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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,241Posts
    • 10,111Thanks
    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 2
    • greent
    • By greent 11th Dec 16, 6:35 PM
    • 6,298 Posts
    • 63,785 Thanks
    greent
    May I join please? I do not mind what number I have

    I was in this challenge in previous years for our mortgage, but now we're attacking (gently!) the BTL mortgage which is interest only. I'd therefore like to set my target to £3286 which will repay the smallest sub account off completely. If I do anything above this then great - but I'm trying to do it just from rental income 'excess', so hopefully there won't be any nasty bills in 2017 which would upset my plans!
    x
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) Bal 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    Next: BTL Mtge 12/16 £69786. 2017 OPs (#18) £4607/£3286
    Net sales 2017 £1202.80/£500 PAYDOX17 £11635/£10k Decluttered 1650/2017 items
    • froddington
    • By froddington 11th Dec 16, 8:30 PM
    • 6,574 Posts
    • 92,923 Thanks
    froddington
    Hi, I'd like to keep No. 3 if possible and to set a target of £3000.

    Thanks for setting up the thread hiddenshadow
    "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 2017 £2650
    • Lomcevak
    • By Lomcevak 11th Dec 16, 8:32 PM
    • 653 Posts
    • 3,981 Thanks
    Lomcevak
    Yay, thank you for taking over hiddenshadow

    Please can I keep my #12 and i'm going to set a target of £10,000 for 2017
    MFiT-T4#126, £135k to 60k: £41,152/£75,000(54.88%), 2017 MFW#11 £6,756/£10,000 (67.56%)
    £30k-in-’17#56 £25,805.40/£30,000 (86.02%)
    • bournefree
    • By bournefree 11th Dec 16, 8:43 PM
    • 98 Posts
    • 240 Thanks
    bournefree
    Hello, not been on this before, but my target is £18,500 which will clear my mortgage totally by November 2017.
    MFW #59 2017 target met, now mortgage free!
    • obay
    • By obay 11th Dec 16, 8:45 PM
    • 340 Posts
    • 194 Thanks
    obay
    Hello, not been on this before, but my target is £18,500 which will clear my mortgage totally by November 2017.
    Originally posted by bournefree
    Wouldn't you owe them £4? :O
    1/12/16 - £152,599.00
    • cookie9
    • By cookie9 11th Dec 16, 8:50 PM
    • 733 Posts
    • 3,623 Thanks
    cookie9
    Can I have #91 again? This year target is 4500. Thank you.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £4040/4000
    MFW 91 op 2017 £812/4500
    • bournefree
    • By bournefree 11th Dec 16, 8:52 PM
    • 98 Posts
    • 240 Thanks
    bournefree
    Ha ha! Each month as the interest goes down I change down all the future interest payments on my trusty spreadsheet (do other people do this, I wonder?!), so hopefully it will not be £4 owing at the end.
    MFW #59 2017 target met, now mortgage free!
    • obay
    • By obay 11th Dec 16, 8:55 PM
    • 340 Posts
    • 194 Thanks
    obay
    Ha ha! Each month as the interest goes down I change down all the future interest payments on my trusty spreadsheet (do other people do this, I wonder?!), so hopefully it will not be £4 owing at the end.
    Originally posted by bournefree
    Your not alone at all!
    1/12/16 - £152,599.00
    • bournefree
    • By bournefree 11th Dec 16, 9:06 PM
    • 98 Posts
    • 240 Thanks
    bournefree
    In fact, the spreadsheet exists for 2018 as well, which shows just how much I will be able to save. The thought of impending redundancy / retirement will spur me on, as by the end of 2017 I will be able to really save in earnest (there should be a building society called Earnest!).
    MFW #59 2017 target met, now mortgage free!
    • newgirly
    • By newgirly 11th Dec 16, 9:20 PM
    • 5,805 Posts
    • 39,706 Thanks
    newgirly
    Many thanks for running the thread hiddenshadow, it's much appreciated

    I'd like to take part again this year but have not set a target yet, can I pop back with a target in a few days please, and cheekily ask for the same number again 21 if possible

    Cheers, newgirly
    MFW 21
    Target for 2017 £38,545 / £14,264 paid so far

    Mortgage £47,330 4 years 8 months left. Total owed £63,993 planning to clear in 24 months
    WW target - 29.5 lb start date 11/5/17 so far 16.5lb lost.
    • becky170
    • By becky170 11th Dec 16, 9:55 PM
    • 435 Posts
    • 3,778 Thanks
    becky170
    Hi Hiddenshadow, thanks for setting up the 2017 thread. I'm going to aim for £2000 again this year If i could keep number 7 that would be great!
    MFW 2016 #7 £1849/2000

    MFW 2017 #7 £2405/2000
    • Maybe_its_because
    • By Maybe_its_because 12th Dec 16, 7:36 AM
    • 381 Posts
    • 1,096 Thanks
    Maybe_its_because
    Morning Hidden Shadow,

    Thanks for picking up the baton on next year's MFW.

