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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,234Posts
    • 10,101Thanks
    hiddenshadow
    2017 mfw
    • #1
    • 11th Dec 16, 10:44 AM
    2017 mfw 11th Dec 16 at 10:44 AM
    Welcome to the Mortgage Free Wannabe thread for 2017

    Many thanks to Lomcevak for running the thread the past few years. I've blatantly stolen the starting post from 2016's thread.

    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 2017. 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 2017, 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.

    Links to previous challenges are here

    TO JOIN
    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 2017 calendar year when setting your target.

    UPDATES
    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 MFW2017 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.

    See how we are all doing on the big MFW 2017 spreadsheet HERE
    Last edited by hiddenshadow; 21-12-2016 at 9:35 AM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
Page 1
    • lippy1923
    • By lippy1923 11th Dec 16, 10:50 AM
    • 1,230 Posts
    • 3,428 Thanks
    lippy1923
    • #2
    • 11th Dec 16, 10:50 AM
    • #2
    • 11th Dec 16, 10:50 AM
    Yes please


    Thank you for doing this Hidden. My target will be £6k in total for 2017.
    Last edited by lippy1923; 12-03-2017 at 8:01 AM. Reason: Edited target
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £93,703
    Emergency Fund £25,500

    • Miss D Meanour
    • By Miss D Meanour 11th Dec 16, 11:00 AM
    • 91 Posts
    • 640 Thanks
    Miss D Meanour
    • #3
    • 11th Dec 16, 11:00 AM
    • #3
    • 11th Dec 16, 11:00 AM
    Good morning Hiddenshadow

    Could I join this challenge? My overpayment target for 2017 is £7,000

    Thank you so much for getting it started today, it's perfect timing!
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 10. #574. .......... How much will you spend 2017? #9
    Xmas 2017 - #40: £391 / £365. .......... CCCC 2017 - #9: £122 / £150
    PAYDBX 2017 #23: £6,540.26 / £8,100. .......... MFW2017 - #2: £5,808.10 / £7,000
    No matter how far you go, you always take yourself with you
    • OS QS
    • By OS QS 11th Dec 16, 11:13 AM
    • 319 Posts
    • 2,039 Thanks
    OS QS
    • #4
    • 11th Dec 16, 11:13 AM
    • #4
    • 11th Dec 16, 11:13 AM
    Hello!

    Please can I join this challenge? Thanks for getting this underway

    I'll update with my overpayment target for 2017 later today once I've had a wee play with the numbers

    X
    Mortgage Balance -£68,800
    Savings Balance £12,000
    Total debt : -£56,800
    • lippy1923
    • By lippy1923 11th Dec 16, 11:18 AM
    • 1,230 Posts
    • 3,428 Thanks
    lippy1923
    • #5
    • 11th Dec 16, 11:18 AM
    • #5
    • 11th Dec 16, 11:18 AM
    Hey Hidden, I see you have put a ? next to my number. I don't really mind what number I am. Whatever is next available on the list I guess
    Total Mortgage OP £17,500
    House Value £250,000 Mortgage £93,703
    Emergency Fund £25,500

    • obay
    • By obay 11th Dec 16, 11:30 AM
    • 339 Posts
    • 194 Thanks
    obay
    • #6
    • 11th Dec 16, 11:30 AM
    • #6
    • 11th Dec 16, 11:30 AM
    Hi,

    can I join in this year? I am looking to pay £6k off my mortgage this year, I am currently £5,449.03 away from my target! I have a mortgage balance of £150,889.00 currently. I've sent £550.97 to this already this month.
    Last edited by obay; 11-12-2016 at 11:33 AM.
    1/12/16 - £152,599.00
    • Tropically
    • By Tropically 11th Dec 16, 11:33 AM
    • 129 Posts
    • 370 Thanks
    Tropically
    • #7
    • 11th Dec 16, 11:33 AM
    • #7
    • 11th Dec 16, 11:33 AM
    My 2017 goal is £7,000.Thanks for running the list again!
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 11:44 AM
    • 2,234 Posts
    • 10,101 Thanks
    hiddenshadow
    • #8
    • 11th Dec 16, 11:44 AM
    • #8
    • 11th Dec 16, 11:44 AM
    Hey Hidden, I see you have put a ? next to my number. I don't really mind what number I am. Whatever is next available on the list I guess
    Originally posted by lippy1923
    I'm waiting until the end of the year to do the first come, first served numbers to see who wants to keep their current numbers.

    Hi,

    can I join in this year? I am looking to pay £6k off my mortgage this year, I am currently £5,449.03 away from my target! I have a mortgage balance of £150,889.00 currently. I've sent £550.97 to this already this month.
    Originally posted by obay
    Hi obay, the challenge will run starting January 1, so would you like to revise your target? Happy to set it to £5,449.03 if you don't mind non-tidy numbers.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • obay
    • By obay 11th Dec 16, 11:55 AM
    • 339 Posts
    • 194 Thanks
    obay
    • #9
    • 11th Dec 16, 11:55 AM
    • #9
    • 11th Dec 16, 11:55 AM
    I'm waiting until the end of the year to do the first come, first served numbers to see who wants to keep their current numbers.



