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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,303Posts
    • 10,326Thanks
    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 54
    • anna42hmr
    • By anna42hmr 25th Nov 17, 9:04 AM
    • 2,419 Posts
    • 990 Thanks
    anna42hmr
    We've just paid off our mortgage last week, it took us only 10 years out of the 25 year term, by making as many overpayments as possible on an offset mortgage. Not sure I can join this challenge as we've paid it off but happy to give any advice to others, I remember that feeling of wondering whether the overpayments would make a difference especially when the balance was still quite large, but we got there!
    Originally posted by WorldTraveller
    well done that must feel fantastic!
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / £3367.86 so far as at November
    • MouseTheDog
    • By MouseTheDog 27th Nov 17, 7:33 AM
    • 23 Posts
    • 80 Thanks
    MouseTheDog
    Hi all

    End of month for me (#37) and an additional OP of £71.58 taking my November total to £205.17.

    One last push next month!

    Thanks hiddenshadow 👍
    MFW #37 £2492.90/£2664 (93.6%) Original End Date Dec 2038 Now March 2037
    • wantabetterlife
    • By wantabetterlife 27th Nov 17, 9:28 PM
    • 1,226 Posts
    • 5,475 Thanks
    wantabetterlife
    Hi all #26 with £333.12 for November
    Mortgage £177,750£166770.17
    Overpayments 2016 £2053.58 2017 #26 £3417.1
    Daily interest £19.91 £15.28
    BUY TO LET MORTGAGE £111408 £109975 £105256
    5.14% paid
    Saving £1480
    • cookie9
    • By cookie9 28th Nov 17, 11:49 AM
    • 738 Posts
    • 3,649 Thanks
    cookie9
    #91 with £62 for October and another £62 for November.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £4040/4000
    MFW 91 op 2017 £812/4500
    • Schoolworker
    • By Schoolworker 28th Nov 17, 5:48 PM
    • 182 Posts
    • 426 Thanks
    Schoolworker
    No 72 reporting in to say made overpayment of £60 today.
    • MissLemon
    • By MissLemon 29th Nov 17, 10:11 PM
    • 64 Posts
    • 386 Thanks
    MissLemon
    MFW #121 reporting for three months!

    September = £392.22
    October = £1989.23
    November = £795.69

    Which means I am on track to OP £5000 before the end of the year! Quite amazing!
    MFW #121. Mortgage at June 2017 £96,491.71. December 2017 £89,690
    OP target 2017 £4614.85/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • benmclaughlan
    • By benmclaughlan 30th Nov 17, 7:18 AM
    • 16 Posts
    • 58 Thanks
    benmclaughlan
    MFW #87 reporting for this month

    £1650.00 for November

    Thanks Ben
    • greent
    • By greent 30th Nov 17, 1:16 PM
    • 6,506 Posts
    • 65,664 Thanks
    greent
    #18 reporting OP of £244.24 for Nov.

    Will only be making minimal OPs for next couple of months - tenants have given notice, so have marketing expenses and some small decorating/ repair expenses. Once new tenants have been found, moved in and all relevant expenses have been paid for I will restart. Have still smashed my original target though
    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) £5278/£3286
    Net sales 2017 £1259.72/£500 PAYDOX17 £12239/£10k Decluttered 1870/2017 items
    • Mortgage Minimiser
    • By Mortgage Minimiser 30th Nov 17, 8:25 PM
    • 45 Posts
    • 201 Thanks
    Mortgage Minimiser
    Hi,

    number 46 here. Total OP for November was £85.25, just savings interest.

    thanks
    MM
    2016MFW# 46 O'Pd-104% ; 2017MFW #46 Tgt £7500. Paid £5269.52
    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 - £211,322.59
    • Maybe_its_because
    • By Maybe_its_because 1st Dec 17, 2:19 AM
    • 386 Posts
    • 1,110 Thanks
    Maybe_its_because
    Hi,

    Quick pop in to report a November bank account sweep resulting in a £74 OP.

    Thankyou

    MIB
    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
    • Kittenkirst
    • By Kittenkirst 1st Dec 17, 12:42 PM
    • 1,636 Posts
    • 8,546 Thanks
    Kittenkirst
    Hi Hidden shadow & everyone!

    Just reporting an OP for November of £160.55 made up of some survey payouts and Tilly tidying the accounts!

