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  • FIRST POST
    • Lomcevak
    • By Lomcevak 23rd Dec 15, 9:39 AM
    • 589Posts
    • 3,635Thanks
    Lomcevak
    2016 mfw
    • #1
    • 23rd Dec 15, 9:39 AM
    2016 mfw 23rd Dec 15 at 9:39 AM
    Welcome to the Mortgage Free Wannabe thread for 2016

    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 2016. 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 until 31st December 2016, and you can join or change your target at any time up until that point. 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 want to keep your number from this year then let me know, I won't start allocating numbers until the end of the year. After that, or if you don't have a preference, it will be first come, first served. Then to provide updates or change your target, just post on the thread - I'll 'thank' posts when I pick up the update but 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 MFW2015 number and the month 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 signature or say where you've got to when you post an update 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, although I juggle very busy work and family lives so may be gone for a bit longer at times.

    See how we are all doing on the big MFW 2016 spreadsheet HERE

    List of 2016 MFW numbers, participants and targets: (last updated 03/07/16)

    1 elentan £1,000
    2 shangaijimmy £6,500
    3 froddington £3,000
    4 Mysteek £4,600
    5 clarew £3,072
    6 Mrs_Rachel_Trelfa £7,000
    7 becky170 £2,000
    8 stewby £6,600
    9 ourcornercottage £6,000
    10 Maybe_its_because £5,000
    11 secondtoughest £7,000
    12 Lomcevak £12,000
    13 Xspender £20,000
    14 midnight child £6,000
    15 Miss Pinky £6,000
    16 Southernman £2,500
    17 ang4k £4,000
    18 sarahevie1 £5,600
    19 Sedge123 £2,000
    20 SavvySaver007 £5,400
    21 newgirly £30,000
    22 pavlovs_dog £6,000
    23 Petal88 £1,500
    24 bunty109 £3,000
    25 jodles16 £3,820
    26 apple muncher £13,333
    27 A Frayed Knot £3,000
    28 Mortgagefreemimi2 £30,000
    29 selloptape £1,000
    30 freshcooton £24,000
    31 chocoholic_chic £4,000
    32 laura_hoggle £1,500
    33 norfolkdream £2,070
    34 lorriedriver1988 £750
    35 ecoelle £1,500
    36 dark^knight £25,000
    37 Tree house £9,000
    38 Cazzaswfc £1,500
    39 MoneyMission £3,300
    40 Crumpets £2,000
    41 Bossypants £20,000
    42 emg £3,600
    43 utopiah £10,000
    44 Yorkielass £14,000
    45 5erge £5,000
    46 Mortgage Minimiser £3,500
    47 Wombatchops £3,000
    48 Newme2014 £5,000
    49 PrincessLou £6,469
    50 Miss money penny £4,090
    51 Luckyinlife £4,000
    52 raino144 £20,000
    53 SueP19 £4,800
    54 Beckyy £2,500
    55 runninglea £17,000
    56 hiddenshadow £30,000
    57 worklifebalance £25,000
    58 Lexi-lu £18,900
    59 PiggyBankShaker £6,000
    60 jb_lord £5,000
    61 Ali-OK £12,991
    62 nv200 £11,000
    63 pathtofreedom £4,000
    64 UnionGirl £1,500
    65 My Lovely Carrot £13,000
    66 grastgirl £4,800
    67 e4rly £6,000
    68 skaps £8,500
    69 Nsc-68 £6000
    70 ajmoney £2,000
    71 linzpinz £5,000
    72 Welshlassie £3,500
    73 skye blue £6,000
    74 rasputin_thorpedo £12,389
    75 ldee2111 £1,200
    77 mortgage_girl £11,000
    78 iquit £12,000
    80 catslovelycats £9,000
    82 girlafraid £1,000
    85 TwentySomethingGirl £2,500
    89 diamondsonly £24,000
    90 darcyboo £8,000
    91 cookie9 £4,000
    92 turtlemoose £1,132
    93 Chutney86 £1,500
    97 Durban £3,000
    100 mortgage destroyer £5,000
    102 twistedhazel £10,000
    105 anna42hmr £4,500
    108 purplevamp £5,000
    110 Bluefire £2,308
    120 sweepster £10,000
    123 Sundaysgirl £24000
    132 kbl €600
    137 Kerfuffle £12,000
    148 NewMoneySaver13 £4,250
    Last edited by Lomcevak; 03-07-2016 at 8:56 AM.
    MFiT-T4#126, £135k to 60k: £6,571/£75,000(8.76%), 2016 MFW#12 £2652.79/£12,000 (22.11%)
    £30k-in-’15#56 £12,139.49/£30,000 (40.46%)
Page 44
    • emg
    • By emg 11th Sep 16, 9:22 PM
    • 1,302 Posts
    • 4,285 Thanks
    emg
    No. 42 here, havent reported in ages and pleased to say have paid off another £5,114.86 since my last post making my total for the year so far £8524.42 Pleased to see everyone doing so well!

