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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,262Posts
    • 10,228Thanks
    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 46
    • becky170
    • By becky170 5th Sep 17, 4:32 PM
    • 437 Posts
    • 3,781 Thanks
    becky170
    #7 here reporting an overpayment of £300 for September. Thanks hiddenshadow!
    MFW 2016 #7 £1849/2000

    MFW 2017 #7 £3447/2000
    • Roxie
    • By Roxie 5th Sep 17, 10:46 PM
    • 558 Posts
    • 344 Thanks
    Roxie
    No: 78 with Sept OP of £100.00. Total for year £2650.00.
    Thanks hiddenshadow
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2017 no:78 £3100/£3500
    • Roxie
    • By Roxie 5th Sep 17, 10:52 PM
    • 558 Posts
    • 344 Thanks
    Roxie
    Number 15 checking in.....

    Well.... I am delighted! After paying my large chunk last week I got a letter from Nationwide saying that the term of my mortgage now sits at 13yrs and 1 month. I think this is absolutely amazing as I only got the term reduced to 15yrs in March (of this year!) and thanks to the over-payments I have almost knocked 2 years off. 2 years!!! Amazing!

    To top this off, I have made a £500 payment which also brings me into the bracket of owning half my house (house valued at £120,000. Balance owed is now £59,700).

    What a month! Thanks to everyone on this board. Without hearing your stories/diaries, this would never have happened. You lot are an inspiration.

    Miss Pinky xxx
    Originally posted by Miss Pinky
    That's great news and thanks for sharing it with us. Everyone's updates like this keep me motivated. I won't get my yearly statement until December but looking forward to seeing how many months I've knocked off the mortgage term.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2017 no:78 £3100/£3500
    • Moominmamma89
    • By Moominmamma89 6th Sep 17, 11:52 AM
    • 208 Posts
    • 355 Thanks
    Moominmamma89
    Hi - number 96. September OP of £348 and YTD £4,155.84. Thanks HiddenShadow
    Last edited by Moominmamma89; 06-09-2017 at 9:21 PM. Reason: Sorry had put August but meant September!
    Outstanding Mortgage - 139,880.15 (73% LTV)
    Current end date: January 2041 (originally August 2044)
    • MichaelDH
    • By MichaelDH 6th Sep 17, 1:37 PM
    • 100 Posts
    • 470 Thanks
    MichaelDH
    Hello

    #131 reporting another over payment of £22.09 for September, so I make that £354.01 so far this month
    Starting Balance August 2016: £170,199.00 | Current Balance (4th October 2017): £164,720.53
    OP's to date (starting August 2017): £906.58

    Target: Balance below £160,000.00 by June 2017
    • michelle09
    • By michelle09 6th Sep 17, 6:43 PM
    • 395 Posts
    • 1,483 Thanks
    michelle09
    #84 with another September OP of £100.
    • MichaelDH
    • By MichaelDH 6th Sep 17, 7:22 PM
    • 100 Posts
    • 470 Thanks
    MichaelDH
    #131 (again) reporting another over payment of £33.00 for September, bringing the total to £387.01 so far this month
    Starting Balance August 2016: £170,199.00 | Current Balance (4th October 2017): £164,720.53
    OP's to date (starting August 2017): £906.58

    Target: Balance below £160,000.00 by June 2017
    • NewMoneySaver13
    • By NewMoneySaver13 7th Sep 17, 12:28 PM
    • 70 Posts
    • 295 Thanks
    NewMoneySaver13
    Hi hiddenshadow,


    MFW No 86 reporting in with an OP of £450 for the month of September.


    I have also noticed that I never reported in with my OP of £430 for August.


    Without realising, I have now exceeded my target for the year which is always a bonus! I will have a little think about setting a revised target for the remainder of the year which I will get back to you on.


    Thanks
    2017 MFW No.86
    OP Target 2017: £5000
    Monthly Total: £300
    Year To Date: £4740 / £5000
    • maia_evo
    • By maia_evo 7th Sep 17, 7:49 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    #129 with first OP for September of £201 to record please.
    Been on the OP calculator today and have my target in mind for 2018 challenge
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • MichaelDH
    • By MichaelDH 8th Sep 17, 7:48 PM
    • 100 Posts
    • 470 Thanks
    MichaelDH
    #131 reporting another OP of £27.57, bringing the September total to £414.58
    Starting Balance August 2016: £170,199.00 | Current Balance (4th October 2017): £164,720.53
    OP's to date (starting August 2017): £906.58

