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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,128Posts
    • 9,576Thanks
    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 / June '17 £109,701 (£172 offset)
    Payment 41/84 / 2017 MFW #56: £9,967/£20,000 49% / MFiT-T4 #15: £49,798/£90,000 55%
Page 23
    • Pennydreams3
    • By Pennydreams3 15th Mar 17, 9:42 AM
    • 88 Posts
    • 465 Thanks
    Pennydreams3
    #107 here, payday today so have day down and worked out my Feb/March overpayment which is £294.50. It should be more but we're waiting on a refund for two things both around £140 so will run into march/aprils op : )
    Sealed pot challenge 10 - 123 : )
    It all started with a penny and a pot..
    MFW 2017 #107 £934.50/£3000
    Remaining balance £157,719.60
    • try harder
    • By try harder 15th Mar 17, 4:16 PM
    • 430 Posts
    • 1,315 Thanks
    try harder
    Number 36 with an overpayment of £30 today .I am struggling very badly to find any extra money after paying my bills and savings .Way ,way down .Never mind anything is better than nothing i suppose.
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 15th Mar 17, 11:39 PM
    • 119 Posts
    • 490 Thanks
    DeterminedSingleMummy
    Wow this is amazing! Please can I join!

    Maximum over payment I can make is 5700 this year.
    February I overpaid £550
    March I overpaid £1510

    A total of £2060 in 2017.

    (I know my signature is wrong but I'm hoping to miraculously find 540 to overpay to correct my signature asap )
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • Pennydreams3
    • By Pennydreams3 16th Mar 17, 9:52 PM
    • 88 Posts
    • 465 Thanks
    Pennydreams3
    #107 again! Decided to bank and over pay the £2 coin pot we had going for Disneyland (one day) figured we would save much more just paying it off! So another £408 today!
    934.50/3000.00
    Going well so far
    Sealed pot challenge 10 - 123 : )
    It all started with a penny and a pot..
    MFW 2017 #107 £934.50/£3000
    Remaining balance £157,719.60
    • greent
    • By greent 17th Mar 17, 8:21 AM
    • 5,871 Posts
    • 59,352 Thanks
    greent
    Everyone's doing really well! Can't wait until the start of the new tax year so I can make my first OP of the year and join you all properly - have the money sitting ready, just need to hang on for a few more weeks and then I can do it
    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) £3000/£3286
    Net sales 2017 £657.00/£500 PAYDOX17 £9887/£10k Decluttered 865/2017 items
    • Loan soldier
    • By Loan soldier 17th Mar 17, 10:22 AM
    • 48 Posts
    • 52 Thanks
    Loan soldier
    I've managed another wee OP of £21.77.

    That takes my total for March to £309.09.

    My yearly total to £616.09.

    I may sneak in another wee one before 1st April.
    MFW #16 2017 £652.86/£1842 (35.44%)
    • hiddenshadow
    • By hiddenshadow 18th Mar 17, 11:23 AM
    • 2,128 Posts
    • 9,576 Thanks
    hiddenshadow
    Wow this is amazing! Please can I join!
    Originally posted by DeterminedSingleMummy
    Welcome! You're #113.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / June '17 £109,701 (£172 offset)
    Payment 41/84 / 2017 MFW #56: £9,967/£20,000 49% / MFiT-T4 #15: £49,798/£90,000 55%
    • hiddenshadow
    • By hiddenshadow 18th Mar 17, 11:27 AM
    • 2,128 Posts
    • 9,576 Thanks
    hiddenshadow
    Spreadsheet updated - we're smashing it in March. Average overpayment is over 2x January's and almost 3x February's.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / June '17 £109,701 (£172 offset)
    Payment 41/84 / 2017 MFW #56: £9,967/£20,000 49% / MFiT-T4 #15: £49,798/£90,000 55%
    • Freddykrueger69
    • By Freddykrueger69 18th Mar 17, 11:37 AM
    • 17 Posts
    • 35 Thanks
    Freddykrueger69
    Too late to join? For this year I want to aim for £7200 in overpayments (which will in fact just be added to offset account but I guess it's the same idea?). I will let you know asap how much I have made in overpayments so far this year so I can get up to date if that's OK?
    • froddington
    • By froddington 18th Mar 17, 11:41 AM
    • 6,542 Posts
    • 92,531 Thanks
    froddington
    No.3 - £300 OP for January

    Thanks hiddenshadow
    Originally posted by froddington
    No.3 - £300 OP for February

    Thanks hiddenshadow
    Originally posted by froddington
    Spreadsheet updated - we're smashing it in March. Average overpayment is over 2x January's and almost 3x February's.
    Originally posted by hiddenshadow
    Hi hiddenshadow - the spreadsheet doesn't show my £300 January OP.