    Edited to add - am going to go for £10,000 as my year end goal now
    MFW 2016 no. 42 £8524.42/£10,000
    • becky170
    • By becky170 15th Sep 16, 7:50 PM
    • 417 Posts
    • 3,726 Thanks
    becky170
    Better late than never. No. 7 reporting an overpayment of £157 for August Thanks!
    MFW 2016 #7 £1223/£2000
    • girl afraid
    • By girl afraid 16th Sep 16, 10:37 AM
    • 58 Posts
    • 210 Thanks
    girl afraid
    No 82 with an overpayment for September of £100, thanks Lomcevak
    MFW 2014 #82 £2000 / £2000
    MFW 2015 #82 £1000 / £1000
    MFW 2016 #82 £900 / £1000
    • Lomcevak
    • By Lomcevak 17th Sep 16, 11:48 AM
    • 589 Posts
    • 3,635 Thanks
    Lomcevak
    Spreadsheet updated - quiet week this week, but well done emg for raising your target for the second time this year
    MFiT-T4#126, £135k to 60k: £6,571/£75,000(8.76%), 2016 MFW#12 £2652.79/£12,000 (22.11%)
    £30k-in-’15#56 £12,139.49/£30,000 (40.46%)
    • Durban
    • By Durban 22nd Sep 16, 9:54 AM
    • 46 Posts
    • 152 Thanks
    Durban
    #97 here with £185 payment for Sept.
    2 reasons to celebrate. We came to the end of our 2 year fixed deal and are now going on to a cheaper deal of 1.79 percent fixed for 2 years.
    Second reason to celebrate is that we have now left 'the 70's' and now in 'the 60's'.
    Thanks again Lomcevak.
    Mortgage at highest start date - 25/9/2014 - £92000
    Mortgage now 20/9/2016 - £69,254
    MFD - October 2025 MF Goal Date 2020
    • emg
    • By emg 24th Sep 16, 11:13 AM
    • 1,302 Posts
    • 4,285 Thanks
    emg
    Spreadsheet updated - quiet week this week, but well done emg for raising your target for the second time this year
    Originally posted by Lomcevak
    Thanks, I think I was super-cautious with my first target, but I didnt realise that i would get pretty much obsessed, practically every purchase I find myself thinking 'this money could be paying off my mortgage' and it has really stopped me buying so much random crap and made me push to save as much as I can!
    MFW 2016 no. 42 £8524.42/£10,000
    • hiddenshadow
    • By hiddenshadow 24th Sep 16, 11:26 AM
    • 1,628 Posts
    • 7,402 Thanks
    hiddenshadow
    #56 reporting £2,675.95 for September.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Sept '16 £132,9992 (£5,101 offset)
    Payment 32/84 / 2016 MFW #56: £28,677/£30,000 95% / MFiT-T4 #15: £26,508/£90,000 29%
    • bunty109
    • By bunty109 24th Sep 16, 1:20 PM
    • 1,150 Posts
    • 2,738 Thanks
    bunty109
    #24 with £631.92 for September. Might add a bit more, but doubt it at the moment!
    MFW 2016 #24 £4966.64/£7500
    MFi3 v4 #53 £7538/£39387
    Tilly Tidy #7 £228.46/250
    109 Months to mortgage freedom - Currently month 9
    • Southernman
    • By Southernman 24th Sep 16, 6:01 PM
    • 562 Posts
    • 1,884 Thanks
    Southernman
    #16 £220 for September please!!!
    Mortgage Free Wannabe £3850/£3500
    Mortgage Debt May 2011- £90,000
    December 2014 £69,993
    Goal- May 2016 £60,000
    • Lomcevak
    • By Lomcevak 24th Sep 16, 7:09 PM
    • 589 Posts
    • 3,635 Thanks
    Lomcevak
    Spreadsheet updated - another rather quiet week, hopefully the rest of you aren't getting bored of OP's otherwise i'll have to send a search party out
    MFiT-T4#126, £135k to 60k: £6,571/£75,000(8.76%), 2016 MFW#12 £2652.79/£12,000 (22.11%)
    £30k-in-’15#56 £12,139.49/£30,000 (40.46%)
    • ajmoney
    • By ajmoney 24th Sep 16, 8:41 PM
    • 4,686 Posts
    • 54,637 Thanks
    ajmoney
    Spreadsheet updated - another rather quiet week, hopefully the rest of you aren't getting bored of OP's otherwise i'll have to send a search party out
    Originally posted by Lomcevak
    Maxed our money out for our OP at the beginning of the month, I am planning on doing the same kind of thing next month. Be careful what you wish for as I reckon you will be fairly busy next weekend
    2016 MFW No. 70 £2365.75/£3000
    MFiT-T4 No. 70 £5829.87/£329736
    Mortgage £135908.98 Savings £72904(ish)
    Total left to pay/save £63004.98

