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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,304Posts
    • 10,327Thanks
    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

    Anyone planning for 2018...we have a thread set up: here
    Last edited by hiddenshadow; 02-12-2017 at 2:54 PM.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
Page 50
    • Schoolworker
    • By Schoolworker 9th Oct 17, 2:42 PM
    • 182 Posts
    • 426 Thanks
    Schoolworker
    No 72 reporting on to say made an overpayment of £76 today.
    • maia_evo
    • By maia_evo 9th Oct 17, 6:19 PM
    • 76 Posts
    • 216 Thanks
    maia_evo
    #129 - reporting overpayment of £500 for October please.
    • jb_lord
    • By jb_lord 9th Oct 17, 6:24 PM
    • 62 Posts
    • 122 Thanks
    jb_lord
    #60 - £240 overpayment for September.
    2017 MFW #60. £3902.22/£2500
    2016 MFW #60. £2175.51/£5000
    • Maybe_its_because
    • By Maybe_its_because 9th Oct 17, 6:57 PM
    • 386 Posts
    • 1,110 Thanks
    Maybe_its_because
    Hi,

    Paid £171 off so far this month.
    Hoping for another in the next few weeks.

    Thanks for helping to keep things moving in the right direction

    MIB x
    MFW2017 #10 £3,955/5000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Nov'17 £188,501
    MFiT T4 #24 £17,863/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
    • Kerfuffle
    • By Kerfuffle 10th Oct 17, 5:34 PM
    • 1,301 Posts
    • 11,491 Thanks
    Kerfuffle
    Hello hiddenshadow,

    Hi everybody.

    #137 Reporting in with my figures for this year.

    February 50.00
    March 50.00
    June 9300.00
    July 34.50
    August 3865.50
    October 3367.58

    Total 16667.58

    Very happy to announce that that's me done and dusted. Mortgage balance is currently showing zeros and we just need to sort out the paperwork, and probably a few pennies.

    We've finally got there, and have shaved 6 years 8 months off the original term.

    Thank you to everybody that has joined me on this journey during the 5 years that I've been a member of the 'mfw team' and thanks to all the people who have run the threads, VoucherMan, JCL, Lomcevak and hiddenshadow.


    • Freysmum
    • By Freysmum 10th Oct 17, 8:52 PM
    • 174 Posts
    • 1,174 Thanks
    Freysmum
    Oh wow Kerfuffle that's brilliant news, huge congratulations

    I've made my usual £500 which takes me to £7500 YTD (number 81)

    Thanks Hidden
    Mortgage 11/2017 £35,600
    EF £15,700/£20,000
    • twistedhazel
    • By twistedhazel 11th Oct 17, 7:34 AM
    • 208 Posts
    • 1,351 Thanks
    twistedhazel
    Hi Hidden, sorry I think I confused things with my last update - September should have been £1266 + an extra £45 making the total £1311.

    Thank you
    • worklifebalance
    • By worklifebalance 11th Oct 17, 4:10 PM
    • 30 Posts
    • 272 Thanks
    worklifebalance
    #57 total for September £667


    Thanks
    SPC #459 no 8 2015 £203 2016 £157 2017 £70
    starting mortgage £120,000 June 2012
    OP 2015 £5000, 2016 #57 £28866/ £25000
    • Lomcevak
    • By Lomcevak 11th Oct 17, 5:57 PM
    • 662 Posts
    • 4,017 Thanks
    Lomcevak
    Hello hiddenshadow,
    Very happy to announce that that's me done and dusted. Mortgage balance is currently showing zeros and we just need to sort out the paperwork, and probably a few pennies.

    We've finally got there, and have shaved 6 years 8 months off the original term.

    Thank you to everybody that has joined me on this journey during the 5 years that I've been a member of the 'mfw team' and thanks to all the people who have run the threads, VoucherMan, JCL, Lomcevak and hiddenshadow.
    Originally posted by Kerfuffle
    Many congratulations Kerfuffle, and thanks for your update - always great to see someone make it to the finish line
    MFiT-T4#126, £135k to 60k: £44,991/£75,000(60.00%), 2017 MFW#11 £8,461/£10,000 (84.61%)
    £30k-in-’17#69 £34,525.24/£30,000 (115.08%)
    • debtfreeforlife
    • By debtfreeforlife 11th Oct 17, 8:55 PM
    • 93 Posts
    • 409 Thanks
    debtfreeforlife
    #130 checking in with the following OP please: £6599.86.
    GC Nov 17: £136.08/£200 Oct 17: £225.07/£200
    2017 MFW #130 £6599.86/£250
    • girl afraid
    • By girl afraid 13th Oct 17, 12:06 PM
    • 76 Posts
    • 255 Thanks
    girl afraid
    No 82 with an overpayment of £200 for October, thanks Hidden
    MFW 2014 #82 £2000 / £2000 MFW 2015 #82 £1200 / £1000
    MFW 2016 #82 £1200 / £1000 MFW 2017 #82 £1950 / £2000
    • Miss D Meanour
    • By Miss D Meanour 13th Oct 17, 12:48 PM
    • 100 Posts
    • 708 Thanks
    Miss D Meanour
    Well done Kerfuffle - fabulous news
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 10. #574 - £544.30 ...SPC11 - £15 / £500
    Xmas 2018 - #11: £0 / £365. .......... CCCC 2017 - #9: £122 / £150
    PAYDBX 2017 #23: £7,231.51 / £8,100. .......... MFW2017 - #2: £7,615.91 / £7,000
    No matter how far you go, you always take yourself with you
    • benmclaughlan
    • By benmclaughlan 15th Oct 17, 7:48 PM
    • 16 Posts
    • 58 Thanks
    benmclaughlan
    #87 really late update

