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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,391Posts
    • 10,852Thanks
    hiddenshadow
    2018 Mortgage-Free Wannabes
    • #1
    • 2nd Dec 17, 2:52 PM
    2018 Mortgage-Free Wannabes 2nd Dec 17 at 2:52 PM
    Welcome to the Mortgage Free Wannabe thread for 2018

    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 2018. 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 2018, 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. Likewise if you're saving towards something house-related (extension, new OP allowance, etc.).

    SPREADSHEET
    See how we are all doing on the big MFW 2018 spreadsheet HERE

    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 2018 calendar year when setting your target. You're welcome to track total payments, overpayments, savings, etc. - whatever motivates you!

    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 MFW2018 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.
    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 13
    • Miss D Meanour
    • By Miss D Meanour 9th Jan 18, 5:59 AM
    • 104 Posts
    • 774 Thanks
    Miss D Meanour
    Good morning
    #2 reporting in with first overpayt of £609.81

    It's good to get started!

    Take care everyone
    Miss DM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 11 #574 - £500 ........ Xmas 2018 - #11: £31 / £365.
    CCCC 2018 #14 - £0 / £140 ....... PAYDBX 2018 #23: £0 / £7,000
    Frugal Living - #37 .......... MFW2018 - #2: £0 / £8,000

    No matter how far you go, you always take yourself with you
    • Jessy103
    • By Jessy103 9th Jan 18, 11:22 AM
    • 510 Posts
    • 2,165 Thanks
    Jessy103
    Hi,

    No. 12 reporting an overpayment of £369.23 for January.

    Thanks
    Jess
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Jan 2018 - £58,500.00
    Overpayment Target for 2018 - £5,000 /£369.23
    Jan - £369.23
    • Sundaysgirl
    • By Sundaysgirl 9th Jan 18, 1:29 PM
    • 1,094 Posts
    • 6,301 Thanks
    Sundaysgirl
    Hello all.

    Thanks hiddenshadow for taking up the mantle again this year!

    I'm in - if possible can I please keep #123? Target of £39,200, but it will be a stretch!

    I got pretty lax towards the end of last year at updating, but my 2017 OP total was £39,790.17.


    I'm starting off 2018 with an OP of £1,852.64 for January.


    Good luck everyone!
    Last edited by Sundaysgirl; 09-01-2018 at 1:34 PM.
    MFW 2017 #123 2018: £1,852.64/£39,200 (4.7%)
    • Tahlullah
    • By Tahlullah 10th Jan 18, 7:54 AM
    • 826 Posts
    • 4,747 Thanks
    Tahlullah
    Hello hiddenshadow

    First payment for the year. Reporting £100 of £2000.

    Thank you

    Tx
    Striving to be mortgage free.
    2018 MFW #135

    £100 of £2000
    • lessavyfav
    • By lessavyfav 10th Jan 18, 12:35 PM
    • 184 Posts
    • 236 Thanks
    lessavyfav
    Hello! 148 reporting £200 for now
    0% Balance Transfer (ends May 2018) £2269.94/£2524.94 (89.9% there)
    Giant London-sized mortgage (started July 2017) £492065.19
    /£499,00.00
    Current LTV 87%
    Overpayments £1900
    S&S ISA £1145.60
    Regular Saver (started August 2017) £2000
    • Loan soldier
    • By Loan soldier 10th Jan 18, 1:05 PM
    • 59 Posts
    • 87 Thanks
    Loan soldier
    MFW #16

    Firstly can I amend my target to £3483.18.

    Secondly my overpayment for January is £571.61.

    Thanks for running this again this year.
    MFW #16 2017 £4231.40/£4231.40 (100%)
    MFW #16 2018 £571.61/£3483.18 (16.41%)
    • A Frayed Knot
    • By A Frayed Knot 10th Jan 18, 9:57 PM
    • 2,198 Posts
    • 9,885 Thanks
    A Frayed Knot
    No 27 with an o/p of £1180.07

    Making Total so far £1754.59

    things will slow down for 2-3 months at least just making small o/p's.

    Thank you
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £4068.97
    • hiddenshadow
    • By hiddenshadow 11th Jan 18, 5:40 PM
    • 2,391 Posts
    • 10,852 Thanks
    hiddenshadow
    Hi HS

    Please can you add me? OP target of £25k xx
    Originally posted by atypicalblonde
    Welcome back! You're still #23.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 11th Jan 18, 5:44 PM
    • 2,391 Posts
    • 10,852 Thanks
    hiddenshadow
    Hi there could I possibly join in please. I`m hoping to reach my target of £6,000 for this year. many thanks.
    Originally posted by Bake-a-Cake
    Welcome back! You're #92.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 11th Jan 18, 5:50 PM
    • 2,391 Posts
    • 10,852 Thanks
    hiddenshadow
    Hello hiddenshadow

    First payment for the year. Reporting £100 of £2000.

    Thank you

    Tx
    Originally posted by Tahlullah
    Noted. Can you please include your MFW number (135) in future updates? Thanks!
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • jackieblack
    • By jackieblack 11th Jan 18, 6:02 PM
    • 7,500 Posts
    • 10,661 Thanks
    jackieblack
    Am I too late to join in?
    My target is £600 (average £50 a month)
    (I realise this is a pittance compared to most but I am on a low income so this is funded from little extra bits and pieces of money that are not in my normal monthly budget)
    Last edited by jackieblack; 11-01-2018 at 6:04 PM.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur
    (Revera linguam latinam vix cognovi )
    • Tahlullah
    • By Tahlullah 11th Jan 18, 7:14 PM
    • 826 Posts
    • 4,747 Thanks
    Tahlullah
    Am I too late to join in?
    My target is £600 (average £50 a month)
    (I realise this is a pittance compared to most but I am on a low income so this is funded from little extra bits and pieces of money that are not in my normal monthly budget)
    Originally posted by jackieblack
    Every little helps!
    Striving to be mortgage free.
    2018 MFW #135

    £100 of £2000
    • Rachiedabbler70
    • By Rachiedabbler70 11th Jan 18, 7:52 PM
    • 212 Posts
    • 1,916 Thanks
    Rachiedabbler70
    Evening All

    Well done everyone for payments made to date big and small.

