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  • FIRST POST
    • Lomcevak
    • By Lomcevak 23rd Dec 15, 9:39 AM
    • 605Posts
    • 3,738Thanks
    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: £23,965/£75,000(31.96%), 2016 MFW#12 £12,000/£12,000 (100.00%)
    £30k-in-’15#56 £31,845.60/£30,000 (106.15%)
Page 45
    • darcyboo
    • By darcyboo 30th Sep 16, 6:43 PM
    • 60 Posts
    • 332 Thanks
    darcyboo
    #90 reporting a further September OP of £221.44. This takes my ytd to £5132.73. Still way behind target, and don't think it'll be possible to catch up, or rather, I'm choosing to divert a portion of spare funds to savings with an eye on some alternative future goals.

    Good luck all, you're doing great!
    Last edited by darcyboo; 30-09-2016 at 6:54 PM. Reason: Correction
    2016 MFW #90. 2016 Target: £6127.11/£8000
    Original MF date June 2032
    New target MF date - Jan 2022
    • froddington
    • By froddington 1st Oct 16, 1:46 PM
    • 6,490 Posts
    • 91,970 Thanks
    froddington
    No. 3 - September OP of £300

    Thanks Lomcevak
    "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 2016 £3250
    • ajmoney
    • By ajmoney 1st Oct 16, 3:03 PM
    • 4,733 Posts
    • 54,907 Thanks
    ajmoney
    No 70 reporting an OP for October of £362.89. Thanks Lomcevak.
    2016 MFW No. 70 £3582.88/£3000
    MFiT-T4 No. 70 £7739.41/£329736
    Mortgage £132484.28 Savings £78272(ish)
    Total left to pay/save £54576.28

    • jodles16
    • By jodles16 1st Oct 16, 3:14 PM
    • 1,243 Posts
    • 3,611 Thanks
    jodles16
    #25 with OP of £377 for October!

    Jodles
    MFW2016 #25 6969.57/3820
    MFiT #66
    Overall aim 8106/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- Apr- July- Oct-

    • Mortgage Minimiser
    • By Mortgage Minimiser 1st Oct 16, 3:21 PM
    • 28 Posts
    • 128 Thanks
    Mortgage Minimiser
    # 46 reporting a September OP of £341.84.
    That's takes me to 84.36% to target.

    I shall be back soon with October's OP.

    Good luck everyone.

    MM
    x
    2016 MFW no 46 - 2016 Target - O/P £3500. To date - £3641.26 overpaid this year. 104% of target achieved.

    MFiT - T4 no 59 - Target - reduce mortgage to £195,000 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750. Mortgage at 31/12/15 - £235,906.71. Mortgage @ 4/8/16 - £227,453.43. Mortgage @ 6/11/16 - £224,446.77
    • Lomcevak
    • By Lomcevak 1st Oct 16, 5:25 PM
    • 605 Posts
    • 3,738 Thanks
    Lomcevak
    Spreadsheet updated! Well done all

    Welcome aboard, blubella, you have #81 - good luck!

    I've just done my £600 OP for the month, but now realize I need to find another £118.89 to stay green on MFiT-T4 for this quarter's update - bit of a challenge as this month is expensive (getting horrible old bathroom redone but all sorts of hidden challenges are pushing it over budget ). But must be something left down the back of the sofa...
    Last edited by Lomcevak; 01-10-2016 at 7:40 PM.
    MFiT-T4#126, £135k to 60k: £23,965/£75,000(31.96%), 2016 MFW#12 £12,000/£12,000 (100.00%)
    £30k-in-’15#56 £31,845.60/£30,000 (106.15%)
    • sweepster
    • By sweepster 1st Oct 16, 5:30 PM
    • 440 Posts
    • 876 Thanks
    sweepster
    ooops sorry a little late

    #120 reporting for duty as always.

    My overpayments for September is

    £1033 yeahhhh
    Aim to be mortgage free by 2017
    MFW 2016 overpayments here we go again £10000
    • Lomcevak
    • By Lomcevak 1st Oct 16, 7:45 PM
    • 605 Posts
    • 3,738 Thanks
    Lomcevak
    . But must be something left down the back of the sofa...
    Originally posted by Lomcevak
    Might be beans on toast for the rest of the month, but just OP'd an extra £118.89 so that i'll stay green in MFiT-T4 by a penny
    MFiT-T4#126, £135k to 60k: £23,965/£75,000(31.96%), 2016 MFW#12 £12,000/£12,000 (100.00%)
    £30k-in-’15#56 £31,845.60/£30,000 (106.15%)
    • shangaijimmy
    • By shangaijimmy 1st Oct 16, 9:32 PM
    • 1,814 Posts
    • 7,528 Thanks
    shangaijimmy
    Loving the commitment...who needs fruit and veg anyway!
    MFW: Original June 2036 // Aim March 2025 - 21//120 payments // Avg Daily Interest £6.19
    Aug 2009: £163,051 // Aug 2012: £146,818 // Aug 2015: £131,010 Current: £113,533.22
    MFiT-T4 #8 - 17.63% of £41,000 // 2016 MFW #2 - £6,961.06/£7,200
    • shangaijimmy
    • By shangaijimmy 1st Oct 16, 9:34 PM
    • 1,814 Posts
    • 7,528 Thanks
    shangaijimmy
    #2 reporting in with an OP total of £567.48 for September.
    MFW: Original June 2036 // Aim March 2025 - 21//120 payments // Avg Daily Interest £6.19
    Aug 2009: £163,051 // Aug 2012: £146,818 // Aug 2015: £131,010 Current: £113,533.22
    MFiT-T4 #8 - 17.63% of £41,000 // 2016 MFW #2 - £6,961.06/£7,200
    • laura_hoggle
    • By laura_hoggle 3rd Oct 16, 6:37 AM
    • 460 Posts
    • 1,729 Thanks
    laura_hoggle
    Hi all! #32 reporting in!

