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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,257Posts
    • 10,213Thanks
    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 / Nov '17 £105,759
    2017 MFW #56: £13,909/£15,000 92% / MFiT-T4 #15: £53,740/£90,000 59%
Page 35
    • Chutney86
    • By Chutney86 5th Jun 17, 8:06 PM
    • 247 Posts
    • 2,414 Thanks
    Chutney86
    #93 reporting an OP for June - £177.24

    Thanks
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75
    MFW #93 - 2017 = £1815.75/£1900
    MFiT-T4 #28
    • Schoolworker
    • By Schoolworker 6th Jun 17, 5:49 PM
    • 172 Posts
    • 371 Thanks
    Schoolworker
    No 72 reporting in to say that I have made an overpayment of £220 today
    • michelle09
    • By michelle09 6th Jun 17, 6:06 PM
    • 385 Posts
    • 1,421 Thanks
    michelle09
    #84 with £335.07 for June! One year down, 50% of the OP target and 4% of the capital paid off. Not too shabby.
    • Moominmamma89
    • By Moominmamma89 7th Jun 17, 11:05 AM
    • 208 Posts
    • 355 Thanks
    Moominmamma89
    Hi - Number 96 here with an OP of £342 for June which should bring my year total to £3,116.84 and my target reached.

    I don't want to set a new target at the moment as we are deciding if we might move in the next few months but if it's alright I will still pop in and keep track of any OPs I make.

    Thank you
    Outstanding Mortgage - 139,880.15 (73% LTV)
    Current end date: January 2041 (originally August 2044)
    • kerry90
    • By kerry90 7th Jun 17, 2:47 PM
    • 13 Posts
    • 37 Thanks
    kerry90
    #51 reporting a £110.38 overpayment in June
    • Needhelpsaving
    • By Needhelpsaving 7th Jun 17, 3:56 PM
    • 613 Posts
    • 2,597 Thanks
    Needhelpsaving
    Number 54 reporting a late May total of £186.12.
    Target 1 - Emergency Fund Currently £1250.32/£3000

    Target 2 - Op Mortgage by £4000 by 31/12/2017 Currently £3318.09/£4000
    • Freddykrueger69
    • By Freddykrueger69 7th Jun 17, 8:28 PM
    • 17 Posts
    • 38 Thanks
    Freddykrueger69
    Number 114 with June payment of £600 - was a struggle this month but still made the target so feel chuffed!
    Outstanding mortgage Dec 2016 £214,500
    Current mortgage outstanding May 2017 £211,244 June 2017 £210,446
    Offset savings June 2017 £57,354 Balance outstanding May 2017 £154,490 June 2017 £153,091
    • hiddenshadow
    • By hiddenshadow 7th Jun 17, 10:07 PM
    • 2,257 Posts
    • 10,213 Thanks
    hiddenshadow
    Hi - Number 96 here with an OP of £342 for June which should bring my year total to £3,116.84 and my target reached.

    I don't want to set a new target at the moment as we are deciding if we might move in the next few months but if it's alright I will still pop in and keep track of any OPs I make.

    Thank you
    Originally posted by Moominmamma89
    Congrats on reaching your target, and feel free to keep posting progress.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Nov '17 £105,759
    2017 MFW #56: £13,909/£15,000 92% / MFiT-T4 #15: £53,740/£90,000 59%
    • runninglea
    • By runninglea 8th Jun 17, 4:49 PM
    • 788 Posts
    • 1,142 Thanks
    runninglea
    Hi all - number 88 reporting overpayment for June of £1,700
    Year 2017 (11,900/£17000mortgage repayment)Overall mortgage (51,0000/165568) (30
    .8%) (30/100) payments made. Total paid 2017 year £11,900

