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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,158Posts
    • 9,722Thanks
    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 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
Page 39
    • Jessy103
    • By Jessy103 8th Jul 17, 5:09 PM
    • 342 Posts
    • 1,383 Thanks
    Jessy103
    Hi, No.12 reporting an overpayment for July of £175.96. YTD total £2,572.76.

    Thanks and have a lovely weekend!
    Jess x
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount April 2017 - £64,990.00
    Overpayment Target for 2017 - £5,000 /£3,246.76
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96
    • michelle09
    • By michelle09 8th Jul 17, 5:31 PM
    • 176 Posts
    • 358 Thanks
    michelle09
    #84 with a £300 OP. Knocks our combined mortgage and SL debt under the £270k mark.
    • Freysmum
    • By Freysmum 8th Jul 17, 8:28 PM
    • 168 Posts
    • 1,160 Thanks
    Freysmum
    Congrats on reaching your target. You're welcome to increase it and count your savings if you like...they'll end up in the mortgage eventually when the bank allows.
    Originally posted by hiddenshadow
    Thanks Hidden, can you increase my target to £8100 please? I've just transferred £600 to the savings which takes my total YTD to £5200
    Mortgage 07/2017 £38,380
    2017 MFW #81 £6,000/£8,100
    EF £14,000/£20,000
    • Flower of scotland
    • By Flower of scotland 10th Jul 17, 8:45 PM
    • 34 Posts
    • 190 Thanks
    Flower of scotland
    Hi #128 here. Can I make an o/p for June of £562.55 and July of £560.50.

    Thanks
    • Debtslayer
    • By Debtslayer 10th Jul 17, 8:55 PM
    • 308 Posts
    • 468 Thanks
    Debtslayer
    Hi
    Can I join please?
    My target for 2017 is £2,000 as I've finally given myself a kick to get started!
    Current Mortgage: £114,794.64
    Current Mortgage end date: 2036
    Target Mortgage end date: 2026
    Overpayment Target for remainder of 2017: £2,000

    MFW No 124
    • Schoolworker
    • By Schoolworker 13th Jul 17, 3:29 PM
    • 115 Posts
    • 289 Thanks
    Schoolworker
    No 72 reporting in to say that I have made an overpayment of £155 today. Will see if if can do another payment later in the month.
    • greent
    • By greent 13th Jul 17, 3:46 PM
    • 5,955 Posts
    • 60,165 Thanks
    greent
    #18 with July's payment of £490 - that means I've met my target for the year, so may I please increase my target to £5000, hiddenshadow?

    Thank you
    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) £3490/£3286
    Net sales 2017 £753.38/£500 PAYDOX17 £10335/£10k Decluttered 1200/2017 items
    • Mickyh-s
    • By Mickyh-s 13th Jul 17, 4:32 PM
    • 19 Posts
    • 44 Thanks
    Mickyh-s
    Number 116 with an overpayment of £2,330.00 in July.

    Thank you!
    Mortgage start date - April 2013 - £146,098.28
    Balance as of 26th July 2017 - £101, 828.48
    Target - to pay off mortgage by April 2025 - 10 years early!!
    • hiddenshadow
    • By hiddenshadow 13th Jul 17, 8:51 PM
    • 2,158 Posts
    • 9,722 Thanks
    hiddenshadow
    Hi
    Can I join please?
    My target for 2017 is £2,000 as I've finally given myself a kick to get started!
    Originally posted by Debtslayer
    Welcome! You're #124.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / July '17 £109,097
    Payment 42/84 / 2017 MFW #56: £10,572/£20,000 52% / MFiT-T4 #15: £50,403/£90,000 56%
    • themadvix
    • By themadvix 14th Jul 17, 8:32 AM
    • 897 Posts
    • 4,376 Thanks
    themadvix
    Hi Hiddenshadow, I know it's cheating but please can you amend my target downwards to £5303. The year has not gone to plan and this will cover the existing OP, replenishing my emergency fund and covering the rewire of our kitchen, which is about to go on a 0% card! Thanks!
    OPs 2017 = £2603/£10000
    S&S ISA = £300/£600
    OPs made 2016 = £6142.12
    Starting balance 2012: £132000; balance June 2017: £99,974
    MFW2017 no. 38
    • greent
    • By greent 14th Jul 17, 11:05 AM
    • 5,955 Posts
    • 60,165 Thanks
    greent
    Hi hidden - just noticed my OP for this month is on the s/sht as £400, not £490... sorry
    thank you x
    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) £3490/£3286
    Net sales 2017 £753.38/£500 PAYDOX17 £10335/£10k Decluttered 1200/2017 items
    • pavlovs_dog
    • By pavlovs_dog 15th Jul 17, 3:26 PM
    • 9,715 Posts
    • 23,097 Thanks
    pavlovs_dog
    June update of £410.03

