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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,223Posts
    • 10,052Thanks
    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 / Sept '17 ££107,383
    Payment 44/84 / 2017 MFW #56: £12,285/£20,000 61% / MFiT-T4 #15: £52,116/£90,000 57%
Page 38
    • kerry90
    • By kerry90 3rd Jul 17, 10:41 AM
    • 12 Posts
    • 32 Thanks
    kerry90
    Hello, number 51 reporting in with £210 overpayment for month of July.
    • TwentySomethingGirl
    • By TwentySomethingGirl 3rd Jul 17, 12:31 PM
    • 161 Posts
    • 357 Thanks
    TwentySomethingGirl
    Hi

    #85 reporting for July, £182.68.

    This should have us past the target for the year and I'll be cancelling the standing order for this mortgage as it'll be changing in the next couple of months. I'll probably be back once the new one is up and running
    Mortgage £126746 DEC14 £122423.53 DEC15 £115041.70 DEC16 Remortgaged Sep17 to pay off HtB loan £150000
    MFW2017 #85 £2633.7/£2500 12K IN 17 #85 £5500/£12000
    MFW2016 £3614.63/£2500
    MFW2015 £811.60/£1200
    • michelle09
    • By michelle09 3rd Jul 17, 2:25 PM
    • 266 Posts
    • 788 Thanks
    michelle09
    #84 with an OP for July of £334.41
    • KittyMoma
    • By KittyMoma 3rd Jul 17, 4:37 PM
    • 36 Posts
    • 56 Thanks
    KittyMoma
    No 109 OP of £500 please, thank you!
    Starting mortgage - £303,434.49
    Dec16 - £257,319 (OP £27,522.92 in 2016)
    Jan17 - OP £5,000 / Feb17 - OP nil / Mar17 - OP £300 / Apr17 - OP £300 / May17 - OP £300 / Jun17 - OP £7,461.01 / Jul17 - OP £500 / Aug17 - OP £500 / Sep17 - OP £500
    • MissLemon
    • By MissLemon 3rd Jul 17, 8:46 PM
    • 62 Posts
    • 380 Thanks
    MissLemon
    No 121 reporting for June! OP of £188.39
    MFW #121. Mortgage at June 2017 £96,491.71. September 2017 £93,480
    OP target 2017 £1629.93/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • Miss D Meanour
    • By Miss D Meanour 4th Jul 17, 6:32 PM
    • 86 Posts
    • 623 Thanks
    Miss D Meanour
    Hi there everyone
    I hope July is going well for you.
    My July over payments went out yesterday so

    #2 reporting £579.81 O/P leading to £4,008.67 / £7,000

    Take care
    MissDM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 10. #574. .......... How much will you spend 2017? #9
    Xmas 2017 - #40: £243 / £365. .......... CCCC 2017 - #9: £57 / £150
    PAYDBX 2017 #23: £5,868.85 / £8,100. .......... MFW2017 - #2: £5,198.29 / £7,000
    No matter how far you go, you always take yourself with you
    • new mortgageeee
    • By new mortgageeee 4th Jul 17, 9:18 PM
    • 70 Posts
    • 222 Thanks
    new mortgageeee
    Apologies for the recent absence!!

    #31 reporting the following:

    £550 for April
    £755 for May
    £600 for June

    Should be at £4305/£10,000

    NM x
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £112,500
    - 2017 MFW #31 £5,818/£10,000
    - Student loan started 2009 £16413 £10,679
    + Easy access savings £8,500
    + S&S ISA £445
    • Roxie
    • By Roxie 4th Jul 17, 10:18 PM
    • 556 Posts
    • 342 Thanks
    Roxie
    Hello All,

    78 reporting in with £290 OP for July, gives total for year of £2000.

    Thanks HS.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2017 no:78 £2650/£3000
    • NewMoneySaver13
    • By NewMoneySaver13 5th Jul 17, 9:20 AM
    • 68 Posts
    • 289 Thanks
    NewMoneySaver13
    Hi hiddenshadow,


    MFW No 86 reporting in with an OP of £430 for the month of July.


    Thanks
    2017 MFW No.86
    OP Target 2017: £3750
    Monthly Total: £450
    Year To Date: £4040 / £3750
    • originalmiscellany
    • By originalmiscellany 5th Jul 17, 10:17 AM
    • 1,585 Posts
    • 3,830 Thanks
    originalmiscellany
    #119 here
    I've overpaid £500 every month since January - July (7 months)...
    Therefore I'd like to have a target of £6,000 to overpay rather than my £1000.

    Thanks!
    Feb 2012 - onwards MF achieved
    June 2016 - Back into clearing a mortgage
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 - September 2017 down to 29.04 months vs 31.0 months at normal payment
    Aims: 1) To pay off mortgage within 20 years - 2037
    • Sundaysgirl
    • By Sundaysgirl 5th Jul 17, 1:44 PM
    • 1,089 Posts
    • 6,289 Thanks
    Sundaysgirl
    Hi all


    Great progress being made by everyone!


