb

and I am well on my way to be MF in 10 years

pollys · 07-11-2009, 1:09 PM

I'd like to join please at the moment I'm pollys no 75. Will aim to oveypay by £5000 for the year but university costs looming from next september so it will be hard going. So thats approx £417 a month.

Good Luck Everyone.

Welshlassie · 07-11-2009, 2:25 PM

Quote:

Originally Posted by gallygirl

We're all very anal aren't we

(or are you all suffering from poor memory syndrome like me

.) Sorry for starting this Cake, I just thought that running a challenge would be very simple & I was trying to make it more interesting for you

Yes I'm very anal. I think the guy at the mortgage call centre thought I was having a laugh because of all the questions I was asking him about the new mortgage. He was trying to explain what a complicated calculation it was to work out my daily interest rate. Does he not realise I'm an anal auditor trying to pay my mortgage off???

pigtails_21 · 07-11-2009, 4:46 PM

Hi, can I join in as well..I have a scary 40 year mortgage on a shared ownership property. I've not really ventured over here before. We're looking to overpay 3.5k in 2010.

A little about us (I'll probably set up a diary next year). We're hoping to tackle our mortgage before we even think about buying the other half of the house, and we're saving to get married (probably abroad)..once our little girl starts school next year, we'll have a lot more to save/use for overpayments..