    I've just realised I haven't updated here in quite a while-our now nearly 7 month old baby has meant I've not spent much time on here! Have been making overpayments though which I'm pleased with considering I'm on maternity pay.

    We made the following payments in these months:
    May - £509.11
    August - £500

    Which means we've exceeded our target for the year with a few months to go! Will continue to chip away as the maternity pay allows for the rest of the year, but happy we've managed what we have!
    MFW 2016 #32 £1574.66/£1500
    • dark^knight
    • By dark^knight 3rd Oct 16, 10:46 AM
    • 425 Posts
    • 825 Thanks
    dark^knight
    #36 OP for September 2016: £720

    Thanks
    Aiming to be mortgage free by Dec 2018.
    • Chutney86
    • By Chutney86 3rd Oct 16, 6:15 PM
    • 178 Posts
    • 1,850 Thanks
    Chutney86
    #93 with an overpayment of £166 for October

    Thanks Lomcevak
    SPC #23 - 2015 = £319.60 / 2016 = £315.50
    MFW #93 - 2016 = £1562/£1500
    MFiT-T4 #28
    • A Frayed Knot
    • By A Frayed Knot 3rd Oct 16, 11:42 PM
    • 1,742 Posts
    • 7,993 Thanks
    A Frayed Knot
    #27 . . . . o/p made of £30.26 making total now £30.26 for October, just to round down my mortgage figure. OCD and all that

    And that will be it for October. The rest needs to be in my o/p savings pot till January.
    Target reached in July
    allowance left for rounding down £89.92

    o/p savings Pot 730/1000
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
    • twistedhazel
    • By twistedhazel 6th Oct 16, 7:17 AM
    • 192 Posts
    • 1,293 Thanks
    twistedhazel
    no 102 with an extra 235 for sept and 1266 for oct please.
    • Flower of scotland
    • By Flower of scotland 6th Oct 16, 8:06 PM
    • 28 Posts
    • 165 Thanks
    Flower of scotland
    Hi everyone. I've been reading everyone's posts throughout the year but didn't think it was worth me joining this year as I wasn't going to be overpaying. But as you all know once you get the bug it's hard not too. If it's not too late to join can I keep my number 128. I have made the o/p below.

    Feb - 200
    March - 230.62
    April - 232.07
    May - 300
    July - 200
    Aug - 500
    Sep - 500
    Oct - 561.25
    Total 2723.94.

    Thanks
    • Maybe_its_because
    • By Maybe_its_because 7th Oct 16, 2:40 PM
    • 369 Posts
    • 1,057 Thanks
    Maybe_its_because
    Hi

    £30 for our October OP paid. Baby due any day so not sure how things will progress for the rest of the month. depends how good the wifi is in hospital

    Thanks Lomcevak

    MIB x
    MFW2016 #10 £2822/5000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Oct'16 £199,936
    MFiT T4 #24 £8,620/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
    • fluffysox
    • By fluffysox 7th Oct 16, 10:42 PM
    • 1,015 Posts
    • 8,795 Thanks
    fluffysox
    Hi all,
    Lomcevak, I made a few OPs in September as we were tantalisingly close to the 200000 mark on our massive mortgage. So anyway £359.61 in total which took us above our target. (And into a mortgage that starts with 199) I am not intending to make any more OPs this year as we have to pay off a 0% credit card debt before negotiating our next mortgage deal in the Spring. Also have a few annual bills between September and Christmas as well as Christmas and the inevitable expensive build up.
    Anyway, good luck everyone with the rest of 2016
    2016 MFW Aug OP £226 total £1826 TARGET £2000
    2015 MFW OPd 3000 then bought new bigger house with bigger mortgage.
    MFW OPd 2014 £2000 2013 £9700 2012 £2848.39 2011 £2509.58 2010 £11000 2009 £112002008 £4939
    Beautiful boys born May 2011 and October 2013
    • Lomcevak
    • By Lomcevak 8th Oct 16, 8:17 AM
    • 605 Posts
    • 3,738 Thanks
    Lomcevak
    Spreadsheet updated - all the best for the new arrival Maybe_its_because

    Flower of scotland -i've added you in as #128, do you have a target in mind?
    MFiT-T4#126, £135k to 60k: £23,965/£75,000(31.96%), 2016 MFW#12 £12,000/£12,000 (100.00%)
    £30k-in-’15#56 £31,845.60/£30,000 (106.15%)
    • A Frayed Knot
    • By A Frayed Knot 9th Oct 16, 10:10 AM
    • 1,742 Posts
    • 7,993 Thanks
    A Frayed Knot
    Maybe_its_because - all the best for the new arrival, look forward to your announcement.

    #27 . . . . Managed to mess up, thank goodness I still have £88 of my 10% limit to play about with.
    So another o/p made of £1.54 making total now £31.80 for October, just to round down my mortgage figure. OCD and all that

    And that will be it for October. The rest needs to be in my o/p savings pot till January.
    Target reached in July
    allowance left for rounding down £88.38
    Last edited by A Frayed Knot; 09-10-2016 at 10:26 AM.
    Always have 00.00 at the end of your mortgage balance and someday it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    o/p 2014/£4000, 2015/£6294.69 MFW2016 #27 £3101.03/£3000
    £1000/£1000 51.44/33.29=84.73
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