    June final total £4,713.62 thanks to a bonus
    July so far £2,830.77


    YTD £25,166.78... so I'm going to be bold and up my target to £40,000 please hidden

    #123
    MFW 2017 #123 2017: £25,166.78/£40,000 (62.92%)
    • Moominmamma89
    • By Moominmamma89 6th Jul 17, 12:50 PM
    • 189 Posts
    • 327 Thanks
    Moominmamma89
    Hi - No.96 with a July payment of £345 which should take me to £3,461.84 for the year so far - can't believe we are over half way through 2017 already!

    Thanks Hiddenshadow
    Outstanding Mortgage - 141,617.85 (74% LTV)
    Current end date: March 2041 (originally August 2044)
    • chelseablue
    • By chelseablue 6th Jul 17, 2:28 PM
    • 2,202 Posts
    • 2,700 Thanks
    chelseablue
    Hi all

    Sorry I have not posted much on here, lots going on.....

    Which leads me on to having to unfortunately leave the challenge for this year

    I was doing really well, overpaying £400 every month. But 2018 is looking to be an expensive year:

    Our lease car goes back in April so need to save for a deposit on a different car
    We're getting married in June so most of our spare money each month goes to that.
    In December 2018 we're planning on a holiday to Australia

    So as you can see lots to save up for so need to save the money instead of overpaying.

    I WILL be back in future mfw challenges.

    Mortgage outstanding: £222,000

    Good luck everyone and I'll see you another year x
    Mortgage starting balance 26.02.16 £231,294
    Mortgage after Year 1 £225,078
    • hildosaver
    • By hildosaver 6th Jul 17, 3:57 PM
    • 250 Posts
    • 412 Thanks
    hildosaver
    Number 52 with payments of £500 for both April and June.
    Mortgage balance September 2012: £121,086 (First ever OP)
    Mortgage balance June 2017: £82,338
    • becky170
    • By becky170 6th Jul 17, 5:55 PM
    • 435 Posts
    • 3,778 Thanks
    becky170
    Hi guys, number 7 reporting an overpayment of £299 for july. Thanks!
    MFW 2016 #7 £1849/2000

    MFW 2017 #7 £2405/2000
    • hiddenshadow
    • By hiddenshadow 7th Jul 17, 2:37 PM
    • 2,223 Posts
    • 10,052 Thanks
    hiddenshadow
    Number 15 Checking in albeit late!!!
    Not sure what my overall aim is this year, I'll chip away as much as possible. I am getting married in January (we are eloping) so it's all a big secret and I have managed to keep the costs low (in comparison to some) and will continue to do so to free up cash for the mortgage but I want to look back and remember the good times and not the cheapness or extravagance!.

    Miss Pinky xxx
    Originally posted by Miss Pinky
    Spreadsheet has you down for £7,054, but you're welcome to adjust that if you'd like.

    Congrats on the upcoming wedding!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Sept '17 ££107,383
    Payment 44/84 / 2017 MFW #56: £12,285/£20,000 61% / MFiT-T4 #15: £52,116/£90,000 57%
    • hiddenshadow
    • By hiddenshadow 7th Jul 17, 2:38 PM
    • 2,223 Posts
    • 10,052 Thanks
    hiddenshadow
    Hi

    #85 reporting for July, £182.68.

    This should have us past the target for the year and I'll be cancelling the standing order for this mortgage as it'll be changing in the next couple of months. I'll probably be back once the new one is up and running
    Originally posted by TwentySomethingGirl
    Congrats on reaching your target!
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Sept '17 ££107,383
    Payment 44/84 / 2017 MFW #56: £12,285/£20,000 61% / MFiT-T4 #15: £52,116/£90,000 57%
    • Lomcevak
    • By Lomcevak 7th Jul 17, 5:33 PM
    • 647 Posts
    • 3,944 Thanks
    Lomcevak
    #11 with my standard £600 overpayment, total for the year is now £4200.

    However, the exciting news is that I'm now UNDER £100k - ok, it now starts with £99..., but it's a big milestone in the Lomcevak household

    Four years ago I was on £189k, so just over £90k down since then. Hopefully the last £99k will be done within the next four
    MFiT-T4#126, £135k to 60k: £37,081/£75,000(49.45%), 2017 MFW#11 £4,800/£10,000 (48.00%)
    £30k-in-’17#56 £21,090.46/£30,000 (70.30%)
    • Needhelpsaving
    • By Needhelpsaving 7th Jul 17, 7:15 PM
    • 593 Posts
    • 2,573 Thanks
    Needhelpsaving
    Hi,

    Number 54 checking in with a payment of £540 for July.

    We have moved some money out of savings to boost our MFW journey while interest rates are low.

    Thanks!
    Target 1 - Emergency Fund Currently £300/£3000

    Target 2 - Op Mortgage by £4000 by 31/12/2017 Currently £2919.61/£4000
    • A Frayed Knot
    • By A Frayed Knot 8th Jul 17, 9:56 AM
    • 2,118 Posts
    • 9,544 Thanks
    A Frayed Knot
    No 27 checking in with o/p of £213.42

    Making total this year 4003.94/5000 so far

    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 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
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