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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,052Posts
    • 9,138Thanks
    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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
Page 28
    • A Frayed Knot
    • By A Frayed Knot 19th Apr 17, 6:45 PM
    • 1,908 Posts
    • 8,727 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
    • chocoholic_chick
    • By chocoholic_chick 19th Apr 17, 9:08 PM
    • 585 Posts
    • 2,732 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:£865
    Total Debt £29,209 £0 Debt free 6/8/16
    • try harder
    • By try harder 20th Apr 17, 2:04 PM
    • 361 Posts
    • 1,080 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
    • 257 Posts
    • 1,110 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
    • 9,709 Posts
    • 23,032 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
    • 2 Posts
    • 3 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
    • 2,052 Posts
    • 9,138 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 21st Apr 17, 8:10 PM
    • 2,052 Posts
    • 9,138 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • hiddenshadow
    • By hiddenshadow 21st Apr 17, 8:13 PM
    • 2,052 Posts
    • 9,138 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 / Apr '17 £108,751 (£6,104 offset)
    Payment 39/84 / 2017 MFW #56: £10,917/£20,000 54% / MFiT-T4 #15: £50,748/£90,000 56%
    • catslovelycats
    • By catslovelycats 22nd Apr 17, 9:22 AM
    • 1,645 Posts
    • 11,186 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
    • 1,079 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 £10,758/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
    • life is sweet
    • By life is sweet 22nd Apr 17, 5:21 PM
    • 5 Posts
    • 18 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 £2499 /£10,000
    25% of goal achieved
    eyes on the prize -want to be mortgage free by September 2021
    • turtlemoose
    • By turtlemoose 23rd Apr 17, 2:29 AM
    • 1,506 Posts
    • 4,366 Thanks
    turtlemoose
    No 95 here

    March: 178.08
    April: 181.59
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