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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,244Posts
    • 10,120Thanks
    hiddenshadow
    2017 mfw
    • #1
    • 11th Dec 16, 10:44 AM
    2017 mfw 11th Dec 16 at 10:44 AM
    Welcome to the Mortgage Free Wannabe thread for 2017

    Many thanks to Lomcevak for running the thread the past few years. I've blatantly stolen the starting post from 2016's thread.

    Mortgages can seem so huge and long-lived that it often feels pointless to make over-payments - what's the point in paying £50 off a £100k mortgage? But even small overpayments have a dramatic effect; that £50 extra a month would cut almost four years and £10k of interest off the mortgage. And £200 a month? Without any overpayments you'd still owe more than half the original balance after 15 years, with the £200 ... you'd owe nothing and be mortgage free ten years early. Big difference, and that's why chipping away at the mortgage with whatever extra cash we can muster is (for most of us, at least) one of the best long-term steps to improve our finances we can make.

    Still, even when you 'do the math' the long road to getting rid of your mortgage still feels hard on your own, so we have this thread to set targets and report progress during 2017. Whether you're a brand new mortgage free wannabe, a veteran on the final stretch of the long slog, or someone who has cleared the mortgage and wants to provide some help and encouragement for others, this is for you. The challenge runs from Jaunary 1st-December 31st 2017, and you can join or change your target at any time up until December 31st. And if you're expecting to be mortgage-free before then, you're still very welcome.

    Links to previous challenges are here

    TO JOIN
    Please post on the thread and I'll allocate you a number - if you have a number from previous year(s) that you would like to keep, let me know, otherwise it will be first come, first served.

    Bear in mind that the challenge runs for the 2017 calendar year when setting your target.

    UPDATES
    To provide progress updates and/or change your target, just post on the thread - I'll 'thank' posts when I pick up the update. I do make mistakes from time to time, so if I miss an update or get it wrong then please let me know.

    A few requests from me to make keeping track easier:
    • When providing updates, please include your MFW2017 number and the month(s) you are updating
    • Multiple overpayments in a month are fine and most certainly encouraged, but it will really (really, really) help me if you keep a running total when reporting updates (e.g. ...another OP of £200, which makes £600 in total for April...)
    • It's fine to miss a month or two and then provide updates for several months if you prefer, but please make it clear what you want allocating where.
    • It is helpful for me if you keep a running total for the year in your update post and/or your signature as I can cross-check the spreadsheet against your overall total, but this isn't required.

    Updates on the thread can be as long or short as you like - we like a bit of talk too as it's motivational for everyone else, but post what you feel like

    I'll try and update the spreadsheet weekly.

    See how we are all doing on the big MFW 2017 spreadsheet HERE
    Last edited by hiddenshadow; 21-12-2016 at 9:35 AM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
Page 49
    • chocoholic_chick
    • By chocoholic_chick 1st Oct 17, 8:16 PM
    • 606 Posts
    • 2,956 Thanks
    chocoholic_chick
    Hi all

    No #112 checking in with an OP of £995 for October. Won't be able to do any more until November now
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £137,804.34
    2017 OP's:£3,945
    October Grocery Challenge: £155.50/£300
    Total Debt £29,209 £0 Debt free 6/8/16
    • MichaelDH
    • By MichaelDH 1st Oct 17, 8:29 PM
    • 99 Posts
    • 462 Thanks
    MichaelDH
    Hi HiddenShaddow

    #131 starting October with an OP of £331.92

    Thank you
    Starting Balance August 2016: £170,199.00 | Current Balance (4th October 2017): £164,720.53
    OP's to date (starting August 2017): £906.58

    Target: Balance below £160,000.00 by June 2017
    • KittyMoma
    • By KittyMoma 2nd Oct 17, 9:57 AM
    • 37 Posts
    • 60 Thanks
    KittyMoma
    Hello, No 109 OP for Oct of £500 please, thank you!
    Starting mortgage - £303,434.49
    Dec16 - £257,319 (OP £27,522.92 in 2016)
    Jan17 - OP £5,000 / Feb17 - OP nil / Mar17 - OP £300 / Apr17 - OP £300 / May17 - OP £300 / Jun17 - OP £7,461.01 / Jul17 - OP £500 / Aug17 - OP £500 / Sep17 - OP £500 / Oct17 - OP £500
    • kerry90
    • By kerry90 2nd Oct 17, 10:38 AM
    • 13 Posts
    • 37 Thanks
    kerry90
    #51 reporting a £508.98 overpayment for October.
    We have just reached our 1 year anniversary of our mortgage which has gone down from £314,124 as of 26 Sep 2016 to £293,277 this month so pretty happy with that. Gonna keep pushing for our £10k overpayment in 2017!
    • michelle09
    • By michelle09 2nd Oct 17, 6:37 PM
    • 308 Posts
    • 1,025 Thanks
    michelle09
    #84 with an October OP of £235.85
    • Tropically
    • By Tropically 2nd Oct 17, 10:34 PM
    • 129 Posts
    • 371 Thanks
    Tropically
    Number 8 with an OP of £2000 !
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    Emergency Savings - £12,737.83/£10,000
    OPs: £3229/£7000
    Side goal: Save £4000 and get that mortgage below £300,000!!
    • Schoolworker
    • By Schoolworker 3rd Oct 17, 7:59 PM
    • 161 Posts
    • 366 Thanks
    Schoolworker
    No 72 reporting in to say £160 overpayment made for October.
    • new mortgageeee
    • By new mortgageeee 3rd Oct 17, 8:13 PM
    • 71 Posts
    • 225 Thanks
    new mortgageeee
    Hi HS,

    #31 reporting OP of £562 for September, sorry for the delay!

