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  • FIRST POST
    • Lomcevak
    • By Lomcevak 23rd Dec 15, 9:39 AM
    • 606Posts
    • 3,741Thanks
    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 46
    • e4rly
    • By e4rly 9th Oct 16, 1:37 PM
    • 40 Posts
    • 358 Thanks
    e4rly
    No. 67 logging in for the first time in a few months (ho hum).

    Still on track though and am now at £5k for 2016. I have also increased my over-payment from November onward to £600, so I should finish just over target by £200.

    It has been great seeing the capital decrease! Really glad this was my 2016 new year resolution.
    Save £12k in 2016: £3,258 / £4,000 (No: 140)
    MFW: £6,200 / £6,000 (No: 67)
    • pavlovs_dog
    • By pavlovs_dog 9th Oct 16, 2:45 PM
    • 9,679 Posts
    • 22,802 Thanks
    pavlovs_dog
    #22 here

    September OP of £555.03 and £530.03 so far for October.
    know thyself

    MFW 2016 #22 - £6469.53 /£6,000 (108%) 1% challenge £920.20 / £1000
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • Mrs_Rachel_Trelfa
    • By Mrs_Rachel_Trelfa 9th Oct 16, 5:28 PM
    • 399 Posts
    • 830 Thanks
    Mrs_Rachel_Trelfa
    Hi all, #6 reporting a £500 overpayment made on Friday. This makes a total of £6,850. Only £150 needed to reach our target and there are still 2 more months to go.
    Last edited by Mrs_Rachel_Trelfa; 09-10-2016 at 6:27 PM.
    House purchased November 2013
    Original MF Date: January 2045 - £104,400
    Current MF Date: March 2036 - £83,501.33
    MFW 2016 #6 £7,350/£7000
    • mortgage destroyer
    • By mortgage destroyer 9th Oct 16, 6:49 PM
    • 81 Posts
    • 511 Thanks
    mortgage destroyer
    No 100 here overpayment for October £300 decided to overpay less on my overpayments and save £250 each month towards a new kitchen, please can u change my yearly target to £5500 thanks x
    • Flower of scotland
    • By Flower of scotland 10th Oct 16, 7:26 PM
    • 28 Posts
    • 168 Thanks
    Flower of scotland
    Thanks for adding me again at #128. I will aim for 3500 by end of year.

    Thanks again
    • worklifebalance
    • By worklifebalance 11th Oct 16, 7:54 PM
    • 9 Posts
    • 98 Thanks
    worklifebalance
    # 57 reporting in. Just completed a remortgage. Were allowed 10% overpayment per year which we did on day 1! So thats a payment of £7866. Unfortunately back to saving for next year's payment

    Total for 2016 £27866
    SPC #459 no 8 2015 £203 2016 £157
    starting mortgage £120,000 June 2012
    OP 2015 £5000, 2016 #57 £28866/ £25000
    • A Frayed Knot
    • By A Frayed Knot 13th Oct 16, 7:39 AM
    • 1,743 Posts
    • 7,994 Thanks
    A Frayed Knot
    #27 . . . .
    So another o/p made of £3.78 making total now £35.58 for October, just to round down my mortgage figure and 2 sub accounts 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 £84.73
    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
    • anna42hmr
    • By anna42hmr 14th Oct 16, 7:41 AM
    • 2,340 Posts
    • 891 Thanks
    anna42hmr
    Hi, number 105 here, can you put me down for £150 so far in october so will be an annual running total so far of £6398.68

    well done everyone for their op's so far.
    MFW # 105

    2015 Target £7000/ Overpaid £8095

    2016 Original Target £4500, Target increased to £5500 / Then increased again to £6000
    Overpaid so far £6866.72 (as at end of November)
    • darcyboo
    • By darcyboo 14th Oct 16, 11:50 AM
    • 60 Posts
    • 332 Thanks
    darcyboo
    #90 reporting an October OP of £497.19.

