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    2011 mfw
    • #1
    • 11th Dec 10, 11:17 AM
    2011 mfw 11th Dec 10 at 11:17 AM
    click here for easy updates click here to see how we're all doing

    Welcome to the thread for everyone starting or continuing their MFW journey in 2011.

    Hopefully many of us will want to continue the hard work that we have put in to overpaying our mortgages in 2010, 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:
    1. Complete the online form (please note it's not automatic, I update the spreadsheet when I get around to it ); or
    2. send me a private message (PM); or
    3. 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 2011 and then on a monthly basis your overpayment for the month and a year to date figure - including your MFW 2011 number please

    There is no cut off point for joining the thread and the challenge (except the 31st December 2011 ) 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 no matter how smallAlso, if you have a diary on MSE it can be linked to the first posts if you want, just let me have the link.

    To see our previous successes, please see the 2010 MFW challenge and Zavarony's 2009 MFW thread that I shamelessly plagiarised

    Good luck to us all!
    Last edited by cake21; 05-01-2011 at 9:36 AM.
Page 48
  • Spiggle
    Hi All,

    No.40 very late with my October update.

    Ok, so after last months disaster with the offset OPs I managed to up the payment this month and will do next month and December hopefully, which will bring the reg saver (into which the offset is going) back up to the max amount I can save.

    I've updated the googledoc for October with a combination of OP and offset amount of £898. Ooops, just realised I've put the wrong amount on the docs and will go back to change it.

    I had my annual statement at the beginning of the month which caused quite a bit of confusion for me with my spreadsheet. I had too many calculations in it and was driving myself potty! So, I've done myself a new one that will run concurrently with my mortgage year and hopefully my head won't get in a spin with that. It should also still let me do a calendar year challenge again in 2012 too.

    Well that's about it from me. Thanks again to the wonderful Cake!

    All the best,
    MFW2012 No.6 OP Target £8400/8777
    MFW2013 No.1 OP - Mortgage free October 2013
    MFiT-T3 No.11 - Clear £38,3450.50 - Mortgage free October 2013
    MF October 2013
    • rockabelle
    • By rockabelle 26th Oct 11, 8:53 AM
    • 80 Posts
    • 467 Thanks
    No 114 here. Just paid 2000 off! Balance now at 282,175.

    I'm now paying £30 a month less in interest than I was when I took
    out the mortgage in April - overpaying really works!
    MFiT T3 no 115, MFW 2015 no 65
    April 2011 balance when mtg started 300,000
    March 16 2015 balance - 165,972
    MFiT T3 target 190,000 - REACHED!!!!
    • rockabelle
    • By rockabelle 26th Oct 11, 11:17 AM
    • 80 Posts
    • 467 Thanks
    I've also just discovered that my mortgage balance is where it's supposed to be after 2 years of payments, and I've only had the mortgage for 6 months! Very pleased with that!
    MFiT T3 no 115, MFW 2015 no 65
    April 2011 balance when mtg started 300,000
    March 16 2015 balance - 165,972
    MFiT T3 target 190,000 - REACHED!!!!
    • blizeH
    • By blizeH 27th Oct 11, 10:08 AM
    • 1,151 Posts
    • 530 Thanks
    That must be an awesome feeling to be so far ahead after a short time!

    Just checking in to try and get motivated, had a very financially reckless few months which I still haven't properly recovered from, and haven't made an overpayment for months as a result. My initial target was very overly ambitious, but somehow I managed to stay in track... now I'd say there is basically zero chance that I'll meet it. ;_;
    • rockabelle
    • By rockabelle 27th Oct 11, 3:31 PM
    • 80 Posts
    • 467 Thanks
    It is indeed awesome! What's also great, is that I've apparently saved about 28k of interest too (Initial expected total interest to be paid, assuming rates stay the same for the whole mtg, was 94,300, and it's now down to 63,000 (plus the 3.4k I've already paid)
    I knew overpaying was good etc, but I have to admit, I never though that by paying off an extra 13k, I'd save 28k! Bonkers, and I'm now going to have to keep up the good work!
    MFiT T3 no 115, MFW 2015 no 65
    April 2011 balance when mtg started 300,000
    March 16 2015 balance - 165,972
    MFiT T3 target 190,000 - REACHED!!!!
    • Barny1979
    • By Barny1979 27th Oct 11, 6:47 PM
    • 3,011 Posts
    • 25,842 Thanks
    Payment of £404.19 made to get to £35k overall :-)
  • Poppycat1
    Hi, I don't post often but I am still keeping up with the challenge.