    • cookie9
    • By cookie9 25th Sep 16, 1:22 PM
    • 643 Posts
    • 3,295 Thanks
    cookie9
    No 91 with £330. Finally back on regular ops again.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £1720/4000
    • ang4k
    • By ang4k 26th Sep 16, 3:42 PM
    • 35 Posts
    • 210 Thanks
    ang4k
    Hi
    No 17 here with a £350 overpayment for September

    Thank you ��
    2015 MFW no 17 : 2600/2000
    2016 MFW no 17: 3200/4000
    MFiT-T4- reduce mortgage from 61000 to 40000
    • runninglea
    • By runninglea 27th Sep 16, 2:49 PM
    • 775 Posts
    • 1,105 Thanks
    runninglea
    Hi number 55 - overpayment 0f £3,400 please.

    Might get one more of £1700 before christmas

    Thanks
    Year 2016 (5100/£17068mortgage repayment)Overall mortgage (27,200/165568) (16.5%) (16/100) payments made. Total paid 2016 year £5,100
    Total paid 2016 year £5,100
    • Lexi-lu
    • By Lexi-lu 27th Sep 16, 4:02 PM
    • 129 Posts
    • 654 Thanks
    Lexi-lu
    Hello,

    Number 58 overpayment of £690 total for September.

    Thank you Lomcevak
    Mortgage Balance £70,280
    Savings for O/P £6,350
    • rasputin_thorpedo
    • By rasputin_thorpedo 28th Sep 16, 7:41 AM
    • 293 Posts
    • 1,627 Thanks
    rasputin_thorpedo
    £1127.08 payday overpayment

    For some reason I hit my £162k mortgage balance target but still have £500 odd to go on this challenge - weird, I though they were in sync. Never mind, I'll hit it next month for sure

    MvM
    May15 Mortgage - £185k | Dec16 - £162k | Dec17 - £142k | Dec18 - £120k | Dec19 - £97k | Dec20 - £73k | Dec21 - £46k | Dec22 - 18k | May23 - £0 Mortgage Free at 40 in May23!
    • Cazzaswfc
    • By Cazzaswfc 28th Sep 16, 9:11 PM
    • 44 Posts
    • 77 Thanks
    Cazzaswfc
    £94.50

    Quite pleased as I'm off on holiday on Friday but have tried to just make small payments each week and be frugal.
    Sealed Pot challenge 9 - number 049 - Target £250

    MFW 2016. No 38. £1154.60/£1500

    Mortgage at December 2015. £55003.41
    Current MF date November 2034
    • blubella
    • By blubella 29th Sep 16, 5:57 AM
    • 379 Posts
    • 2,095 Thanks
    blubella
    I know i'm a little late to the party but please can I join?

    I remortgaged to reduce my debts (...yes, I know...already been told off, but it was the best decision for me).. This has freed up a little money to over pay; I want to reduce my debt and shave off a few years of my term before the mortgage ends. I'm on a 5 year fix at 2.49%.

    Mortgage is currently £112,553.76

    My goal is to pay £1050 before the end on the year.



    Last edited by blubella; Today at 6:10 AM.
    Light Bulb Moment Aug 2015 ~ £24758.52
    Dec 2015 ~ DEBT Cards £18046.78 Sep 2016 £9610 + Bank of Mum & Dad 4687.60 - PAID

    Make £10 a Day 2016: JAN £299.11/310 FEB £404.19/290 MAR £315.20/310
    DFBX2016 ~ #101 £13773.78/£8750 DFBX2015 ~ #101 £3811.87/£3000

    Success is the good fortune that comes from aspiration, desperation, perspiration & inspiration ~ Evan Esar
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