Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,028Posts
    • 9,027Thanks
    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 / Mar '17 £111,283 (£6,104 offset)
    Payment 38/84 / 2017 MFW #56: £8,385/£20,000 41% / MFiT-T4 #15: £48,216/£90,000 53%
Page 22
    • Schoolworker
    • By Schoolworker 6th Mar 17, 1:46 PM
    • 68 Posts
    • 73 Thanks
    Schoolworker
    No 72 reporting in for overpayment of march is £200.
    • CrawleyGirl
    • By CrawleyGirl 6th Mar 17, 9:24 PM
    • 6 Posts
    • 15 Thanks
    CrawleyGirl
    £44,373.69 paid off!!
    66 Here.


    My sale finally completed on the 24th February and I have successfully downsized from a 4 bed to a 3 bed for myself and my 2 children.


    In doing so I've reduced my mortgage from £84,373.69 to £40,000.00 so that's £44,373.69 paid off!


    I can't believe I more than halved it.


    I've budgeted to pay £100 pcm off from April onwards, so that will be another £900 off.


    I'm aiming to get it paid off in full by the time my eldest leaves school as I'll be losing maintenance, child benefit and tax credits then and want to be in a position to help him if he goes to university. I'm hoping I'll be working full time by then anyway but this is my back up plan if not.
    • medusasmummy
    • By medusasmummy 7th Mar 17, 7:18 AM
    • 149 Posts
    • 1,283 Thanks
    medusasmummy
    Hi all

    Everyone is doing really well My OH has finally been paid up to date and has also had his expenses reimbursed which were absorbed in February as we didn't think he would get them. So a bit extra to overpay this month

    #108 reporting OP of £700 in march please

    Keep it going guys
    • jodles16
    • By jodles16 7th Mar 17, 11:34 AM
    • 1,299 Posts
    • 3,871 Thanks
    jodles16
    Hello! Number 29 reporting £446.24 OP for March! Thank you!

    Jodles
    Last edited by jodles16; 07-03-2017 at 11:35 AM. Reason: Got my number wrong!!
    MFW2017 #29 1200.24/4524
    MFiT #66
    Overall aim 10,124.20/21,743 (£156,000)
    2016- Jan-£177,472, Apr-£173,195.04, July- £171,417.47 Oct- 169,366
    2017- Jan- 167,347.80 Apr- July- Oct-

    • hildosaver
    • By hildosaver 7th Mar 17, 12:46 PM
    • 246 Posts
    • 396 Thanks
    hildosaver
    Hello - number 52 calling in with a £500 overpayment this month.
    Mortgage balance September 2012: £121,086 (First ever OP)
    Mortgage balance March 2017: £84,438
    • Jo Blogs
    • By Jo Blogs 7th Mar 17, 3:32 PM
    • 324 Posts
    • 767 Thanks
    Jo Blogs
    Fantastic efforts everyone Keep up the great work
    Saved Nitty Gritty £2333.72 [46.67%]/£5,000-[Apr] £488.81 for the 'Save 12k in 2017' #157
    2017 Wom #35 £1956.34 March NSDs 18/15
    • Sundaysgirl
    • By Sundaysgirl 8th Mar 17, 8:44 AM
    • 1,085 Posts
    • 6,272 Thanks
    Sundaysgirl
    #123 with another small OP of £70.36 thanks to a £co payout and train delay refunds. Total OP for March now £2,649.04.


    Thanks hidden!
    No buying unnecessary toiletries 2013: (123) 2014: (76) 2015:(68)
    MFW 2017 #123 2017: £7,460.50/£22,000 (33.9%)
    No buying unnecessary books: 31/52
    • chocoholic_chick
    • By chocoholic_chick 8th Mar 17, 4:32 PM
    • 569 Posts
    • 2,672 Thanks
    chocoholic_chick
    Afternoon all!

    I hope it's not too late to join this years challenge? I've been a member in previous years, and managed to overpay our old mortgage by over £10,000 over the years. We have recently completed on our new house which means our mortgage has increased somewhat to £144,000 So obviously I want to get back on the overpayment band wagon!

    I'm going to aim for £3,000 OP's this year as we have a fair amount to spend on the house. Nothing structural thankfully, but still expecting to be at least £4,000 we will need to spend.

    Have already got the ball rolling with a modest £100 OP for March. Had a fair bit to pay out this month so not sure how much more I'll be able to manage, but hoping I can find some money to make at least one more.

    Good luck everyone!
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £143,341.41
    2017 OP's:£245
    Total Debt £29,209 £0 Debt free 6/8/16
    • Fairweather76
    • By Fairweather76 8th Mar 17, 5:15 PM
    • 2 Posts
    • 2 Thanks
    Fairweather76
    I've just joined the forum and am making my away around it, this really is fascinating stuff. Keep at it all. May post my own predicaments in due time.
    • becky170
    • By becky170 9th Mar 17, 2:53 PM
    • 427 Posts
    • 3,753 Thanks
    becky170
    #7 with an overpayment of £300 this month. Our fix ends this month so from next month our normal payment will be £250 less which means we'll be overpaying by at least £250 from now on

    Thanks hiddenshadow
    MFW 2016 #7 £1849/2000

    MFW 2017 #7 £662/2000
    • e4rly
    • By e4rly 9th Mar 17, 9:33 PM
    • 57 Posts
    • 441 Thanks
    e4rly
    No. 67 reporting over-payments for February and March, at £600 each. So £1,800 in total for 2017 so far...
    Save £12k in 2017: £32 / £5,000 (No: 59)
    MFW 2017: £1,800 / £7,200 (No: 67)
    Crazy clothes challenge: £220 / £500 (No: 8)
    All 2016 challenges met!
    • rasputin_thorpedo
    • By rasputin_thorpedo 10th Mar 17, 12:17 PM
    • 356 Posts
    • 2,175 Thanks
    rasputin_thorpedo
    I took a loan (cheaper than my mortgage for the same life as my mortgage) so I overpaid £15k.


