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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,304Posts
    • 10,328Thanks
    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: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
Page 3
    • atypicalblonde
    • By atypicalblonde 12th Dec 16, 3:18 PM
    • 2,556 Posts
    • 16,412 Thanks
    atypicalblonde
    Hi Hiddenshadow, please may I join in?

    My target is to pay off £25,000 in 2017.

    Best wishes
    ATB xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 17.11.17 - £119,999.04
    Aiming to be MF 1.10.2020
    • Poppycat1
    • By Poppycat1 12th Dec 16, 5:34 PM
    • 109 Posts
    • 390 Thanks
    Poppycat1
    Hi Hiddenshadow


    Thank you for running the challenge. Could you please allocate me a number and set my target at £15,000?
    MFW 2017 number 25
    • girl afraid
    • By girl afraid 12th Dec 16, 6:13 PM
    • 76 Posts
    • 255 Thanks
    girl afraid
    Could I have number 82 again and a target of £1000, thank you
    MFW 2014 #82 £2000 / £2000 MFW 2015 #82 £1200 / £1000
    MFW 2016 #82 £1200 / £1000 MFW 2017 #82 £1950 / £2000
    • Flower of scotland
    • By Flower of scotland 12th Dec 16, 7:41 PM
    • 34 Posts
    • 190 Thanks
    Flower of scotland
    Thanks for starting a thread for 2017. In previous years I have been no.128 and would like to keep this if possible.

    I'm going to aim for o/p of £6000 as have a few big expenses coming up.

    See you all in 2017
    • wantabetterlife
    • By wantabetterlife 12th Dec 16, 8:22 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    Can I join please. My target for the year is £3500. Thanks
    Mortgage £177,750£166769.57
    Overpayments 2016 £2053.58 2017 #26 £3417.70
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • purplevamp
    • By purplevamp 12th Dec 16, 9:10 PM
    • 7,401 Posts
    • 358,656 Thanks
    purplevamp
    Can I join again please? My target will be lower at only £3,000 this time. Had real trouble getting to this years target. Any number on the list for me is fine. Good luck everyone for next year
    Mortgage: Was: £154,495 Oct 2039
    Now: £131,937.44 Mar 2038
    MFW #28 £1100/£3,000

    Swagbucks ~ £315 (2016 ~ £340)
    Surveys ~ £275.85 (2016 ~ £407.55)
    PTC, etc ~ $329.22 (2016 ~ $696.89)

    “Aren’t you a little short for a stormtrooper?” ~ Princess Leia

    Money's money my little honey! A rich man's jokes are always funny
    • rasputin_thorpedo
    • By rasputin_thorpedo 12th Dec 16, 10:26 PM
    • 399 Posts
    • 2,756 Thanks
    rasputin_thorpedo
    deleted by rasputin
    Last edited by rasputin_thorpedo; 13-12-2016 at 8:24 AM.
    Baby Step 1 - £1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • jodles16
    • By jodles16 13th Dec 16, 12:26 AM
    • 1,315 Posts
    • 3,962 Thanks
    jodles16
    Hi HS, thank you for taking over! I am happy to be whatever number, my target this year is £4524!

    Many thanks!!

    Jodles
    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-

    • freshcotton
    • By freshcotton 13th Dec 16, 7:39 AM
    • 222 Posts
    • 565 Thanks
    freshcotton
    Hi, Could I join please.

    Target is £30,000

    Thanks
    Last edited by freshcotton; 13-12-2016 at 7:45 AM.
    • new mortgageeee
    • By new mortgageeee 13th Dec 16, 8:04 AM
    • 72 Posts
    • 229 Thanks
    new mortgageeee
    Hi HS,
    Thank you for picking up the thread. Please can I join? My target is £10,000 for 2017.
    Thank you
    NM xx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £110,300
    - 2017 MFW #31 £8,018/£10,000
    - Student loan started 2009 £16413 £10,679
    + Easy access savings £8,890
    + S&S ISA £580
    • lincoln-potter
    • By lincoln-potter 13th Dec 16, 9:30 AM
    • 878 Posts
    • 4,255 Thanks
    lincoln-potter
    I'll join in for 2017.

