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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,411Posts
    • 10,950Thanks
    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

    Anyone planning for 2018...we have a thread set up: here
    Last edited by hiddenshadow; 02-12-2017 at 2:54 PM.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
Page 27
    • try harder
    • By try harder 6th Apr 17, 8:58 AM
    • 591 Posts
    • 2,107 Thanks
    try harder
    Number 36 with an overpayment of £43.92 for April.Thank you.
    • Moominmamma89
    • By Moominmamma89 6th Apr 17, 6:26 PM
    • 216 Posts
    • 370 Thanks
    Moominmamma89
    Evening all

    Number 96 with an April OP of £340 bring total for the year to £2,434.84. There is an OP of £162 odd showing in my April cell which although I would have liked to add to my OPing is not mine!

    Hope you are having/had a lovely holiday hiddenshadow
    • lincoln-potter
    • By lincoln-potter 7th Apr 17, 10:09 AM
    • 882 Posts
    • 4,271 Thanks
    lincoln-potter
    #32 checking in with an OP of £8026.30

    MFW #32 £6,700/£6,700
    Make £2017 in 2017 challenge - £821.76 #10
    • Needhelpsaving
    • By Needhelpsaving 8th Apr 17, 6:06 AM
    • 649 Posts
    • 2,728 Thanks
    Needhelpsaving
    Hi,

    Just popping by to update my totals;

    March 2017 - £579.62
    April 2017 - £40.86

    YTD total: £719.69

    Thanks
    Target 1 - Emergency Fund Currently £2329.07/£5000

    Target 2 - Pay Mortgage Down to £65,000 by 31/12/18 Was £71,006.49 (01/01/18) Now £70,578.90 (14/01)
    • Jessy103
    • By Jessy103 8th Apr 17, 11:51 AM
    • 510 Posts
    • 2,166 Thanks
    Jessy103
    Hi!

    No.12 reporting a payment of £193.66 for April.

    Have a lovely weekend!
    Jess x
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Jan 2018 - £58,500.00
    Overpayment Target for 2018 - £5,000 /£369.23
    Jan - £369.23
    • hiddenshadow
    • By hiddenshadow 9th Apr 17, 6:18 AM
    • 2,411 Posts
    • 10,950 Thanks
    hiddenshadow
    There is an OP of £162 odd showing in my April cell which although I would have liked to add to my OPing is not mine!

    Hope you are having/had a lovely holiday hiddenshadow
    Originally posted by Moominmamma89
    Thanks for catching that - was meant to be a few cells up!

    Holiday was lovely though jet lag is not.

    Spreadsheet updated again - over £101k for March and well on the way so far for April.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • A Frayed Knot
    • By A Frayed Knot 9th Apr 17, 7:41 AM
    • 2,215 Posts
    • 9,935 Thanks
    A Frayed Knot
    Hi Hiddenshadow

    Hope you had a lovely holiday - I may have been away around the same time as yourself.


    Seems my total for March has a little o/p of £48.64 missing. (Post dated 19th March)


    Many thanks
    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 £4068.97
    • Freysmum
    • By Freysmum 9th Apr 17, 8:26 PM
    • 176 Posts
    • 1,189 Thanks
    Freysmum
    Hi HiddenShadow sorry to be a pain but could I amend my target to £4600 please? This is my 10% max OP I thought that was an ambitious target at the start of the year but having just made another £100 payment (YTD £1900) and a small bonus coming my way this month I'm hopeful I can do this
    Mortgage 01/2018 £31550 4 years 11 months left, hoping to clear in 1 year and 11 months

    EF £14432/£20000
    • Sundaysgirl
    • By Sundaysgirl 12th Apr 17, 9:03 AM
    • 1,095 Posts
    • 6,319 Thanks
    Sundaysgirl
    Hi all, great progress being made!


    #123 reporting in with a March update and total for April so far:


    March final total: £2,665.12
    April so far: £6,462.27 - thanks to a bonus and rather nice pay rise!


    Hoping to max out on our OPs next month and then save ready to OP a lump sum once the clock resets in December.


    Thanks hidden and good luck all!
    MFW 2017 #123 2018: £1,852.64/£39,200 (4.7%)
    • medusasmummy
    • By medusasmummy 13th Apr 17, 7:07 AM
    • 157 Posts
    • 1,307 Thanks
    medusasmummy
    Hi all,
    Thanks hiddenshadow for all you do. Hope you enjoyed your holiday

    #108 reporting OP for April £500 please
    YTD £2011.81
    • becky170
    • By becky170 13th Apr 17, 12:52 PM
    • 440 Posts
    • 3,798 Thanks
    becky170
    #7 with another £8 overpayed for April. Total for april is now £263!

    Thanks hiddenshadow!