    Hi obay, the challenge will run starting January 1, so would you like to revise your target? Happy to set it to £5,449.03 if you don't mind non-tidy numbers.
    Originally posted by hiddenshadow
    Alright, I suppose I can start with another target of £6000 in January! That doesn't matter to me!
    1/12/16 - £152,599.00
    • Mortgage Minimiser
    • By Mortgage Minimiser 11th Dec 16, 2:18 PM
    • 40 Posts
    • 186 Thanks
    Mortgage Minimiser
    Hi Hiddenhadow

    Id love to join up to 2017 please. I had #46 in the 2016 challenge, so it would be great to retain that number if possible

    O/P target for 2016 will be the same as this year - £3500 please

    Thank you!

    MMx
    2016MFW# 46 O'Pd-104% ; 2017MFW #46 Tgt £7500. Paid £5146.52
    MFiT-T4 # 59 - reduce mortgage to £195,000 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750.
    Mortgage at 31/12/15 - £235,906.71.
    Mortgage @ 31/12/16 - £224,120.98
    Today - £212,885.24
    • Jessy103
    • By Jessy103 11th Dec 16, 2:27 PM
    • 448 Posts
    • 1,889 Thanks
    Jessy103
    Hi Hiddenshadow,

    Please could I join the 2017 challenge? My O/P target will be £5000.

    Thank you!
    Jess
    • Loan soldier
    • By Loan soldier 11th Dec 16, 2:31 PM
    • 52 Posts
    • 64 Thanks
    Loan soldier
    I would like to get involved.

    My target is £1842.

    Thanks in advance,
    • jb_lord
    • By jb_lord 11th Dec 16, 3:58 PM
    • 59 Posts
    • 112 Thanks
    jb_lord
    Hi - can I join for 2017 please and keep no. 60 if poss.

    Target is £2500.

    Many thanks.
    2017 MFW #60. £1893.06/£2500
    2016 MFW #60. £2175.51/£5000
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 4:10 PM
    • 2,234 Posts
    • 10,101 Thanks
    hiddenshadow
    Got everyone, I think. Will update the spreadsheet later this week.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • Kerfuffle
    • By Kerfuffle 11th Dec 16, 4:21 PM
    • 1,361 Posts
    • 11,488 Thanks
    Kerfuffle
    I'd like to join again please

    # 137

    Target 12000.00
    Last edited by Kerfuffle; 29-01-2017 at 4:51 PM.


    • anna42hmr
    • By anna42hmr 11th Dec 16, 5:13 PM
    • 2,376 Posts
    • 947 Thanks
    anna42hmr
    Hello, I would like to take part in 2017 challenge too, I have had number 105 in prior years so would be great if i could keep that one too. My target for 2017 will be slightly lower due to some other commitments, but can you put me down for £3500.

    Many thanks
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / £2937.34 so far as at September
    • ourcornercottage
    • By ourcornercottage 11th Dec 16, 5:37 PM
    • 1,506 Posts
    • 7,483 Thanks
    ourcornercottage
    Yes please £6000 op again number 9
    £119,375.00 MFW16 #9 £3952.49/£6000 Jan-£536.60 Feb-610.39 Mar-£1006.22 Apr-£549.92 May-£739.57 Jun-£504.79 July-£5 (reg op £199.17)
    Kw gen'd 12/15-94 1/16-132 2/16-236 3/16-231 4/16-419 5/16-438 6/16-375 7/16-0
    Save 12k 2016 #59 - £3708.48/£3000 || MFiT-T4 #12 - £67000
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 5:38 PM
    • 2,234 Posts
    • 10,101 Thanks
    hiddenshadow
    I've checked my spreadsheets and settled on £20,000 for 2017's target. This may be completely unrealistic, but I based it on continuing aggressive OPs through April and then continuing with standard payment for the rest of the year.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Oct '17 £106,575
    2017 MFW #56: £13,093/£20,000 65% / MFiT-T4 #15: £52,924/£90,000 58%
    • twistedhazel
    • By twistedhazel 11th Dec 16, 6:10 PM
    • 205 Posts
    • 1,339 Thanks
    twistedhazel
    Thanks for running the challenge this year hidden. Could I keep number 102 please. I'll set an initial target of 12000 but will look at all the figures in the new year and see if we can aim abit higher. Looking forward to the next year of seeing the mortgage reduce.
    • Allotrope
    • By Allotrope 11th Dec 16, 6:20 PM
    • 155 Posts
    • 401 Thanks
    Allotrope
    Please could I join? After some very good advice I have decided not to repay as much as I can, but repay the amount it would take to clear my mortgage by 55, and put the rest into a pension pot. So to this end I'm only aiming to repay by £1500 this year.
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