    Thank you and good luck to all!
    2016 MFW #90. 2016 Target: £6127.11/£8000
    Original MF date June 2032
    New target MF date - Jan 2022
    • girl afraid
    • By girl afraid 14th Oct 16, 6:48 PM
    • 62 Posts
    • 216 Thanks
    girl afraid
    No 82 with an overpayment of £100 for October. Thanks Lomcevak
    MFW 2014 #82 £2000 / £2000
    MFW 2015 #82 £1000 / £1000
    MFW 2016 #82 £1000 / £1000
    • becky170
    • By becky170 16th Oct 16, 6:56 AM
    • 420 Posts
    • 3,731 Thanks
    becky170
    No.7 here with an overpayment of £150 for september. So far managed a £3 overpayment for october.
    MFW 2016 #7 £1695/£2000
    • Lomcevak
    • By Lomcevak 16th Oct 16, 8:30 AM
    • 606 Posts
    • 3,741 Thanks
    Lomcevak
    Spreadsheet updated - well done everyone
    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%)
    • NewMoneySaver13
    • By NewMoneySaver13 20th Oct 16, 2:03 PM
    • 57 Posts
    • 264 Thanks
    NewMoneySaver13
    Hi Lomcevak,


    MFW No.148 reporting in with an OP of £400 for October.


    Thanks
    2016 MFW No.148
    OP Target 2016: £4250
    Monthly Total: £415
    Year To Date: £4915 / £4800
    • Lexi-lu
    • By Lexi-lu 20th Oct 16, 4:23 PM
    • 136 Posts
    • 686 Thanks
    Lexi-lu
    Hello Lomcevak,

    Number 58 overpayment of £690 for October, thank you

    LL
    Mortgage Balance £69,241
    Savings for O/P £7,620
    • Durban
    • By Durban 21st Oct 16, 4:09 PM
    • 49 Posts
    • 156 Thanks
    Durban
    #97 here with overpayment of £320 for October.
    Thanks again Lomcevak and good luck everyone
    Mortgage at highest start date - 25/9/2014 - £92000
    Mortgage now 21/10/2016 - £68,173
    MFD - October 2025 MF Goal Date 2020
    • Lomcevak
    • By Lomcevak 22nd Oct 16, 9:20 AM
    • 606 Posts
    • 3,741 Thanks
    Lomcevak
    Spreadsheet updated - very quiet at the moment, hope you're not all getting fed up with overpaying
    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%)
    • cookie9
    • By cookie9 22nd Oct 16, 2:49 PM
    • 665 Posts
    • 3,360 Thanks
    cookie9
    #91 with £330 for October.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £1720/4000
    • mortgage destroyer
    • By mortgage destroyer 23rd Oct 16, 10:29 PM
    • 81 Posts
    • 511 Thanks
    mortgage destroyer
    No 100 here overpayment for October £300 decided to overpay less on my overpayments and save £250 each month towards a new kitchen, please can u change my yearly target to £5500 thanks x
    Originally posted by mortgage destroyer
    Meant to put can you change target to £4600 please!!
    • Marie27lol
    • By Marie27lol 24th Oct 16, 12:31 PM
    • 236 Posts
    • 1,076 Thanks
    Marie27lol
    Okay, No 127 finally checking back in, with small updates

    July, Aug and Sept = £100/mth
    Oct = £500 maxed
    Nov and Dec £100/mth

    Umm, no-where near my target. So I am sadly going to say, can my target be reduced to £2,500. This is the first time ever, that I have had reduce it since we got the mortgage
    Last edited by Marie27lol; 24-10-2016 at 12:33 PM.
    Got the House, MF aim to do this WAY before 60, and preferably out of it by 50!

    MF2016 #127 £2,050/£2,500 - reduced in Oct

    History OPs (every year £3k target):
    2012-£3k ; 2013-£3,1k ; 2014-£3,325 ; 2015-£3,825
    • catslovelycats
    • By catslovelycats 25th Oct 16, 7:31 PM
    • 1,640 Posts
    • 11,173 Thanks
    catslovelycats
    #80 here
    Sept £700
    Oct £2700

    Thanks
    MFW14 £2228.34/2K MFW15 #80 £11715.86/9K MFW16 £38315.81/9K NOV
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