    Thanks
    "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 £1450
    • icklehelen
    • By icklehelen 18th Mar 17, 12:38 PM
    • 258 Posts
    • 1,115 Thanks
    icklehelen
    #6 with an extra £100 after payday. Was hoping for a bit more but it seems that payroll have failed to pay me my expenses.......again! Looking on the bright side that just means more in April (hopefully)

    ickle
    OP Target 2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 - 1775.50/1200
    OP Target 2017 - 1722.61/2500
    MFiT-T4 #03 MFW2017 #6
    • becky170
    • By becky170 19th Mar 17, 7:03 AM
    • 431 Posts
    • 3,768 Thanks
    becky170
    Hi everyone, no. 7 here. Managed to pay in some change and get some quidco cash back so paid off another £13 bringing my total to £313 for March. Thanks!
    MFW 2016 #7 £1849/2000

    MFW 2017 #7 £1816/2000
    • Kittenkirst
    • By Kittenkirst 19th Mar 17, 7:36 AM
    • 1,340 Posts
    • 6,530 Thanks
    Kittenkirst
    Hi all, payday week update for me with March at this so far:

    £173.52 for #20

    Helped out by £155 of cashback from £co this month, hoping for a little more for this month when the standard mortgage payment comes out.

    Takes us to a total of 25% of target so on track for target.
    Last edited by Kittenkirst; 19-03-2017 at 7:40 AM.
    Emergency savings- £3005. /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1292.90/ £2150. 60%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £201.63
    • Kittenkirst
    • By Kittenkirst 19th Mar 17, 7:47 AM
    • 1,340 Posts
    • 6,530 Thanks
    Kittenkirst
    Number 36 with an overpayment of £30 today .I am struggling very badly to find any extra money after paying my bills and savings .Way ,way down .Never mind anything is better than nothing i suppose.
    Originally posted by try harder
    Definitely TryHarder, its money you won't pay interest on again
    Emergency savings- £3005. /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1292.90/ £2150. 60%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £120.33 June £201.63
    • A Frayed Knot
    • By A Frayed Knot 19th Mar 17, 9:09 AM
    • 1,991 Posts
    • 9,022 Thanks
    A Frayed Knot
    Hi Hiddenshaddow, many thanks

    No 27 checking in with another o/p of £48.64 making total for March £166.89

    #27 £1588.69/£2400

    Could have been more, but booked last minute holiday
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1274.71 so far
    • chocoholic_chick
    • By chocoholic_chick 19th Mar 17, 11:37 AM
    • 576 Posts
    • 2,747 Thanks
    chocoholic_chick
    No #112 with another OP of £100 taking my current total for March to £200. Have managed to keep food spends down this month by meal planning, shopping at Lidl and sticking to the list! As a result I've managed the extra OP today
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £142,336.52
    2017 OP's:£1245
    Total Debt £29,209 £0 Debt free 6/8/16
    • darcyboo
    • By darcyboo 20th Mar 17, 7:40 PM
    • 67 Posts
    • 354 Thanks
    darcyboo
    #90 reporting a further March OP of £5,500, taking the total for March to £6,118.48.

    That's me done for 2017, decided to go ahead and do a lump sum rather than drip feeding each month, have now hit the 10% OP limit for the year. Will continue to save each month ready to do another lump sum OP when permitted. And of course, will enjoy continuing to follow all of your progress too!
    2017 MFW #90. 2017 Target: £7312.86/£6000
    Original MF date June 2032
    New target MF date - Jan 2022
    • DeterminedSingleMummy
    • By DeterminedSingleMummy 20th Mar 17, 8:34 PM
    • 119 Posts
    • 490 Thanks
    DeterminedSingleMummy
    #113 here another 1512 overpaid in March (1500 stooze money and 12 underbudget on last week's spending)

    So March is a total of £3022
    Balance at start of mortgage Dec 2011 £87500
    1 Jan 2015 = £73,735 Overpayments = £3,360 (average £280 p/m)
    1 Jan 2016 = £66,558 Overpayments = £4,770 (average £397.50 p/m)
    1 Jan 2017 = £57,756 Overpayments so far Jan £0 Feb £550 Mar £3022 April £690 May £1513 total £5775
    • iquit
    • By iquit 21st Mar 17, 9:55 AM
    • 1,817 Posts
    • 2,755 Thanks
    iquit
    #90 reporting a further March OP of £5,500, taking the total for March to £6,118.48.

    That's me done for 2017, decided to go ahead and do a lump sum rather than drip feeding each month, have now hit the 10% OP limit for the year. Will continue to save each month ready to do another lump sum OP when permitted. And of course, will enjoy continuing to follow all of your progress too!
    Originally posted by darcyboo
    Job well done
    2016MFW78 £24000/£12000 2017MFW98 £1904.98/£7000 BSC #261
    • hiddenshadow
    • By hiddenshadow 21st Mar 17, 1:48 PM
    • 2,128 Posts
    • 9,576 Thanks
    hiddenshadow
    #90 reporting a further March OP of £5,500, taking the total for March to £6,118.48.

    That's me done for 2017, decided to go ahead and do a lump sum rather than drip feeding each month, have now hit the 10% OP limit for the year. Will continue to save each month ready to do another lump sum OP when permitted. And of course, will enjoy continuing to follow all of your progress too!
    Originally posted by darcyboo
    Well done!

    You can still track your planned OPs if you want - it's still going to the mortgage, just on a delayed schedule. Up to you, though.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / June '17 £109,701 (£172 offset)
    Payment 41/84 / 2017 MFW #56: £9,967/£20,000 49% / MFiT-T4 #15: £49,798/£90,000 55%
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