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    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,394Posts
    • 10,859Thanks
    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.).

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

    Links to previous challenges are here

    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!

    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 2
    • Silence101
    • By Silence101 3rd Dec 17, 12:57 PM
    • 317 Posts
    • 515 Thanks
    Hello! My first full year of having a mortgage! I’m hoping to overpay £2000 in 2018. Thanks!
    09/17 Shared Ownership 50% share - Mortgage £77500 Original MFW 2052
    17/18 OP £7700
    • Kittenkirst
    • By Kittenkirst 3rd Dec 17, 4:32 PM
    • 1,703 Posts
    • 9,060 Thanks
    HI HiddenShadow

    Could I please keep #20 with a target of £3000 op please?

    Thanks again
    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
    • erin_transport
    • By erin_transport 3rd Dec 17, 6:52 PM
    • 390 Posts
    • 1,805 Thanks

    Can I join in this year please.
    Aiming for £6500 in small instalments throughout the year on the btl mortgage. Currently sitting at £28k.
    On a mission!

    2018 MFW #138 O/P £128.50 & £140 & £125 of £6000
    • Escapar2020
    • By Escapar2020 3rd Dec 17, 7:25 PM
    • 58 Posts
    • 117 Thanks
    I'd like to be included this year please. Should the target amount be the amount I want to overpay, or the mortgage balance I want to get to by the end of 2018?


    Mortgage 01/01/17: £42,898___ 01/01/18: £30,835
    Scheduled end: July 2028_______Planned MF day: Sept 2020
    • anna42hmr
    • By anna42hmr 3rd Dec 17, 7:46 PM
    • 2,427 Posts
    • 1,017 Thanks
    I'd like to be included this year please. Should the target amount be the amount I want to overpay, or the mortgage balance I want to get to by the end of 2018?


    Originally posted by Escapar2020
    Hi, the target that we each set in this challenge is the amount over the year that you want to overpay. So for example, I have my direct debit set just over £200 higher than it should be so that i automatically overpay each month, so i use this amount x 12 plus what i also think i may be able to afford in lump sum payments on top (which unfortunately for me i think it will just be my monthly amounts this year).

    Different people use other factors to decide what they want to set the target to (i.e pay off x amount to reach the next loan to value or x amount to take the mortgage down to the next 10k bracket, or x amount to clear it by a certain date, others set the target to tie in with the % they are allowed to over pay their mortgage in a set year - i.e some mortgages terms may only allow 10% op without penalty.

    for example, my regular overpayments are also set to enable me to (fingers crossed) pay off my mortgage within the next 10 years as opposed to the remaining 17 1/2 years left on it officially.
    Last edited by anna42hmr; 03-12-2017 at 7:50 PM.
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500
    • twistedhazel
    • By twistedhazel 3rd Dec 17, 7:50 PM
    • 210 Posts
    • 1,361 Thanks
    Hi, please could I keep no 102 if possible? Target of £15000, a stretch but hopefully doable.
    Thanks for running the challenge again hidden.
    • Freysmum
    • By Freysmum 3rd Dec 17, 8:38 PM
    • 176 Posts
    • 1,186 Thanks
    Thanks Hidden for doing this again next year

    Happy to have whatever number allocated to me thanks, Iím going to aim for a target of £8000
    Mortgage 01/2018 £31650 4 years 11 months left, hoping to clear in 1 year and 11 months

    EF £14411/£20000
    • Miss Pinky
    • By Miss Pinky 3rd Dec 17, 9:56 PM
    • 28 Posts
    • 101 Thanks
    Miss Pinky

    Can I keep my number from last year please, #15.

    My overpayment year runs from March to March so I can't make any overpayments in 2018 until March but I will try and pay the full years allowance in 9 months (March to Dec) which is going to be a difficult but possible achievement.

    So..... Miss Pinky, # 15 to attempt to pay £8072.30 in 2018

    Thanks, I do find it really motivating.

    Miss Pinky
    MFW #15 Jan/£500 Feb/£500 Mar/£ April/£ May/£ June/£ July/£ August/£ Sept/£ Oct/£ Nov/£ Dec/
    • wantabetterlife
    • By wantabetterlife 3rd Dec 17, 9:59 PM
    • 1,226 Posts
    • 5,485 Thanks
    Hi HS can I have a target of £5000 for next year and if possible be number 26 again? Thanks
    Mortgage £177,750£166235.33
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £354.06
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105116
    5.14% paid
    Saving £1480
    • becky170
    • By becky170 4th Dec 17, 7:22 AM
    • 440 Posts
    • 3,798 Thanks
    Hi Hiddenshadow,

    Thanks for running the thread again. Can i keep number 7 again? We're aiming for £4500 in 2018. Good luck everyone!