    I guess that's me done for this year as I hit my mortgage OP goal.


    However, I will be tracking that I save up the same amount as originally wanted to OP in cash so I can overpay on 01/01/18 straight away...


    MvM
    May15 Mortgage - £185k | Dec16 - £157k | Dec17 - £135k | Dec18 - £113k | Dec19 - £90k | Dec20 - £66k | Dec21 - £40k | Dec22 - 12k | May23 - £0 Mortgage Free at 40 in May23!
    • Flower of scotland
    • By Flower of scotland 11th Mar 17, 7:33 AM
    • 32 Posts
    • 182 Thanks
    Flower of scotland
    Hi no. 128 with an O/P for Match of £568.75. Usually overpay so it leaves a nice round number but a slight miscalculation has made my balance £111,999.82. My OCD can't handle it
    • clear_as_mud
    • By clear_as_mud 11th Mar 17, 12:54 PM
    • 66 Posts
    • 74 Thanks
    clear_as_mud
    Well done guys. Keep up the good work.
    • michelle09
    • By michelle09 11th Mar 17, 4:53 PM
    • 133 Posts
    • 213 Thanks
    michelle09
    #84 with an OP of £400 for March.

    Will be away at the end of March so slipping a bit extra onto the account now as OH doesn't touch it. (Has said they're fine with me doing whatever as long as we don't struggle too much now).
    • hiddenshadow
    • By hiddenshadow 11th Mar 17, 8:36 PM
    • 2,028 Posts
    • 9,027 Thanks
    hiddenshadow
    Can I join please as a newbie?
    Originally posted by louloubelle79
    Welcome! You're #111.

    What's your target, and would you like to start from January or March?
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Mar '17 £111,283 (£6,104 offset)
    Payment 38/84 / 2017 MFW #56: £8,385/£20,000 41% / MFiT-T4 #15: £48,216/£90,000 53%
    • hiddenshadow
    • By hiddenshadow 11th Mar 17, 8:43 PM
    • 2,028 Posts
    • 9,027 Thanks
    hiddenshadow
    Afternoon all!

    I hope it's not too late to join this years challenge? I've been a member in previous years, and managed to overpay our old mortgage by over £10,000 over the years. We have recently completed on our new house which means our mortgage has increased somewhat to £144,000 So obviously I want to get back on the overpayment band wagon!

    I'm going to aim for £3,000 OP's this year as we have a fair amount to spend on the house. Nothing structural thankfully, but still expecting to be at least £4,000 we will need to spend.

    Have already got the ball rolling with a modest £100 OP for March. Had a fair bit to pay out this month so not sure how much more I'll be able to manage, but hoping I can find some money to make at least one more.

    Good luck everyone!
    Originally posted by chocoholic_chick

    Welcome! You're #112.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Mar '17 £111,283 (£6,104 offset)
    Payment 38/84 / 2017 MFW #56: £8,385/£20,000 41% / MFiT-T4 #15: £48,216/£90,000 53%
    • hiddenshadow
    • By hiddenshadow 11th Mar 17, 8:46 PM
    • 2,028 Posts
    • 9,027 Thanks
    hiddenshadow
    Spreadsheet updated - apologies for the delay, work's been a bit mental.

    Really well done everyone, March is our best OP month to date.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Mar '17 £111,283 (£6,104 offset)
    Payment 38/84 / 2017 MFW #56: £8,385/£20,000 41% / MFiT-T4 #15: £48,216/£90,000 53%
    • medusasmummy
    • By medusasmummy 12th Mar 17, 6:48 AM
    • 149 Posts
    • 1,283 Thanks
    medusasmummy
    Hi all

    hiddenshadow just had a look at your lovely spreadsheet and my figures aren't tallying up in the YTD column they're still at £800 when the monthly columns add up to more.
    Thanks in advance
    • hiddenshadow
    • By hiddenshadow 12th Mar 17, 10:48 AM
    • 2,028 Posts
    • 9,027 Thanks
    hiddenshadow
    Hi all

    hiddenshadow just had a look at your lovely spreadsheet and my figures aren't tallying up in the YTD column they're still at £800 when the monthly columns add up to more.
    Thanks in advance
    Originally posted by medusasmummy
    Oops, somehow overrode a formula. Should be fixed now.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Mar '17 £111,283 (£6,104 offset)
    Payment 38/84 / 2017 MFW #56: £8,385/£20,000 41% / MFiT-T4 #15: £48,216/£90,000 53%
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

169Posts Today

1,711Users online

Martin's Twitter