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    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,394Posts
    • 10,859Thanks
    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

    Anyone planning for 2018...we have a thread set up: here
    Last edited by hiddenshadow; 02-12-2017 at 2:54 PM.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
Page 53
    • Kittenkirst
    • By Kittenkirst 6th Nov 17, 10:53 AM
    • 1,703 Posts
    • 9,060 Thanks
    Kittenkirst
    Hi all! Number 20 signing in to say I’ve hit my 2017 stretch target of £2150 already wahoooooo!

    HiddenShadow- I’ve had my mortgage statement so have reconciled the statement and a few small adjustments to be made:

    June: £279.37
    July: £169.46
    Aug: £212.52
    Sep: £206.72
    Oct: £179.60

    November so far is £12.58 declared early so I can hit my target now on the push to try and hit £2500 for the end of the year!
    My original aim was £100/ month which I pushed up to £179 a month I’m now going to push that to see if £2500 (208/month) is acheivable....wish me luck
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • originalmiscellany
    • By originalmiscellany 8th Nov 17, 10:08 AM
    • 1,599 Posts
    • 3,860 Thanks
    originalmiscellany
    Have overpaid £500 for the last 3 months, a total of 11 * 500 - so "bang on" in terms of getting my target by the end of this year. If someone could update I would be grateful!
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    January 2018 down to 28.06 months vs 30.09 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 07/2044

    Aims: 1) To pay off mortgage within 20 years - 2037
    • themadvix
    • By themadvix 8th Nov 17, 4:12 PM
    • 1,244 Posts
    • 7,499 Thanks
    themadvix
    No. 38 reporting in with a £764 combined OP and debt reduction - hopefully that will catch me up a bit!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • mypegasus
    • By mypegasus 10th Nov 17, 8:44 PM
    • 9 Posts
    • 28 Thanks
    mypegasus
    Apologies I've been somewhat remiss in keeping up with my overpayments. I'm No 126


    I have made the following overpayments 15/09/2017 £91.39 - September's total is therefore £291.39.


    October - 2/10/17 - £200.00 & 18/10/2017 - £147.28 - therefore total £347.28


    November - so far I have made £230 of overpayments


    Thanks
    • Freysmum
    • By Freysmum 10th Nov 17, 8:59 PM
    • 176 Posts
    • 1,186 Thanks
    Freysmum
    Evening everyone

    No 81 here, I'm happy to say after transferring £600 across to the savings this month I've hit my target for this year. the plan now, if all goes well, is to make the max 10% OP in January then save whatever I can to make another OP when our deal ends in October 2018, fingers crossed.

    Thanks Hidden for keeping tally.
    Mortgage 01/2018 £31650 4 years 11 months left, hoping to clear in 1 year and 11 months

    EF £14411/£20000
    • MsAnjiuk
    • By MsAnjiuk 11th Nov 17, 7:41 PM
    • 1 Posts
    • 2 Thanks
    MsAnjiuk
    Hi Hidden
    Will you be doing this again for 2018, if yes. I would love to join.


    Mortgage 2016 - £85,000 | 2017 - £67,323 MFW 2023
    • shangaijimmy
    • By shangaijimmy 14th Nov 17, 2:03 PM
    • 2,346 Posts
    • 11,233 Thanks
    shangaijimmy
    #122 reporting in with Octobers total (apologies but i've been away): £528.35
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • Schoolworker
    • By Schoolworker 14th Nov 17, 2:24 PM
    • 202 Posts
    • 478 Thanks
    Schoolworker
    Hiya no 72 reporting in to say made an overpayment today of £80 for November.
    • becky170
    • By becky170 16th Nov 17, 9:01 PM
    • 440 Posts
    • 3,798 Thanks
    becky170
    Hi all, #7 here reporting an overpayment of £415 for november. Luckily i'd made the overpayment before my car went for it's mot and needed lots of money spent on it. Don't think there will be any more overpayments this month!

    MFW 2018 #7 £346/4500
    • Southernman
    • By Southernman 17th Nov 17, 10:58 PM
    • 569 Posts
    • 1,910 Thanks
    Southernman
    I’ve been hopelessly rubbish at logging this but:

    Jan-March £200pm

    April-Dec £270

    #94

    I’ve separately been saving for a second house deposit (mental I know) but was determined to also make overpayments here too.
    Mortgage Free Wannabe £3850/£3500
    Mortgage Debt May 2011- £90,000
    December 2014 £69,993
    Goal- May 2016 £60,000
    • turtlemoose
    • By turtlemoose 17th Nov 17, 11:07 PM
    • 1,515 Posts
    • 4,403 Thanks
    turtlemoose
    #95 £178 for Oct and Nov please
    • Mortgage Minimiser
    • By Mortgage Minimiser 18th Nov 17, 8:42 AM
    • 49 Posts
    • 214 Thanks
    Mortgage Minimiser
    Morning

    #46 here. Oct OP was a paltry £45.29 (interest on savings accounts) as most of the money went into savings for the extension....