    July update of £450.03

    Should give YTD of £3961.18 #22 (56%)
    know thyself

    MFW 2017 #22 - £3961.18 /£7,000 (56%)
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • new mortgageeee
    • By new mortgageeee 19th Jul 17, 8:57 AM
    • 69 Posts
    • 220 Thanks
    new mortgageeee
    Hi HS,

    #31 reporting £645 OP for July.

    Should now be on: £4950/£10000

    Thanks,
    NMx
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 £120,000 £113,350
    - 2017 MFW #31 £4,950/£10,000
    - Student loan started 2009 £16413 £11,572
    + Easy access savings £8,250
    + S&S ISA £380
    • Jessy103
    • By Jessy103 19th Jul 17, 10:23 AM
    • 342 Posts
    • 1,383 Thanks
    Jessy103
    Good Morning!

    I have made another overpayment of £100 for July so the new July total is £275.96 and the yearly total is now £2,672.76.

    Thanks
    Jess x
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount April 2017 - £64,990.00
    Overpayment Target for 2017 - £5,000 /£3,246.76
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96
    • Freysmum
    • By Freysmum 19th Jul 17, 8:32 PM
    • 168 Posts
    • 1,160 Thanks
    Freysmum
    Good evening Hidden and all other fellow MFW peeps, no 81 reporting with an additional payment to the savings of £800 taking my YTD total to £6000 think that's me til next month although I have just discovered the joy of online surveys so maybe able to find a few more quid before the end of the month!

    Thanks Hidden
    Mortgage 07/2017 £38,380
    2017 MFW #81 £6,000/£8,100
    EF £14,000/£20,000
    • Jessy103
    • By Jessy103 20th Jul 17, 9:29 AM
    • 342 Posts
    • 1,383 Thanks
    Jessy103
    Good Morning!

    I have made another overpayment of £100 for July so the new July total is £275.96 and the yearly total is now £2,672.76.

    Thanks
    Jess x
    Originally posted by Jessy103
    Sorry forgot to say I'm No. 12! Thanks
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount April 2017 - £64,990.00
    Overpayment Target for 2017 - £5,000 /£3,246.76
    Jan - £873.26 Feb - £185.38 March - £269.07 April - £193.66 May - £467.64 June - £407.79 July - £849.96
    • Cazzaswfc
    • By Cazzaswfc 20th Jul 17, 8:00 PM
    • 109 Posts
    • 543 Thanks
    Cazzaswfc
    Apologies, been on holiday

    Overpayment for JUNE. £53.57
    MFW 2017 No 41 £606.62/£1000
    Mortgage at December 2015. £55003.41
    Mortgage at December 2016. £51173.04
    Current MF date November 2034

    Stunner for Summer: 3/14
    • chocoholic_chick
    • By chocoholic_chick 21st Jul 17, 10:52 AM
    • 577 Posts
    • 2,751 Thanks
    chocoholic_chick
    #112 with an OP of £300 for July taking total for the year to £1545

    Fell a bit behind but still hoping to make target by the end of the year
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £142,336.52
    2017 OP's:£1545
    Total Debt £29,209 £0 Debt free 6/8/16
    • allmannerofthings
    • By allmannerofthings 21st Jul 17, 1:31 PM
    • 84 Posts
    • 504 Thanks
    allmannerofthings
    Hi, number 115 here reporting an overpayment for July of £900, making a total this year of £2610. Thank you!

    If it's not too much trouble, could I also increase my target for this year to £5000, please?
    Last edited by allmannerofthings; 21-07-2017 at 2:09 PM.
    Mortgage March 2017 borrowed £115,000. Balance July 2017 £110,755.67
    Overpayments 2017 £2610/Target £5000
    • runninglea
    • By runninglea 21st Jul 17, 7:50 PM
    • 784 Posts
    • 1,136 Thanks
    runninglea
    Hi Number 88 reporting in with £1,700 for July

    Thanks a lot
    Year 2016 (5100/£17068mortgage repayment)Overall mortgage (27,200/165568) (16.5%) (16/100) payments made. Total paid 2016 year £5,100
    Total paid 2016 year £5,100
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