    Looking forward to trying to smash the revised target of £2500 for the year in December
    2017 MFW #20 - OP £2348.20/ £2150 106%. New target £2500 93.9%
    Last 3 months- Oct: £179.60 Nov: £160.33 Dec: £52.33

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    2016 OPs £255.50/£150
    • ajmoney
    • By ajmoney 1st Dec 17, 1:53 PM
    • 4,835 Posts
    • 55,435 Thanks
    ajmoney
    No 70 reporting an OP for December of £510.76, this will be my last of the year. I need to start thinking of next year's challenge.
    2017 MFW No. 70 £5588.05/£5500
    MFiT-T4 No. 70 £21406.15/£29544
    Mortgage £117793.58 Savings £86679.77
    Total left to pay/save £31113.81
    • kerry90
    • By kerry90 1st Dec 17, 4:16 PM
    • 15 Posts
    • 43 Thanks
    kerry90
    Wow, I can't believe a year has gone by so quickly.
    Number 51 here to report my OPs for November (£502.11) and December (£500) meaning I've hit my target for the year - we've OP'd £10,022.40 out of a £10,000 target!
    Thanks for the encouragement, don't think we would have made it had I not been following this thread. Bring on 2018 OPs!
    Starting mortgage (Sep 2016): £314,124.00
    Current balance (Nov 2017): £291,587.93
    2017 OP so far: £9522.40
    • MouseTheDog
    • By MouseTheDog 1st Dec 17, 4:28 PM
    • 23 Posts
    • 80 Thanks
    MouseTheDog
    Hi all

    No.37 hereFinal month of the challenge ...standard OP of £132.57 for December.

    Donít think Iíll quite make it but glad I set a challenging target as weíre pretty close. Back with a little more later in the month all being well.

    Thanks as always hiddenshadow and I hope you all enjoy the festive season
    MFW #37 £2492.90/£2664 (93.6%) Original End Date Dec 2038 Now March 2037
    • Mortgage Minimiser
    • By Mortgage Minimiser 1st Dec 17, 5:18 PM
    • 45 Posts
    • 201 Thanks
    Mortgage Minimiser
    #46 here,

    I bit the bullet for December and made an initial OP of £470.

    A bit more to come in the month from savings interest, Smashed the initial target, but wont make the stretch target. Although have saved up over £26k to go towards the extension as well - so I don't feel bad!

    Thanks Hidden,

    MM
    2016MFW# 46 O'Pd-104% ; 2017MFW #46 Tgt £7500. Paid £5269.52
    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 - £211,322.59
    • chocoholic_chick
    • By chocoholic_chick 1st Dec 17, 6:50 PM
    • 622 Posts
    • 3,075 Thanks
    chocoholic_chick
    Hi all

    Final OP of the year of £995 for me number #112. Can't OP anything else now until January so declaring at £5935 for the year which I'm thrilled about

    See you all on the 2018 challenge!
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £133,394.13
    2017 OP's:£5,935
    December Grocery Challenge: £109.11/500
    Total Debt £29,209 £0 Debt free 6/8/16
    • pavlovs_dog
    • By pavlovs_dog 2nd Dec 17, 10:01 AM
    • 9,738 Posts
    • 23,279 Thanks
    pavlovs_dog
    #22 reporting in with a £500 OP for November, bringing our YTD figure to £6341.07, 90% to target.
    know thyself

    MFW 2017 #22 - £6341.07 /£7,000 (90%)
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • originalmiscellany
    • By originalmiscellany 2nd Dec 17, 11:30 AM
    • 1,593 Posts
    • 3,839 Thanks
    originalmiscellany
    End of the year for me - £500 Dec overpayment - YTD (and no increase in on this) = £6,000 - 100% of target met. Job done.
    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 - December 2017 down to 28.09 months vs 30.10 months at normal payment. Predicted mortgage clearing 03/2047 - now looking at 02/2045
    Aims: 1) To pay off mortgage within 20 years - 2037
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:37 PM
    • 2,303 Posts
    • 10,326 Thanks
    hiddenshadow
    Thanks to my sneaky extra OP last month, I've just made my target - £15,022.57/£15,000.

    Will be posting a 2018 thread shortly...stay tuned.
    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%
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:54 PM
    • 2,303 Posts
    • 10,326 Thanks
    hiddenshadow
    2018 thread here
    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%
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