    I shall be back next week with November's OP. Not on track to hit my stretch target, although I did hit my original target. If I take savings into account I have smashed it so don't feel too bad.

    Thanks Hidden

    M
    xx
    2016MFW#46 O'Pd-104%; 2017MFW Paid £5754.35
    MFiT-T4 # 59 - reduce mtg to £195,000 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750.
    Mortgage at 31/12/15 - £235,906.71.
    Mortgage @ 31/12/16 - £224,120.98
    Mortgage @ 31/12/17 - £210,224.06
    • hiddenshadow
    • By hiddenshadow 19th Nov 17, 1:24 PM
    • 2,394 Posts
    • 10,859 Thanks
    hiddenshadow
    Hi Hidden
    Will you be doing this again for 2018, if yes. I would love to join.


    Mortgage 2016 - £85,000 | 2017 - £67,323 MFW 2023
    Originally posted by MsAnjiuk
    That's the plan - will probably put up the 2018 thread/start that spreadsheet in December.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • Eldrax
    • By Eldrax 21st Nov 17, 8:27 PM
    • 8 Posts
    • 27 Thanks
    Eldrax
    Number 34 here reporting in with overpayment in November of £3,417, so I've hit my target for the year! Plan for next year is to pay off my mortgage before my 46th birthday (in February!).


    Thanks Hidden for keeping track. x
    • anna42hmr
    • By anna42hmr 21st Nov 17, 9:43 PM
    • 2,427 Posts
    • 1,017 Thanks
    anna42hmr
    Hi

    number 105 here, please can you put my op for november down as £215.26 please. That takes me to a YTD of £3367.86. so looks like i will be on track to meet my target with decembers payment.
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500
    • turtlemoose
    • By turtlemoose 23rd Nov 17, 2:28 PM
    • 1,515 Posts
    • 4,403 Thanks
    turtlemoose
    No 95 here with another payment for nov of 1715.28 which is a total of 1893.28 for Nov.
    • Loan soldier
    • By Loan soldier 24th Nov 17, 1:24 PM
    • 59 Posts
    • 87 Thanks
    Loan soldier
    #16 registering £283.52 for November.
    MFW #16 2017 £4231.40/£4231.40 (100%)
    MFW #16 2018 £571.61/£3483.18 (16.41%)
    • WorldTraveller
    • By WorldTraveller 24th Nov 17, 1:42 PM
    • 20 Posts
    • 34 Thanks
    WorldTraveller
    We've just paid off our mortgage last week, it took us only 10 years out of the 25 year term, by making as many overpayments as possible on an offset mortgage. Not sure I can join this challenge as we've paid it off but happy to give any advice to others, I remember that feeling of wondering whether the overpayments would make a difference especially when the balance was still quite large, but we got there!
    • MoneyMission
    • By MoneyMission 25th Nov 17, 7:46 AM
    • 608 Posts
    • 3,011 Thanks
    MoneyMission
    Hello. Number 39 declaring an OP of £257 for November please.

    Thank you v much.

    MM
    MFW 2017 challenge (No.39) £4,510.00 / £3,450.00 (130.72%)
    MFW 2016 challenge (No. 39) £3,791.00 / £3,300.00 (114.88%)
    • Mortgage Minimiser
    • By Mortgage Minimiser 25th Nov 17, 8:05 AM
    • 49 Posts
    • 214 Thanks
    Mortgage Minimiser
    #46 here with November's OP.

    Only £85.25, which is the interest on our savings, but it's something at least. Everything's going into saving for the extension staring in March.

    Total OP for the year £5277.06. 70% of my stretch target. Tempted to take some savings and use them!

    Thanks Hidden !

    MM
    x
    2016MFW#46 O'Pd-104%; 2017MFW Paid £5754.35
    MFiT-T4 # 59 - reduce mtg to £195,000 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750.
    Mortgage at 31/12/15 - £235,906.71.
    Mortgage @ 31/12/16 - £224,120.98
    Mortgage @ 31/12/17 - £210,224.06
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