    MFW 2018 #7 £346/4500
    • michelle09
    • By michelle09 14th Apr 17, 11:34 AM
    • 594 Posts
    • 2,782 Thanks
    michelle09
    #84 here:
    April OP: £137.58

    My total OP for March was £702.78

    Got a huge house repair bill coming in May so that will be it for OPs until that's cleared.
    • Lomcevak
    • By Lomcevak 14th Apr 17, 1:19 PM
    • 676 Posts
    • 4,065 Thanks
    Lomcevak
    And a predictable £600 OP for #11 for April, taking me to £2400 for the year to date. Plodding along a bit at the moment, although hopefully there will be a chance for a bit more later in the year
    MFiT-T4#126, £135k to 60k: £48,207/£75,000(64.29%), 2017 MFW#11 £600/£12,000 (5.00%)
    £30k-in-’18#11 £2,207.78/£30,000 (6.13%)
    • Poppycat1
    • By Poppycat1 16th Apr 17, 6:11 PM
    • 111 Posts
    • 414 Thanks
    Poppycat1
    Sorry for not keeping up to date.


    UPDATE:


    £300 paid off in February
    £2500 paid off in March
    £2500 paid off in April
    MFW 2018 number 25
    10% Target = £12,449.90
    £2,000 paid off in January
    • Freysmum
    • By Freysmum 16th Apr 17, 9:14 PM
    • 176 Posts
    • 1,189 Thanks
    Freysmum
    Hi Hidden Shadow thanks for updating my target I've made an additional OP for April of £764 which takes my YTD total to £2664

    Happy Easter everyone xx

    Oops forgot to say I'm #81
    Last edited by Freysmum; 16-04-2017 at 9:19 PM.
    Mortgage 01/2018 £31550 4 years 11 months left, hoping to clear in 1 year and 11 months

    EF £14432/£20000
    • Kittenkirst
    • By Kittenkirst 17th Apr 17, 9:24 AM
    • 1,712 Posts
    • 9,124 Thanks
    Kittenkirst
    Hi HiddenShadow,

    Kittenkirst #20 reporting in with £102.01 so far for April, so £748.90 for the year

    Hopefully some more OPs now we've had payday and more bills (therefore more tilly tidy opportunities!)
    2018 MFW #20 - OP £395.01/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • A Frayed Knot
    • By A Frayed Knot 18th Apr 17, 10:39 PM
    • 2,215 Posts
    • 9,935 Thanks
    A Frayed Knot
    Hi Hiddenshaddow, many thanks

    No 27 checking in with another o/p of £453.78 making total for April £725.72

    #27 £2314.41/£2400

    Always get nervous when nearing my 10% o/p allowance in case I have miscalculated and end up overpaying my overpayment allowance
    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 £4068.97
    • allmannerofthings
    • By allmannerofthings 18th Apr 17, 10:51 PM
    • 89 Posts
    • 522 Thanks
    allmannerofthings
    I'd love to join in, if it's not too late? Just got a mortgage last month! I'm planning to overpay £4,820 in 2017.
    Mortgage March 2017 borrowed £115,000. Balance September 2017 £107867.50
    Overpayments 2017 £3630/Target £5000
    May £1710 June £0 July £900 Aug £505 Sept £515 Oct £ Nov £ Dec £
    • Durban
    • By Durban 19th Apr 17, 2:35 PM
    • 75 Posts
    • 197 Thanks
    Durban
    I am going to be withdrawing from this challenge.
    My aim is still to pay off my mortgage early. However, I have been reading a lot on the savings and pensions boards and have come to the conclusion that with my mortgage rate only being 1.79%, I can probably put my overpayments to better use.
    The result will hopefully end up the same, that I will pay off my mortgage early, but having made more from savings and investments than saving the 1.79% mortgage rate.
    Many thanks hiddenshadow and lomcevak from last year.
    I will still be lurking on this board
    Mortgage at highest start date - 25/9/2014 - £92000
    Mortgage now 21/3/17 - £52,313
    MFD - October 2025 MF Goal Date 2021
    • A Frayed Knot
    • By A Frayed Knot 19th Apr 17, 6:45 PM
    • 2,215 Posts
    • 9,935 Thanks
    A Frayed Knot
    I am going to be withdrawing from this challenge.
    My aim is still to pay off my mortgage early. However, I have been reading a lot on the savings and pensions boards and have come to the conclusion that with my mortgage rate only being 1.79%, I can probably put my overpayments to better use.
    The result will hopefully end up the same, that I will pay off my mortgage early, but having made more from savings and investments than saving the 1.79% mortgage rate.
    Many thanks hiddenshadow and lomcevak from last year.
    I will still be lurking on this board
    Originally posted by Durban

    Good Luck and hope to see you posting on the Mortgage Free thread. !!!
    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 £4068.97
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