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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,091Posts
    • 9,255Thanks
    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 / May '17 £105,084.91 (£6,000 offset)
    Payment 40/84 / 2017 MFW #56: £14,583/£20,000 72% / MFiT-T4 #15: £54,415/£90,000 60%
Page 28
    • chocoholic_chick
    • By chocoholic_chick 19th Apr 17, 9:08 PM
    • 589 Posts
    • 2,747 Thanks
    chocoholic_chick
    No #112 with an additional OP of £120 taking my total to £620 for the month so far.
    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
    • try harder
    • By try harder 20th Apr 17, 2:04 PM
    • 388 Posts
    • 1,198 Thanks
    try harder
    No 36 with another large payment of £7.96 for April .Many thanks..Im afraid i have really slipped and really must try harder .
    • icklehelen
    • By icklehelen 21st Apr 17, 10:50 AM
    • 258 Posts
    • 1,114 Thanks
    icklehelen
    #6 with OPs adding up to £254.07 for April

    Think that'll be it for this month thanks to another issue with my salary.

    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
    • pavlovs_dog
    • By pavlovs_dog 21st Apr 17, 3:11 PM
    • 9,713 Posts
    • 23,078 Thanks
    pavlovs_dog
    I've been a bit useless with my updates. #22 creeping back in, tail between her legs

    March figure is £410.03 and April is £660.03

    should give a running total of £2291.09 / £7000 (32.7%)
    know thyself

    MFW 2017 #22 - £2291.09 /£7,000 (32%)
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • Mickyh-s
    • By Mickyh-s 21st Apr 17, 6:33 PM
    • 13 Posts
    • 28 Thanks
    Mickyh-s
    Can I join in please? I would like to o/p between £6000-£8400. Maximum I can o/p this financial year is £11,300, I have already paid £5300 so I can only o/p by another £6000 this financial year.
    • hiddenshadow
    • By hiddenshadow 21st Apr 17, 8:09 PM
    • 2,091 Posts
    • 9,255 Thanks
    hiddenshadow
    Hi HiddenShadow,

    Kittenkirst #20 reporting in with £102.01 so far for April, so £748.90 for the year
    Originally posted by Kittenkirst
    Can you verify your numbers on the spreadsheet? I seem to have mistyped one (or more!) as the calculation is showing £749.07 for the year.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / May '17 £105,084.91 (£6,000 offset)
    Payment 40/84 / 2017 MFW #56: £14,583/£20,000 72% / MFiT-T4 #15: £54,415/£90,000 60%
    • hiddenshadow
    • By hiddenshadow 21st Apr 17, 8:10 PM
    • 2,091 Posts
    • 9,255 Thanks
    hiddenshadow
    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.
    Originally posted by allmannerofthings
    Welcome! You're #115.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / May '17 £105,084.91 (£6,000 offset)
    Payment 40/84 / 2017 MFW #56: £14,583/£20,000 72% / MFiT-T4 #15: £54,415/£90,000 60%
    • hiddenshadow
    • By hiddenshadow 21st Apr 17, 8:13 PM
    • 2,091 Posts
    • 9,255 Thanks
    hiddenshadow
    Can I join in please? I would like to o/p between £6000-£8400. Maximum I can o/p this financial year is £11,300, I have already paid £5300 so I can only o/p by another £6000 this financial year.
    Originally posted by Mickyh-s
    Welcome! You're #116. I've put you down for £6,000 but you can always adjust the goal as the year goes on.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / May '17 £105,084.91 (£6,000 offset)
    Payment 40/84 / 2017 MFW #56: £14,583/£20,000 72% / MFiT-T4 #15: £54,415/£90,000 60%
    • catslovelycats
    • By catslovelycats 22nd Apr 17, 9:22 AM
    • 1,646 Posts
    • 11,188 Thanks
    catslovelycats
    Oh dear. The spreadsheet says 'slipping'. Not because I've not paid but because I keep forgetting to update here.
    So here goes:

    #80
    Feb: £729.01
    Mch: £703.10
    Apr: £732.03


    Thank you
    MFW14 £2228.34/2K MFW15 #80 £11715.86/9K MFW16 £39024.44/9K NOV MFW17 £ 3189.27/£9K
    • Maybe_its_because
    • By Maybe_its_because 22nd Apr 17, 4:17 PM
    • 376 Posts
    • 1,082 Thanks
    Maybe_its_because
    Hi,
    Dropping by to report April's op... £49 so far but hoping for more before the end of the month


    Thanks,

    MIB x
    MFW2017 #10 £288/5000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Apr'17 £195,998
    MFiT T4 #24 £13,002/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
    • life is sweet
    • By life is sweet 22nd Apr 17, 5:21 PM
    • 6 Posts
    • 22 Thanks
    life is sweet
    #69 reporting for April
    £833 overpayment
    That makes £3332/10000 for the year so far.