    target £8,200
    MFiT-T #82 £85k -> £38k
    MFW #32 £8,500/£8,500
    Make £2017 in 2017 challenge - £821.76 #10
    • ldee2111
    • By ldee2111 13th Dec 16, 3:38 PM
    • 57 Posts
    • 425 Thanks
    ldee2111
    I'd like to join in again in 2017 please. My MFW2016 number was #75 - happy to keep it if it's free. I'll set myself a target of £1,200 again. Due a baby, so it might be a challenge, but I'll give it a good go.
    [CENTER][COLOR="Teal"]MFW2016 #75 Overpayed: £1686 / Target: £1200
    • NorthernMonkey1
    • By NorthernMonkey1 13th Dec 16, 3:51 PM
    • 231 Posts
    • 879 Thanks
    NorthernMonkey1
    Hello, I'd like to join. £25000 this year for me please. (off the balance, not just OPs) to get from £76999 to £51999

    Not sure how yet
    • ang4k
    • By ang4k 13th Dec 16, 10:13 PM
    • 39 Posts
    • 226 Thanks
    ang4k
    Hi

    Thank you please can I still be no 17 and my target this year will be 8000
    2015 MFW no 17 : 2600/2000
    2016 MFW no 17: 4000/4000
    2017 MFW no 17: 200/8000
    MFiT-T4- reduce mortgage from 61000 to 40000
    • Eldrax
    • By Eldrax 14th Dec 16, 7:59 PM
    • 8 Posts
    • 27 Thanks
    Eldrax
    Hi Hiddenshadow


    Can I join please, to overpay £11,100 in 2017, first timer on here but been paying down my mortgage for past 3 years.


    Thanks
    Last edited by Eldrax; 14-12-2016 at 8:36 PM. Reason: overpay amt amended
    • A Frayed Knot
    • By A Frayed Knot 14th Dec 16, 8:07 PM
    • 2,133 Posts
    • 9,583 Thanks
    A Frayed Knot
    Hi

    Just logged on for the 1st time in a while (thought you had changed your diary name and were aiming to pay your mortgage off next year ) However,

    Would like to join once again and have a target of £2,400 this year (all my 10% allowance will allow )
    However may add a savings target to that once reached lets see how it goes.

    Many thanks - oh, and if available would like to keep my no. 27. Let the overpayments begin . . . . . .
    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 -£1367.81 so far
    • Frugalfamily3
    • By Frugalfamily3 14th Dec 16, 10:10 PM
    • 53 Posts
    • 166 Thanks
    Frugalfamily3
    Hi. I'd love to join this thread. My aim is to overpay £200 a month next year as a minimum. I need motivation to stop spending on trivialities and reign in our bills. i already meal plan but have slipped a bit over the past year overall and could use some motivation. Thank you, FF3 x
    Mortgage: £58,200 @ 3.89% (7.5 years left, aim for 4)
    • try harder
    • By try harder 14th Dec 16, 10:11 PM
    • 528 Posts
    • 1,676 Thanks
    try harder
    Could i join in please my aim is £13800,no idea where any of this money is going to come from yet but going to have a good try.Thank you very much.
    • rasputin_thorpedo
    • By rasputin_thorpedo 14th Dec 16, 10:13 PM
    • 399 Posts
    • 2,756 Thanks
    rasputin_thorpedo
    Hi, target worked out.

    I'll be reducing my mortgage from 157k to 135k.

    Just 4.3k of that will be from regular payments netted with interest - no wonder it takes people 30 years!

    My OP target is therefore 17.7k! (My OP allowance is £15.7, so i'm combining a £2k savings target with that too)

    Cheers,

    Man vs Mortgage
    Baby Step 1 - £1k Emergency Fund - COMPLETE
    Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
    Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go

    Baby Step 4 - Put 15% into Pension
    Baby Step 6 - Pay off the Mortgage early
    Baby Step 7 - Live like no-one else
    • midnight child
    • By midnight child 14th Dec 16, 10:30 PM
    • 390 Posts
    • 1,512 Thanks
    midnight child
    Can I join for 2017 please and if possible keep my 2016 number (14).

    I'd like to set an overpayment target of £10,000

    Thanks
    MC
    Initial mortgage (Dec 2012) £108,000 3.84%APR MF date Jan 2038

    Mortgage remaining £68285
    Daily interest £4.28
    2017
    MFW #14 £3746.90/£10,000
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