    Target: Balance below £160,000.00 by June 2017
    • mypegasus
    • By mypegasus 8th Sep 17, 10:54 PM
    • 7 Posts
    • 21 Thanks
    mypegasus
    #126 reporting a first overpayment for September of £200
    • Lomcevak
    • By Lomcevak 10th Sep 17, 7:24 AM
    • 655 Posts
    • 3,991 Thanks
    Lomcevak
    #11 reporting in with my £600 overpayment, total for the year is now £4800. Slow and steady at the moment
    Originally posted by Lomcevak
    Mr predictable here with a £600 OP for #11, total £5400 for the year so far. But on the plus side, another mini-milestone this month as the LTV drops below 25%
    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%)
    • hiddenshadow
    • By hiddenshadow 10th Sep 17, 7:48 PM
    • 2,262 Posts
    • 10,228 Thanks
    hiddenshadow
    #84 with an OP of £42.71

    With the mortgage payment it brings us to £250k on the nose! One milestone down, just a few more to go.
    Originally posted by michelle09
    Congrats on reaching that milestone!
    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%
    • hiddenshadow
    • By hiddenshadow 10th Sep 17, 8:01 PM
    • 2,262 Posts
    • 10,228 Thanks
    hiddenshadow
    Number 15 checking in.....

    Well.... I am delighted! After paying my large chunk last week I got a letter from Nationwide saying that the term of my mortgage now sits at 13yrs and 1 month. I think this is absolutely amazing as I only got the term reduced to 15yrs in March (of this year!) and thanks to the over-payments I have almost knocked 2 years off. 2 years!!! Amazing!

    To top this off, I have made a £500 payment which also brings me into the bracket of owning half my house (house valued at £120,000. Balance owed is now £59,700).

    What a month! Thanks to everyone on this board. Without hearing your stories/diaries, this would never have happened. You lot are an inspiration.

    Miss Pinky xxx
    Originally posted by Miss Pinky
    Congrats on all those milestones! I love figuring out how many mortgage payments I've avoided paying in the future by OPs....so inspiring.
    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%
    • hiddenshadow
    • By hiddenshadow 10th Sep 17, 8:08 PM
    • 2,262 Posts
    • 10,228 Thanks
    hiddenshadow
    Mr predictable here with a £600 OP for #11, total £5400 for the year so far. But on the plus side, another mini-milestone this month as the LTV drops below 25%
    Originally posted by Lomcevak
    Ooh, very nice.
    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%
    • Marie27lol
    • By Marie27lol 10th Sep 17, 9:22 PM
    • 246 Posts
    • 1,093 Thanks
    Marie27lol
    Hi, No 127 here,

    Another OP of £175 for Sept = £175!

    Managed to increase monthly OP by £75, due to end of FTC
    Got the House, MF aim to do this WAY before 60, and preferably out of it by 50!

    MF2017 #127 £1,850 / £3,000

    History OPs (£3k target every year):
    2012-£3k ; 2013-£3,1k ; 2014-£3,325 ; 2015-£3,825 ; 2016-£2,050 (reduced to £2k)
    • maia_evo
    • By maia_evo 12th Sep 17, 12:59 PM
    • 76 Posts
    • 200 Thanks
    maia_evo
    #129 reporting additional September OP of £299
    Total OP for September £500

    Thank you x
    Take care of the here and now and the future will be taken care of.
    MFW 2017 £6000 (currently £5201) | Product Sales Target 10 (currently 2) | Tesco CC £5116.50 - £0
    • Schoolworker
    • By Schoolworker 12th Sep 17, 1:42 PM
    • 175 Posts
    • 411 Thanks
    Schoolworker
    No72 reporting in to say made overpayment of £240 today. Hope to make more overpayments later in the month.
    • chocoholic_chick
    • By chocoholic_chick 12th Sep 17, 1:49 PM
    • 615 Posts
    • 3,026 Thanks
    chocoholic_chick
    Hi Hiddenshadow just spotted you updated my target for the year but forgot to update my total for September - I paid over an extra £650 so my total for September should be £950.

    Thanks
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £134,867.43
    2017 OP's:£4,940
    November Grocery Challenge: £88.51/£250
    Total Debt £29,209 £0 Debt free 6/8/16
    • MichaelDH
    • By MichaelDH 12th Sep 17, 4:39 PM
    • 100 Posts
    • 470 Thanks
    MichaelDH
    #131 reporting another OP of £46.84, bringing the September total to £461.42 so far. Aiming for £500 by the end of the month
    Starting Balance August 2016: £170,199.00 | Current Balance (4th October 2017): £164,720.53
    OP's to date (starting August 2017): £906.58

    Target: Balance below £160,000.00 by June 2017
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