    I'd like to continue participation as #10 please. I didn't make 2016's £5k target as I stopped working to look after the kids so halved our income.
    However I'm going to be brave and try for another £5k in 2017. It's a huge undertaking for which I don't have a plan but need to stay on track to meet the MFi3-4 challenge and our aspiration to be MF by 2025.

    Thank you

    MIB x
    MFW2017 #10 £990/5000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Aug'17 £192,874
    MFiT T4 #24 £14,467/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
    • hiddenshadow
    • By hiddenshadow 12th Dec 16, 9:01 AM
    • 2,241 Posts
    • 10,111 Thanks
    hiddenshadow
    However I'm going to be brave and try for another £5k in 2017. It's a huge undertaking for which I don't have a plan but need to stay on track to meet the MFi3-4 challenge and our aspiration to be MF by 2025.
    Originally posted by Maybe_its_because
    That's the beauty of MFW, can always try and make up ground later. Good luck with next year's 5k challenge!
    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%
    • ajmoney
    • By ajmoney 12th Dec 16, 10:52 AM
    • 4,827 Posts
    • 55,394 Thanks
    ajmoney
    Please can I join the challenge? I would like to keep number 70 if possible. I am aiming to OP £5500.
    Last edited by ajmoney; 12-12-2016 at 11:52 AM.
    2017 MFW No. 70 £4664.66/£5500
    MFiT-T4 No. 70 £18353.52/£29544
    Mortgage £120153.87 Savings £85913.55
    Total left to pay/save £34240.32
    • TwentySomethingGirl
    • By TwentySomethingGirl 12th Dec 16, 11:38 AM
    • 164 Posts
    • 359 Thanks
    TwentySomethingGirl
    Hi

    Me please! £2500 in 2017 and #85 again if possible.

    Thanks for running it

    TSG
    Mortgage £126746 DEC14 £122423.53 DEC15 £115041.70 DEC16 Remortgaged Sep17 to pay off HtB loan £150000
    MFW2017 #85 £2633.7/£2500 12K IN 17 #85 £5500/£12000
    MFW2016 £3614.63/£2500
    MFW2015 £811.60/£1200
    • NewMoneySaver13
    • By NewMoneySaver13 12th Dec 16, 11:44 AM
    • 69 Posts
    • 292 Thanks
    NewMoneySaver13
    Hi hiddenshadow,


    I am currently number 148 for the MFW 2016 challenge. If possible could I have number 86 for 2017 as that is currently showing as free on this year's sheet. If not available could I just have a number lower than 148 please.


    I am expecting an expensive year going forward so could you please set my target as £3750.


    Thanks
    2017 MFW No.86
    OP Target 2017: £5000
    Monthly Total: £400
    Year To Date: £4440 / £5000
    • Miss Pinky
    • By Miss Pinky 12th Dec 16, 12:00 PM
    • 23 Posts
    • 81 Thanks
    Miss Pinky
    Me Me Me again please. (I was number 15 last year)

    This year I was able to pay £500 per month but my deal is changing in March and changing to me being able to overpay by 10% which in the first few years means I can pay more! But I think this year means this:

    Jan - £500
    Feb - £500
    March - Dec - 10%

    and I won't know what this 10% is till March so I can get a exact figure based on my mortgage at the end of Feb but my aim is to pay the max of 10% over the coming year.

    Miss Pinky xxx
    MFW #15 Jan/£500 Feb/£500 Mar/£ April/£ May/£ June/£ July/£ August/£ Sept/£ Oct/£ Nov/£ Dec/
    • Yaz_2016
    • By Yaz_2016 12th Dec 16, 12:32 PM
    • 23 Posts
    • 106 Thanks
    Yaz_2016
    Hi,
    I am new to the forum.
    Could you please add me for 2017? I have a target of £20,000.

    Thanks :-)
    • Kittenkirst
    • By Kittenkirst 12th Dec 16, 1:50 PM
    • 1,593 Posts
    • 8,227 Thanks
    Kittenkirst
    Hi, can I please join. My overpayment target is £2150 for 2017
    Thank you!
    2017 MFW #20 - OP £1958.94/ £2150 91%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £206.32

    Emergency fund £3880/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • rasputin_thorpedo
    • By rasputin_thorpedo 12th Dec 16, 3:13 PM
    • 391 Posts
    • 2,684 Thanks
    rasputin_thorpedo
    I'm here!


    Please may I retain my #74 and the target I need to give you early January when I know my closing balance for this year and what I am allowed to overpay (and have my indicative bonus % from work)!


    Have put a shout out for this challenge on my thread, thanks for running HiddenShadow


    Cheers,


    Rasputin - Man vs Mortgage
    Last edited by rasputin_thorpedo; 12-12-2016 at 3:25 PM.
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