    MFW 2018 #7 £346/4500
    • HOL82
    • By HOL82 4th Dec 17, 9:26 AM
    • 17 Posts
    • 47 Thanks
    Hey, I'd love to take part this year please! No previous number. Target for 2018 is a whopping £30,000 please, got to aim high right!
    (Technically ours is for our house rebuild not overpayments this year, but we took less on the mortgage when buying the property to do it this way round to try to save on the interest and force us to do it in a year and not over the 20 year term of the mortgage so hoping you'll still let me be a part this year)

    HOL x
    • Poppycat1
    • By Poppycat1 4th Dec 17, 9:42 AM
    • 110 Posts
    • 408 Thanks

    Please could you add me to the 2018 challenge?

    I am not sure of my target yet. I am at the last stages of selling my current property for a more expensive one. But it may all fall through over the next couple of days.

    I am part of the 2017 but don't mind a different number.
    MFW 2017 number 25
    • kerry90
    • By kerry90 4th Dec 17, 10:34 AM
    • 16 Posts
    • 53 Thanks
    Thanks for volunteering to arrange this again!
    I'm going to go for a smaller target than we had in 2017 (and will possibly revise up if our bonus is decent as it was last year) - so £7,000 this year please, and would be great if I could keep my number from this year's thread too, 51
    • turtlemoose
    • By turtlemoose 4th Dec 17, 12:52 PM
    • 1,515 Posts
    • 4,403 Thanks
    I'd like in please, don't care about the number. Target is £2100.
    • SimbaK2K
    • By SimbaK2K 4th Dec 17, 2:11 PM
    • 790 Posts
    • 550 Thanks
    I did this a few years ago, and after remortgaging this year, I feel it's about time I did it again. However I feel it'll be a challenge, I now live alone, so it's only me paying the bills, on top of that I'm trying to top up my pension as I only get the minimum from my employer. Add to that trying to create an emergency fund, plus I would like some money for myself after the usual bills. I find it all very daunting at times but that is life right?

    Anyway, give me any number except 13, and I'll set a goal of £400. I wish it could be more, but I'm feeling squeezed as it is and unfortunately will have to start small.
    • SWSEGirl
    • By SWSEGirl 4th Dec 17, 5:31 PM
    • 70 Posts
    • 151 Thanks
    I'd love to join this thread please - I hope to overpay by £6k in 2018, although since we are also planning on starting a family I may have to reassess this! I can't wait to be part of this.

    Thank you xx
    Original Mortgage as of September 2016 = £322,999 Paid off by 2051
    Current Mortgage Balance as of September 2017 = £316,649
    Emergency Savings = £9,661 £10,000 £10,500 £11,200 £11463
    Mortgage OP's Total = £1500 £2200 £2900
    • chocoholic_chick
    • By chocoholic_chick 4th Dec 17, 7:16 PM
    • 621 Posts
    • 3,091 Thanks
    I'd like to join again please, not bothered about the number assigned

    Going to aim to OP the maximum we're allowed to before penalties which is £11,940
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £131,917.65
    2017 OP's:£5,935 2018 OP's: £995 January Grocery Challenge: £ /300
    Total Debt £29,209 £0 Debt free 6/8/16
    • teameffort
    • By teameffort 4th Dec 17, 7:23 PM
    • 64 Posts
    • 229 Thanks
    Hi hiddenshadow

    Thank you for doing this.

    I'm new to this so any number would be good.

    I am pledging to make £6500 of OP's in 2018.

    Mortgage balance as of 1 January 2018 should be £101,100.00

    Many thanks
    Debt Free
    and Saving like mad
    Emergency fund £5,750 | £10,000

    2018 #143 MFW £0.00/£6500
    MFW Dec 17 101,560.00 original end date 2043 goal 2026
    • beanielou
    • By beanielou 4th Dec 17, 7:32 PM
    • 49,489 Posts
    • 186,136 Thanks
    I am going to go for £600.
    Funds are really really tight but it all helps.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Lomcevak
    • By Lomcevak 4th Dec 17, 8:01 PM
    • 675 Posts
    • 4,064 Thanks
    Thanks for doing this again - it's always a great motivation

    I'd like to keep #11 if possible, and will go for £12k in 2018 please - even though I missed my £10k this year, I still have dream that maybe i'll green-up in MFiT-T4 somehow and a £12k target would be a good start towards that
    MFiT-T4#126, £135k to 60k: £48,207/£75,000(64.29%), 2017 MFW#11 £600/£12,000 (5.00%)
    £30k-in-í18#11 £2,207.78/£30,000 (6.13%)
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