    £200 overpaid in July
    £330 overpaid in August
    £2235 overpaid in September

    Thanks Ben
    • hiddenshadow
    • By hiddenshadow 16th Oct 17, 7:41 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    Congrats kerfuffle!

    Spreadsheet updated - I think I got everyone. Currently suffering from lurgy so I may have misread/mistyped, so if there are errors please shout.
    MFW: Dec '13 £197,100 / Dec '14 £180,691 / Dec '15 £161,669 / Dec '16 £119,669 / Dec '17 £104,645
    2017 MFW #56: £15,022/£15,000 100% / MFiT-T4 #15: £54,854/£90,000 60%
    • runninglea
    • By runninglea 19th Oct 17, 4:43 PM
    • 790 Posts
    • 1,145 Thanks
    runninglea
    Hi number 88 - another £1700 paid but bit behind for year. Need to update my signature to see how much I have paid.

    The idea was to split the amount into 100 smaller pieces hence the £1700 payment each time. 100 payments equals no mortgage
    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
    • Miss Pinky
    • By Miss Pinky 20th Oct 17, 3:43 PM
    • 28 Posts
    • 98 Thanks
    Miss Pinky
    Miss Pinky # 15 checking in!

    Overpayment for October is £500 so this brings me well over my target for the year. My letter came through from this over payment and it shows that I have 12 yrs and 8 months left to pay. Cant believe it! So delighted and hopefully this will continue to reduce.

    I am hoping to make another £1500 by March as this is when my official year with the mortgage company ends. I spoke to them about what my overpayment allowance for next year would be as I thought it would reduce every year but not so due to me having a fix! So for the next 5 years I can pay the same overpayment per year which may be a bit of a stretch but it will give me something to aim for. Delighted at that news!

    Miss Pinky xxx
    MFW #15 Jan/£500 Feb/£500 Mar/£ April/£ May/£ June/£ July/£ August/£ Sept/£ Oct/£ Nov/£ Dec/
    • Merchandiser2367
    • By Merchandiser2367 20th Oct 17, 6:18 PM
    • 136 Posts
    • 948 Thanks
    Merchandiser2367
    Hi there, is it still possible to join this? We are a bit late in the year but our remortgage is due in 2 weeks and this is when we are starting.

    Hopefully my signature should have the goal into needed? Thanks, Merch
    Current mortgage 16/10/2017 - £146500
    Hopefully on a 5 year fix (1/11/17) - Aiming to overpay £1722 at least a month + more when available
    MFW by December 2022
    £10,000 / £10,000 Savings by 1/11/17
    £380/£3500 Over Payments for 2017
    • Jessy103
    • By Jessy103 20th Oct 17, 6:23 PM
    • 468 Posts
    • 1,981 Thanks
    Jessy103
    Hiya!

    No.12 reporting an overpayment of £381.61 for October. Year-to-date balance £4,060.70.

    Thanks!
    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
    • Roxie
    • By Roxie 22nd Oct 17, 8:02 AM
    • 558 Posts
    • 344 Thanks
    Roxie
    Hello hiddenshadow,

    Hi everybody.

    #137 Reporting in with my figures for this year.

    February 50.00
    March 50.00
    June 9300.00
    July 34.50
    August 3865.50
    October 3367.58

    Total 16667.58

    Very happy to announce that that's me done and dusted. Mortgage balance is currently showing zeros and we just need to sort out the paperwork, and probably a few pennies.

    We've finally got there, and have shaved 6 years 8 months off the original term.

    Thank you to everybody that has joined me on this journey during the 5 years that I've been a member of the 'mfw team' and thanks to all the people who have run the threads, VoucherMan, JCL, Lomcevak and hiddenshadow.
    Originally posted by Kerfuffle
    That's fantastic news Kerfuffle

    I have a long way to go but I get more determined when I read how many years people manage to shave off their term. I can only imagine how good it feels to be free of a monthly mortgage payment.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2017 no:78 £3100/£3500
    • Roxie
    • By Roxie 22nd Oct 17, 8:08 AM
    • 558 Posts
    • 344 Thanks
    Roxie
    Morning everyone

    No: 78 with £450 OP for October (YTD £3100)

    Hiddenshadow........ Can I increase my target to £3500 please as I have reached the old one.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2017 no:78 £3100/£3500
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