    Just declared an overpayment of £45 for September. This takes my total overpayment to £3751 which leaves my outstanding mortgage £107,385.

    Since mid September I have been putting the overpayment into a savings account attached to mortgage (offset) and now have £290.

    So the total is £4086 paid off this year so far this year, £1914 to find to get to my target of £6000.
    Morgage now = - £99,400

    Paid off in 2014 - nil
    Mortgage at the start of 2014 - £99,400
    • fillyfop
    • By fillyfop 27th Oct 11, 8:32 PM
    • 318 Posts
    • 1,627 Thanks
    I fully fell off the MFW wagon The last 3 months in a row I've actually had overSPENDS (I'm on an offset mortgage so it's very easy to fall into that trap!) and I struggle to think how!

    So, having seen how quickly and easily I undid all my previous good work, I started getting serious again. I did a spending diary for a month then set achieveable targets for spending in each category. I'll allow myself to overspend only if I have a previous underspend in the same category to net it out.

    So, all in all, ... my October result is that I've overpaid by £629.88 About time!! I'm thrilled with the turn around I managed and with the backup of the spending diary and targets, I'm sure I can stick with my progress!
    • Emsky123
    • By Emsky123 28th Oct 11, 8:40 AM
    • 180 Posts
    • 439 Thanks
    Last payment of the year sent - £1000, Im now at my OP limit and cannot make any further OP's till next April

    Still i have OP by £9300 this year so cant complain and will still save my OP's ready for next years attack!
    Balance as at Dec 2010 £88,000
    Balance as at Oct 2013 £0

    Original MF date 01.05.2027
    Morgage free as of 24/10/2013 (13.5 years early)
    • blizeH
    • By blizeH 28th Oct 11, 4:25 PM
    • 1,151 Posts
    • 530 Thanks
    I can't believe I'm saying this just after my post above, but pay day today and I've managed to overpay £1,000! (will hopefully not regret that when my mortgage comes out next month) - back on it! Really hate that my OCD keeps getting the better of me, and won't let me overpay in non-round figures - really bad reason for stretching myself, argh.
    • Barny1979
    • By Barny1979 28th Oct 11, 7:55 PM
    • 3,011 Posts
    • 25,842 Thanks
    £10,500.00 for 2011 now
  • pammyj74
    £200 OP for NOV, total now £7800 for the year.

    MPs left feb '08 276- Dec 13 36 MB Jan 10 ~ £82,377 Dec 13 ~ £29987
    EMFD was Feb 32 NOW Dec 2013 its Dec 2016
    MF new target Dec 16 REACHED!!
    • uzubairu
    • By uzubairu 29th Oct 11, 11:05 AM
    • 1,170 Posts
    • 3,134 Thanks
    Since the last update, I've gone and purchased a new (pre-registered) car.
    Got a good value for my traded-in car and the new car was discounted too.
    The difference was funded from the mortgage overpayments savings (£7,500), so overpayment savings have decreased and I've revised my year end target to reflect this.

    October Update
    October overpayment :- £950
    Year To Date Overpayments (revised) are:- £11,054.
    Mortgage at the start (July 2006 - 25 year term) = £113,000
    MFiT-T3 No.19 (Target 1 = £0) (Target 2 = £35K)
    Sep 9 Mortgage - OP Savings = £0
    Jan07 £111,807 Jan08 £105,607 Jan09 £97,343 Jan10 £81,723 Jan11 £61,785 Jan12 £41,712 Jan13 £13,157

    • originalmiscellany
    • By originalmiscellany 29th Oct 11, 8:09 PM
    • 1,541 Posts
    • 3,762 Thanks
    3K paid for this month - looking good! All thanks to a great wife who is willing to support 100%. What a woman she is
    I think it's a total of 32k this year.