    £6380/£10000

    NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £111,700
    - 2017 MFW #31 £6,380/£10,000
    - Student loan started 2009 £16413 £10,679
    + Easy access savings £8,890
    + S&S ISA £510
    • Sundaysgirl
    • By Sundaysgirl 4th Oct 17, 3:38 PM
    • 1,093 Posts
    • 6,294 Thanks
    Sundaysgirl
    Hi all

    Oops, 3 months since I posted - must try harder! My update:


    July final total £2,875.08
    August £2,573.80
    September £3,105.58
    October so far £3,328.68

    YTD £34,219.15 - need to find £5,780.85 before year end!

    #123
    MFW 2017 #123 2017: £34,219.15/£40,000 (85.5%)
    • Lomcevak
    • By Lomcevak 4th Oct 17, 5:30 PM
    • 653 Posts
    • 3,981 Thanks
    Lomcevak
    And an October OP of another £600 for #11, total £6,000 for the year to date. Today's mini-milestone is dropping under £95k, next mini-target £90k.
    Originally posted by Lomcevak
    Second OP of the month for #11 of £756, making £1356 in total for October

    Plan is to hit the sub-90k milestone in December; in Jan '14 the mortgage was £180k, so i'll have paid off just over half in four years. Hopefully the second half will be a bit quicker
    Last edited by Lomcevak; 04-10-2017 at 5:37 PM.
    MFiT-T4#126, £135k to 60k: £41,152/£75,000(54.88%), 2017 MFW#11 £6,756/£10,000 (67.56%)
    £30k-in-’17#56 £25,805.40/£30,000 (86.02%)
    • Mortgagebuster
    • By Mortgagebuster 5th Oct 17, 11:59 AM
    • 5 Posts
    • 12 Thanks
    Mortgagebuster
    Hi Hiddenshadow,

    No. 103 reporting with the following OP
    October 2017: 633.60

    Thank you
    Mortgage Balance
    December 2016: 174708.80
    October 2017 147321.29
    • shangaijimmy
    • By shangaijimmy 5th Oct 17, 8:37 PM
    • 2,207 Posts
    • 10,146 Thanks
    shangaijimmy
    #122 reporting in with an OP total for September of £704.81.
    MFW: Turning June 2036 into March 2023... 30//120 Payments Challenge, Diary Reduction £32,077.72
    Aug 2009: £163,051 // Current: £103,922.28 // Avg Daily Interest £4.67
    MFiT-T4 #8 - 47.86% of £41,000
    • NewMoneySaver13
    • By NewMoneySaver13 6th Oct 17, 12:17 PM
    • 69 Posts
    • 292 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

    MFW No 86 reporting in with an OP of £400 for the month of October.

    As I reached my end of year total last month, I would like to have a new revised target of £5000 for the end of the year.

    Thanks
    2017 MFW No.86
    OP Target 2017: £5000
    Monthly Total: £400
    Year To Date: £4440 / £5000
    • Moominmamma89
    • By Moominmamma89 6th Oct 17, 12:26 PM
    • 199 Posts
    • 337 Thanks
    Moominmamma89
    Hi hiddenshadow - number 96 with an op of £350 for October so YTD should be £4,505.84.

    Thanks
    Outstanding Mortgage - 139,880.15 (73% LTV)
    Current end date: January 2041 (originally August 2044)
    • newgirly
    • By newgirly 6th Oct 17, 3:21 PM
    • 5,813 Posts
    • 39,737 Thanks
    newgirly
    Hi mfw 21 , my overpayments for sept are £2568 many thanks
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • Miss D Meanour
    • By Miss D Meanour 6th Oct 17, 8:20 PM
    • 91 Posts
    • 642 Thanks
    Miss D Meanour
    Hi there
    I'm just reporting in with my October overpayment.

    #02 O/P £609.81 bringing total to £5,808.1 / £7,000

    Take care everyone and have a great weekend
    Miss DM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 10. #574. .......... How much will you spend 2017? #9
    Xmas 2017 - #40: £391 / £365. .......... CCCC 2017 - #9: £122 / £150
    PAYDBX 2017 #23: £6,540.26 / £8,100. .......... MFW2017 - #2: £5,808.10 / £7,000
    No matter how far you go, you always take yourself with you
    • Kittenkirst
    • By Kittenkirst 6th Oct 17, 8:51 PM
    • 1,594 Posts
    • 8,235 Thanks
    Kittenkirst
    Hi Hidden!
    On the s/sheet mine should show the £206.32 as Septembers payment: I’ve not yet done my October totals yet

    Thanks and sorry if I’ve confused anything!
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months-Aug: £212.52 Sep £206.32 Oct: £176.97

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • michelle09
    • By michelle09 7th Oct 17, 5:18 PM
    • 308 Posts
    • 1,025 Thanks
    michelle09
    #84 with an OP of £100 - taking me to just over the £5k target!
    • allmannerofthings
    • By allmannerofthings 8th Oct 17, 7:32 PM
    • 90 Posts
    • 520 Thanks
    allmannerofthings
    115 reporting an overpayment of £515 in September please, making a total of 3630 so far this year
    Mortgage March 2017 borrowed £115,000. Balance September 2017 £107867.50
    Overpayments 2017 £3630/Target £5000
    May £1710 June £0 July £900 Aug £505 Sept £515 Oct £ Nov £ Dec £
    • Poppycat1
    • By Poppycat1 9th Oct 17, 9:41 AM
    • 107 Posts
    • 385 Thanks
    Poppycat1
    Number 25 reporting my last overpayment for 2017. I have paid off £8945.43. This means I have paid off £9745.43 this year.

    I move into my forever home in the next few days and have taken on a bit more mortgage debt (approx. £25,000). I will join the 2018 challenge if anyone starts one.
    MFW 2017 number 25
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