    Thanks Hidden Shadow and well done all.
    #69 MFW 2017 £4165/£10,000
    41.6% of goal achieved
    eyes on the prize -mortgage free by September 2021
    • turtlemoose
    • By turtlemoose 23rd Apr 17, 2:29 AM
    • 1,506 Posts
    • 4,373 Thanks
    turtlemoose
    No 95 here

    March: 178.08
    April: 181.59
    • Sundaysgirl
    • By Sundaysgirl 24th Apr 17, 8:41 AM
    • 1,087 Posts
    • 6,281 Thanks
    Sundaysgirl
    Hello, another £35.29 OP'd thanks to a £co payout, taking me to £6,497.56 for the month. Think that'll be it now until pay day next week.


    Thanks hidden!
    MFW 2017 #123 2017: £13,974.14/£22,000 (63.5%)
    • anna42hmr
    • By anna42hmr 24th Apr 17, 3:50 PM
    • 2,352 Posts
    • 921 Thanks
    anna42hmr
    Hi, number 105 here, please can you put my regular OP down for April please, which is £215.26, so year to date so far is £861.04

    Many thanks again for doing the challenge this year and good luck everyone with their op's.
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / £2076.30 so far as at May
    • Mortgage Minimiser
    • By Mortgage Minimiser 24th Apr 17, 5:04 PM
    • 37 Posts
    • 179 Thanks
    Mortgage Minimiser
    Hi,

    #46 here. April's overpayment £370.17, taking my total to £5073.03 for the year.

    I've beaten my original target and upped it to £7,500 but that is from this month on hold as an unexpected redundancy looms....and I finish work technically next Sunday...

    Once I'm back in gainful employment I shall be back - and hopefully beat that target!

    Good luck everyone!

    MM x
    2016MFW# 46 O'Pd-104% ; 2017MFW #46 Tgt £7500. Paid £4302.69
    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
    • Kittenkirst
    • By Kittenkirst 24th Apr 17, 6:00 PM
    • 1,318 Posts
    • 6,274 Thanks
    Kittenkirst
    Can you verify your numbers on the spreadsheet? I seem to have mistyped one (or more!) as the calculation is showing £749.07 for the year.
    Originally posted by hiddenshadow


    Hi,
    Of course, I've probably mistyped or miscalculated at some point.

    Totals so far are

    Jan: £68.21
    Feb: £306.67
    March: 272.01
    April: £301.69

    Thanks very much for all the updating etc, the thread is super motivating
    Emergency savings- £2660 /£4000
    Mortgage Oct '16- £170.995 LTV- 90% end date Nov 2041
    2016 OPs £255.50/£150
    2017 MFW #20 - OP £1089.67/ £2150. 50%
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £118.73
    • benmclaughlan
    • By benmclaughlan 24th Apr 17, 8:43 PM
    • 11 Posts
    • 41 Thanks
    benmclaughlan
    Number 87 with a £500 overpayment for April.

    Thanks
    • MouseTheDog
    • By MouseTheDog 25th Apr 17, 10:30 AM
    • 12 Posts
    • 41 Thanks
    MouseTheDog
    No.37 with an extra OP of £88.23giving an April total of £220.27

    Thanks hiddenshadow
    MFW #37 £1158.93/£2664 (43.5%)
    • Makethedayscount
    • By Makethedayscount 25th Apr 17, 4:09 PM
    • 21 Posts
    • 178 Thanks
    Makethedayscount
    If it's not too late, can I join in? Only just realised I could overpay, after seeing your thread and contacting mortgage provider. Feel a bit stupid but hoping to rectify that now. I've overpaid £1350 in April and hoping to overpay £6000 over the rest of the year. Thanks for opening my eyes!
    • chocoholic_chick
    • By chocoholic_chick 25th Apr 17, 8:34 PM
    • 589 Posts
    • 2,747 Thanks
    chocoholic_chick
    #112 checking in with an extra OP of £80 to take my total to £700 for the month.

    Thanks hiddenshadow
    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
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