    Feb 2012 - onwards MF achieved
    Aims: 1) To pay off mortgage, 2) To clear Stooged CC by July 2012 3) To save 3.6k into First Direct Easy Save Pot (Done March 2013) and ongoing every month 4) Get some money into Zopa - Currently £5000
    • originalmiscellany
    • By originalmiscellany 29th Oct 11, 8:10 PM
    • 1,541 Posts
    • 3,762 Thanks
    And well done Rockabelle! It sounds like you're doing an amazing job. Isn't it addictive seeing you save a fortune

    Feb 2012 - onwards MF achieved
    Aims: 1) To pay off mortgage, 2) To clear Stooged CC by July 2012 3) To save 3.6k into First Direct Easy Save Pot (Done March 2013) and ongoing every month 4) Get some money into Zopa - Currently £5000
    • pavlovs_dog
    • By pavlovs_dog 30th Oct 11, 1:31 PM
    • 9,444 Posts
    • 20,320 Thanks
    just OP's £100, which means we've beat our 2011 target of £1500 already Now aiming to hit £1800 for the year

    #217 yearly total to date: £1535
    know thyself

    MFW 2015 # 69 - £857.55/£3,000 (28.6%)
    MFiT T3 #29 £106k by 2015

    Nid wy'n gofyn bywyd moethus...
    • Barny1979
    • By Barny1979 30th Oct 11, 3:13 PM
    • 3,011 Posts
    • 25,842 Thanks
    £54.09 paid today and I've reduced my mortgage by £40k since July 2009
  • curlygirl1971
    Have just updated googledocs with £208 payment already made on 1st October and £208 payment going out tomorrow.

    Haven't posted on this thread for a while but have been popping in and reading everyone else's updates and been really encouraged which has helped. I think I've got Money-Saving-Fatigue, although I've never been a hard-core MSE'er I seem to have bored myself with it and need a bit of shake-up. I've not been doing very well with my budgeting/spending recently (several months) although I have kept up my minimum OP's.

    I've made a couple of silly mistakes (ie. not spending enough on the right cards to get threshold rewards, forgetting to cancel a subscription before end of free trial) and am not planning meals as I should which is resulting in spending more than I need to on food.

    Then I went a bit crazy in a couple of shops on Saturday - I was going to a family halloween party and bought some stuff I knew my little nieces would get a kick out of - I'm such a softie! I can't help it. Grand total of £28 on costume items, decorations and spooky music.....we had a great party, the kids had a great time, I screamed myself hoarse; but I didn't need to spend all that money . (I did look particularly Wicked in my Green & Black stripey tights though, but think painting my face, chest and arms green was a mistake. It's day 2 after the party and I'm sat here in work looking like a sickly 'Fiona' from Shrek.) if this was a school report it would probably say 'Could do better'. I need to pull my socks up and avoid going crazy at Xmas doing the same again just to see the pleasure on my nieces faces - they really are my week spot

    Mortgage balance is going to be around £30510 tomorrow once payments have been deducted and interest added. So that's looking great and I'm hoping to get below the £30k in December - which will be my regular £208 plus a little bit of cashback that's due and then a top up from Savings.

    Keep plugging away everyone! Fight the good fight!
    • froddington
    • By froddington 31st Oct 11, 9:42 PM
    • 6,370 Posts
    • 90,483 Thanks
    No 128 - £200 OP made today
    "There's only one way of life - and that's your own"
    Depression is not a sign of weakness; it's a sign you have been strong for too long
    MFW No.3 Mortgage OPs 2015 £2500
    Declutter the house 2015 = 268/2015
  • MsWow
    I've also just discovered that my mortgage balance is where it's supposed to be after 2 years of payments, and I've only had the mortgage for 6 months! Very pleased with that!
    Originally posted by rockabelle
    I've saved 13 months by OP . It's sooo addictive

    Does anyone knows if Cake21 it's alright? She hasn't updated the list since September...

    I wish you all a productive November .
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