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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 47
    • Jessy103
    • By Jessy103 13th Sep 17, 10:26 AM
    • 439 Posts
    • 1,860 Thanks
    Jessy103
    Morning!

    No.12 reporting an overpayment of £177.22 for September. Year-to-date total - £3,679.09.

    Thanks
    Jess x
    Original Mortgage Amount 2007 - £87,310.50
    Mortgage Amount July 2017 - £62,900.00
    Overpayment Target for 2017 - £5,000 /£3,679.09
    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
    • turtlemoose
    • By turtlemoose 15th Sep 17, 9:23 AM
    • 1,508 Posts
    • 4,382 Thanks
    turtlemoose
    No 95 here, sorry I've been awol!
    £178 per month for May, June, July, August, September
    • Kittenkirst
    • By Kittenkirst 16th Sep 17, 7:23 AM
    • 1,574 Posts
    • 8,095 Thanks
    Kittenkirst
    Number #20 reporting £132.74 so far for september!

    Hoping for some more chunky figures to throw at it later this month but will see!
    2017 MFW #20 - OP £1914.25/ £2150. 89%
    Last 3 months- Jul £172.36 Aug: £212.52 Sep £161.63

    Emergency fund £3725]/£6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • mortgage_girl
    • By mortgage_girl 16th Sep 17, 4:18 PM
    • 830 Posts
    • 3,822 Thanks
    mortgage_girl
    Hello,

    Number 77 checking in with a total August op of £410. It's slow progress but every little helps.

    MGx
    2017: £5493.46 / £11,000
    2016: 4557.98 / £11,000 2015: £10,230.37 / £11,000
    2014 =£6703.26 / £11,000 2013 = £4288.51 / £8000 2012 = £1600/£5000 2011 = £2579/£3000
    MF date was Nov 2041 - now April 2022

    • icklehelen
    • By icklehelen 17th Sep 17, 12:28 PM
    • 260 Posts
    • 1,126 Thanks
    icklehelen
    Hello

    Sorry for the radio silence - still been squirreling money away just not been very good at logging on here!

    So update from me:
    May 190.72
    June 152.67
    July 599.32
    Aug 161.27

    I've also noticed from the spreadsheet that my March is slightly wrong - should be 306.64 and I think August's 6.98 must belong to someone else!

    So my total to date is 2826.59

    Thanks Hiddenshadow for all of your work on this it must be hard to keep a track of it all!

    ickle
    OP Target 2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 - 1775.50/1200
    OP Target 2017 - 2826.59/2500
    MFiT-T4 #03 MFW2017 #6
    • girl afraid
    • By girl afraid 17th Sep 17, 2:19 PM
    • 74 Posts
    • 252 Thanks
    girl afraid
    No 82 with an overpayment of £200 for September, thank you
    MFW 2014 #82 £2000 / £2000 MFW 2015 #82 £1200 / £1000
    MFW 2016 #82 £1200 / £1000 MFW 2017 #82 £1750 / £2000
    • dizzyblnd
    • By dizzyblnd 17th Sep 17, 5:11 PM
    • 350 Posts
    • 3,037 Thanks
    dizzyblnd
    How do you all manage such huge amounts of overpayments?
    NST #30: nsd 19/21
    • hiddenshadow
    • By hiddenshadow 17th Sep 17, 8:30 PM
    • 2,223 Posts
    • 10,052 Thanks
    hiddenshadow
    Spreadsheet updated.
    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%
    • turtlemoose
    • By turtlemoose 18th Sep 17, 11:37 AM
    • 1,508 Posts
    • 4,382 Thanks
    turtlemoose
    How do you all manage such huge amounts of overpayments?
    Originally posted by dizzyblnd
    It's all relative isn't it. Some people have high stress high paid jobs where a 2k a month overpayment is doable if they're not too spendy elsewhere.

    Other people do surveys, womble receipts, use coupons, save money on spends by being a savvy shopper etc to free up a little cash to overpay.