    #169 Mortgage payments and overpayments have all left my account so payment of £1062.22 for January.

    Excited about this challenge as my mortgage is my last debt, but feels overwhelming large at the moment especially on one salary, but I'm going to keep at it and have joined the January Grocery Challenge as this is the only budget I can trim really.

    Good luck everyone and thank you Hiddenshadow
    Blitz that mortgage
    Jun 2016 £152,000
    Jun 2017 £142,575 (6.2% paid)
    Jan 2018 £134,467 (11.5% paid)
    GC Jan 18 £153.55/£220
    MFW 2018 #169 £1,062.22/£12,000 (8.85%)
    • pennystretcher
    • By pennystretcher 11th Jan 18, 9:43 PM
    • 341 Posts
    • 1,368 Thanks
    pennystretcher
    15 years, three mortgage lenders, one house move and £154k worth of payments (incl. fees and interest - it's all in my spreadsheet ) later my MFW journey is coming to an end.

    My deal ends 31st January which means that I can pay rest of it off in February. It has been hard work, but now I am so happy that I started the journey and MSE forumnites have been great inspiration along my journey. THANK YOU.

    I wish all MFWs good luck on your journeys - it IS worth the effort!

    ps. I'm not in a high paying job, but my previous house went up in value so much that it helped, as did the low interest rate..and also I'm a rate tart
    Last edited by pennystretcher; 11-01-2018 at 10:16 PM.
    MFW Jan 2018 £190 (almost there!!!)
    • erin_transport
    • By erin_transport 12th Jan 18, 1:24 PM
    • 387 Posts
    • 1,793 Thanks
    erin_transport
    Hi,

    2018 MFW #138 £128.50 paid today, balance now £393.50 of £6000
    On a mission!

    2018 MFW #138 O/P £128.50 & £140 & £125 of £6000
    • juststuff123
    • By juststuff123 12th Jan 18, 6:21 PM
    • 205 Posts
    • 571 Thanks
    juststuff123
    #152 here. I thought I'd already posted my first payment on this thread but I can't find it so here it is again just in case. £600
    Thanx
    NEW GOAL – Mortgage Balance £0k & £30k Savings by Feb 2019
    MORTGAGE: – £25821 / £0
    SAVINGS: – £46454 / £30000
    CREDIT CARD: – £3265 / £0
    COMPLETE - MFW & DFW - Goal - Debt Neutral – COMPLETE
    2018 MFW #152: £600/£14,326 / MFiT-T4 #80: £18866/£45,232
    • f0xh0les
    • By f0xh0les 12th Jan 18, 10:37 PM
    • 1,202 Posts
    • 9,098 Thanks
    f0xh0les
    £0 overpayment in January for me.
    Will start next month with a totally clean slate though.
    Normal payment of £500 to mortgage.
    Remortgaging at end of Feb. Better rate and shorter term.
    Last edited by f0xh0les; 13-01-2018 at 11:32 AM.
    MFW START DATE May 16 £118,340 :
    October 17 - £109,495.00
    December 17 £108,800

    Jan 18 £108,392.98
    NEXT GOAL is sub £105k
    Mortgage-free wannabe 2018 #161
    • Silence101
    • By Silence101 13th Jan 18, 8:52 AM
    • 317 Posts
    • 513 Thanks
    Silence101
    #136 reporting an OP of £7000
    That’s my annual limit until October, so I’ll report back then if we manage more OPs at the end of the year.
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    17/18 OP £7700
    • Blibble
    • By Blibble 13th Jan 18, 12:47 PM
    • 303 Posts
    • 293 Thanks
    Blibble
    #163 reporting a further OP of £13.4 this month

    £124.24 total for the month.
    OnePoll: £109.45 - Populus: £145 - LuckyPhone: £42.40 - FBL: £27.80 - Crowdology: £4.88 - Prolific Academic: £11.03 - Research Opinions: £3.04 - Quidco: £0
    Total extra income: £343.60
    • Rachiedabbler70
    • By Rachiedabbler70 13th Jan 18, 5:27 PM
    • 212 Posts
    • 1,916 Thanks
    Rachiedabbler70
    15 years, three mortgage lenders, one house move and £154k worth of payments (incl. fees and interest - it's all in my spreadsheet ) later my MFW journey is coming to an end.

    My deal ends 31st January which means that I can pay rest of it off in February. It has been hard work, but now I am so happy that I started the journey and MSE forumnites have been great inspiration along my journey. THANK YOU.

    I wish all MFWs good luck on your journeys - it IS worth the effort!

    ps. I'm not in a high paying job, but my previous house went up in value so much that it helped, as did the low interest rate..and also I'm a rate tart
    Originally posted by pennystretcher
    That's so exciting - well done!!
    Blitz that mortgage
    Jun 2016 £152,000
    Jun 2017 £142,575 (6.2% paid)
    Jan 2018 £134,467 (11.5% paid)
    GC Jan 18 £153.55/£220
    MFW 2018 #169 £1,062.22/£12,000 (8.85%)
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