    Total paid 2017 year £11,900
    • Lomcevak
    • By Lomcevak 10th Jun 17, 6:51 AM
    • 655 Posts
    • 3,991 Thanks
    Lomcevak
    #11 with my usual payment of £600 for June, total £3600 for the year
    MFiT-T4#126, £135k to 60k: £43,322/£75,000(57.77%), 2017 MFW#11 £7,861/£10,000 (78.61%)
    £30k-in-’17#69 £31,183.00/£30,000 (100.39%)
    • cookie9
    • By cookie9 10th Jun 17, 12:17 PM
    • 737 Posts
    • 3,636 Thanks
    cookie9
    #91 with 455 for May in total.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £4040/4000
    MFW 91 op 2017 £812/4500
    • greent
    • By greent 10th Jun 17, 6:04 PM
    • 6,404 Posts
    • 64,683 Thanks
    greent
    #18 with an OP for June of £1000 - I should hopefully be able to make my target next month, so will have to think about revising it up slightly for the rest of the year

    Thanks, hiddenshadow
    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) £5034/£3286
    Net sales 2017 £1214.99/£500 PAYDOX17 £11937/£10k Decluttered 1730/2017 items
    • ajmoney
    • By ajmoney 15th Jun 17, 9:25 PM
    • 4,833 Posts
    • 55,425 Thanks
    ajmoney
    No 70 reporting a £50.45 OP for June taking the month's total to £458.65. Thanks HS
    2017 MFW No. 70 £5077.29/£5500
    MFiT-T4 No. 70 £20397.87/£29544
    Mortgage £118977.13 Savings £86924.44
    Total left to pay/save £32052.69
    • Makethedayscount
    • By Makethedayscount 16th Jun 17, 12:04 PM
    • 33 Posts
    • 286 Thanks
    Makethedayscount
    #117 making an overpayment of £743 for June

    • Freysmum
    • By Freysmum 17th Jun 17, 6:20 PM
    • 173 Posts
    • 1,170 Thanks
    Freysmum
    Evening everyone, hope you're all enjoying the lovely weather. A quick update from no. 81 I've made a June OP of £742 which means I'm now sub 40k
    Mortgage 11/2017 £35,600
    EF £15,500/£20,000
    • twistedhazel
    • By twistedhazel 18th Jun 17, 11:38 AM
    • 206 Posts
    • 1,342 Thanks
    twistedhazel
    no 102 with an extra £18 for May and £1266 for June please
    • LadyGnome
    • By LadyGnome 18th Jun 17, 2:00 PM
    • 420 Posts
    • 1,550 Thanks
    LadyGnome
    #42 with first OP of £94 for June
    Mortgage
    Start Nov 2012 £310,000
    June 2017 £248,590.81 Reduction £61,409.19
    MFW 2017 #42 £2386.30/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • A Frayed Knot
    • By A Frayed Knot 19th Jun 17, 7:28 AM
    • 2,128 Posts
    • 9,575 Thanks
    A Frayed Knot
    Morning HS

    Have decided on a new target (taken me long enough) and have made it the same more than at the beginning of the year.

    No 27 New target £2,400 £2,600 on top of my £2400 you already have (that way it is £5,000 nice round sum ) to take me to Oct (when mortgage term ends)

    O/p's for May and June total £1274.67

    Thanks for all your hard work in an extremely busy time for you, Hope all goes well with your move.

    3697.08/5000
    Last edited by A Frayed Knot; 24-06-2017 at 10:25 PM.
    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
    • Jessy103
    • By Jessy103 20th Jun 17, 9:53 AM
    • 466 Posts
    • 1,964 Thanks
    Jessy103
    Hi!

    No.12 with an overpayment of £407.79 for June, which makes a year-to-date total of £2,396.80.

    Thanks very much!
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount Oct 2017 - £61,990.00
    Overpayment Target for 2017 - £5,000 /£4,060.70
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96 August - £255.11 September - £177.22 October - £381.61
    • Kittenkirst
    • By Kittenkirst 20th Jun 17, 12:12 PM
    • 1,605 Posts
    • 8,354 Thanks
    Kittenkirst
    Hi - Number 96 here with an OP of £342 for June which should bring my year total to £3,116.84 and my target reached.

    I don't want to set a new target at the moment as we are deciding if we might move in the next few months but if it's alright I will still pop in and keep track of any OPs I make.

    Thank you
    Originally posted by Moominmamma89
    Well done you on smashing your years target!!
    2017 MFW #20 - OP £2151.52: £2150 100%
    Last 3 months- Sep £206.32 Oct: £179.60 Nov: £12.58

    Emergency fund £3945/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
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