    And I'm sure there's a whole range in the middle there too

    For me, we used to pay a higher amount on our mortgage, then when we got a new deal the payments went down but we kept the payment amount the same as we knew we could afford it - making an automatic OP each month.
    • anna42hmr
    • By anna42hmr 18th Sep 17, 12:53 PM
    • 2,366 Posts
    • 940 Thanks
    anna42hmr
    How do you all manage such huge amounts of overpayments?
    Originally posted by dizzyblnd
    I personally "pretend" my mortgage payments are actually higher than they are (and therefore future proofing it as such for a time when interest rates rise, as that way will be able to afford it still) , as such pay the extra regular payment each month with my normal direct debit payment. Also when my last fix ended and a new fix afforded a lower contracted payment, i still continued paying at the higher rate (so basically the regular overpayment amount increased)

    I also pay off intermittent lump sums when life allows it, for example if i've had a bonus/overtime payment at work, save up money earned over the year from cash back payments (I use top cash back) which can add up if you get cash back payments against insurances etc over the year.
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / £2722.08 so far as at August
    • Freysmum
    • By Freysmum 18th Sep 17, 9:18 PM
    • 170 Posts
    • 1,164 Thanks
    Freysmum
    How do you all manage such huge amounts of overpayments?
    Originally posted by dizzyblnd
    Turtlemoose sums it up very well. For me I have a 2nd job and also do surveys (if anyone is looking to start surveys I would definitely recommend Prolific Studies).

    @Hiddenshadow I've made my £500 to my savings which makes total YTD now £7000
    Mortgage 09/2017 £37,015
    2017 MFW #81 £7,000/£8,100
    EF £15,000/£20,000
    • michelle09
    • By michelle09 21st Sep 17, 11:42 AM
    • 266 Posts
    • 788 Thanks
    michelle09
    How do you all manage such huge amounts of overpayments?
    Originally posted by dizzyblnd
    I think everyone is different. For us? I have a second job, we rented out our spare rooms for a year, and as of next year we will have standard mortgage/bill payments that one of our two salaries should be able to cover. So the second salary is free for savings/repairs/OP and a bit of fun.
    • michelle09
    • By michelle09 21st Sep 17, 11:43 AM
    • 266 Posts
    • 788 Thanks
    michelle09
    #84 with £100 OP for September. Only £300 from my target now, hopefully will hit it in October.
    • cookie9
    • By cookie9 21st Sep 17, 1:00 PM
    • 732 Posts
    • 3,620 Thanks
    cookie9
    #91 Another expensive month so just 325 for Sept

    Re:" How do you all manage such huge amounts of overpayments?"

    Started off with just £50 but as paid off more and moved onto better deals have kept with original payment so Op more. If interest rates rise at least I know I can cover it.
    Last edited by cookie9; 21-09-2017 at 1:06 PM.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £4040/4000
    MFW 91 op 2017 £812/4500
    • runninglea
    • By runninglea 23rd Sep 17, 9:34 AM
    • 785 Posts
    • 1,136 Thanks
    runninglea
    Hi number 88 reporting a £1,700 over payment for september.
    Year 2017 (8500/£17000mortgage repayment)Overall mortgage (47,600/165568) (28
    .7%) (28/100) payments made. Total paid 2017 year £8,500

    Total paid 2017 year £8,500
    • Mortgage Minimiser
    • By Mortgage Minimiser 23rd Sep 17, 10:03 AM
    • 39 Posts
    • 182 Thanks
    Mortgage Minimiser
    HI,

    #46 reporting for September. Still only paying the interest from my savings accounts whilst we save up for the extension....

    So total for this month is £58..66, total for year £5146.52.

    Thanks!
    MM x
    2016MFW# 46 O'Pd-104% ; 2017MFW #46 Tgt £7500. Paid £5146.52
    MFiT-T4 # 59 - reduce mortgage to £195,000 (60% LTV)
    Mortgage at start (01/2/2015) - £243,750.
    Mortgage at 31/12/15 - £235,906.71.
    Mortgage @ 31/12/16 - £224,120.98
    Today - £212,885.24
    • MichaelDH
    • By MichaelDH 23rd Sep 17, 6:21 PM
    • 93 Posts
    • 420 Thanks
    MichaelDH
    #131 reporting OP £48.24 bringing September total to £509.66 so far
    Starting Balance August 2016: £170,199.00 | Current Balance (7th September 2017): £165,403.60
    OP's to date (starting August 2017): £549.66

    Target: Balance below £160,000.00 by June 2017
    • catslovelycats
    • By catslovelycats 24th Sep 17, 1:40 PM
    • 1,650 Posts
    • 11,195 Thanks
    catslovelycats
    #80
    £200 payment

    thanks
    Mortgage repayment target date: July 2024
    • Maybe_its_because
    • By Maybe_its_because 25th Sep 17, 10:09 PM
    • 380 Posts
    • 1,092 Thanks
    Maybe_its_because
    Hello,

    Number 10 with a quick update of £193 for September.
    Thanks as always
    MIB
    xx
    MFW2017 #10 £819/5000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Aug'17 £192,874
    MFiT T4 #24 £14,467/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
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