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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 55
    • bunty109
    • By bunty109 2nd Dec 17, 5:09 PM
    • 1,180 Posts
    • 2,827 Thanks
    bunty109
    #24 with £1119.60 for November
    MFW 2017#24 £10785.79/£8000
    MFi3 v4 #53 £29350/£39387
    109 Months to mortgage freedom - Currently month 25
    • apple muncher
    • By apple muncher 2nd Dec 17, 7:01 PM
    • 6,640 Posts
    • 48,687 Thanks
    apple muncher
    #63 with the first check in of the year. Sorry to have been so slack. I have paid £3672 of my £4000 target.
    NST DDD#1; NSD 9/15; Ex 4/12; craft 11/30 (267); remove 6/31 (601)
    2017 MFW#63 Pay off: £3708/£4050; 2
    017 sell 351

    Mortgage £23,486 (01/14: £78,201; 01/15: £59,629; 01/16: 39,915; 01/17: 27,295) MFWDate Dec 2018
    • shangaijimmy
    • By shangaijimmy 2nd Dec 17, 9:12 PM
    • 2,280 Posts
    • 10,574 Thanks
    shangaijimmy
    #122 reporting in with an Overpayment total of £692.56 for November.
    MFW: Turning June 2036 into March 2023... 33//120 Payments Challenge, Diary Reduction £35,448.08
    Aug 2009: £163,051 // Current: £100,551.94 // Avg Daily Interest £4.52
    MFiT-T4 #8 - 56.74% of £41,000
    • Chutney86
    • By Chutney86 3rd Dec 17, 5:39 PM
    • 250 Posts
    • 2,435 Thanks
    Chutney86
    #93 reporting an OP for December - £127.09

    Thanks hiddenshadow
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75
    MFW #93 - 2017 = £1942.84/£1900
    MFiT-T4 #28
    • pawlala
    • By pawlala 3rd Dec 17, 6:50 PM
    • 1,225 Posts
    • 3,276 Thanks
    pawlala
    #79 reporting total overpayments for November came to £58.39

    Thanks and have a great week everyone!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • Miss Pinky
    • By Miss Pinky 3rd Dec 17, 9:51 PM
    • 28 Posts
    • 98 Thanks
    Miss Pinky
    Miss Pinky #15 here.

    Reporting in for the month of Nov and pleased to report a payment of £500.

    Thanks Hiddenshadow :-)

    Miss Pinky xx
    MFW #15 Jan/£500 Feb/£500 Mar/£ April/£ May/£ June/£ July/£ August/£ Sept/£ Oct/£ Nov/£ Dec/
    • twistedhazel
    • By twistedhazel 4th Dec 17, 6:36 AM
    • 208 Posts
    • 1,351 Thanks
    twistedhazel
    no 102 reporting an extra £30 for November bring it up to £1296 and £1266 for December please.
    Thank you
    • becky170
    • By becky170 4th Dec 17, 7:14 AM
    • 439 Posts
    • 3,790 Thanks
    becky170
    Number 7 reporting £366 for December. Don't think they'll be any further overpayments this year.

    Thanks hiddenshadow!
    MFW 2016 #7 £1849/2000

    MFW 2017 #7 £3813/2000
    • HoplessCase
    • By HoplessCase 4th Dec 17, 1:59 PM
    • 64 Posts
    • 63 Thanks
    HoplessCase
    #106 update!
    #106 with 2017 update:

    Jan: £71
    Feb: £271
    March: £10,071
    April: 1,337.52
    May: 1,497.60
    June: £909.83
    July: £1,034.09
    August: £932.09
    September: £75.80
    October: £75.41
    November: £676.33
    Total so far: £ 16,951.67 / 31,626.61
    On a mission to be mortgage free!
    MFW OP 2017 #106: £16,951.67 / £31, 626.61
    • Lomcevak
    • By Lomcevak 4th Dec 17, 7:07 PM
    • 663 Posts
    • 4,018 Thanks
    Lomcevak
    #11 with £600 for December. That's all for the year*, I'm not going to reach the £10k target, but on the plus side this OP takes me just under the £90k barrier. After starting the year on £111k and change, it's nice to finish with an '8' at the start - even if there are a bunch of 9s after that

    £89,999.93, to be precise - quite a few '9's, and I messed up with the last 6p

    * maybe not quite the last OP, i'm on £44,991 paid off since the start of MFiT-T4 and might just spend the price of a couple of pints to round it up to £45k
    MFiT-T4#126, £135k to 60k: £45,030/£75,000(60.05%), 2017 MFW#11 £8,500/£10,000 (85.00%)
    £30k-in-’17#69 £35,097.24/£30,000 (116.99%)
    • Loan soldier
    • By Loan soldier 4th Dec 17, 10:30 PM
    • 57 Posts
    • 76 Thanks
    Loan soldier
    #16 reporting £2000 for December which makes my total overpayments for the year £4231.40.

    I am very pleased considering I was out of work for 4 months of the year.

    Hopefully 2018 will be as fruitful.

    Thank you for running this again next year.

    NB June should be £94.96 not 96.94.
    MFW #16 2017 £4231.40/£4231.40 (100%)
    MFW #16 2018 £0/£3537 (0%)
    • Miss Pinky
    • By Miss Pinky 6th Dec 17, 8:29 PM
    • 28 Posts
    • 98 Thanks
    Miss Pinky
    Miss Pinky #15 logging in for the last time in 2017.

    Last payment made of £500 for this year. This is the maximum I can pay until March now so I will be quiet until then but this will give me time to:

    1) Get Married!!!!
    2) Get some savings
    3) Go on holiday

    So it'll be quiet from me on here but living it up in the real world.

    Thanks so much for all your help, support and reading all your payment stories, it truly does keep you motivated!

    Signing out....
    Miss Pinky (Soon to be Mrs Pinky!)
    MFW #15 Jan/£500 Feb/£500 Mar/£ April/£ May/£ June/£ July/£ August/£ Sept/£ Oct/£ Nov/£ Dec/
    • Miss D Meanour
    • By Miss D Meanour 7th Dec 17, 5:58 AM
    • 100 Posts
    • 708 Thanks
    Miss D Meanour
    Hi there

    Can't quite seem to believe that it is December already. Where has this year gone?
    Delighted with myself at the moment since, because of this challenge, I've met my over payment goal for this year!
    #2 reporting December O/P £848 giving total £7,615.91

    Thanks a million to HiddenShadow for all the motivation and tracking and to everyone for posting and keeping me motivated.

    Here's looking forward to what we can all achieve next year

    Miss DM
    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
    • worklifebalance
    • By worklifebalance 7th Dec 17, 9:07 AM
    • 31 Posts
    • 279 Thanks
    worklifebalance
    #57 reporting in (although a bit late). Overpayments for October £697 and November £567. Not going to hit my target this year but still chipping away. Certainly didn't expect to have to buy a new car and be off sick but that's life and at least we're not in debt. Have a share save due to mature which might make it into this year's total!
    SPC #459 no 8 2015 £203 2016 £157 2017 £70
    starting mortgage £120,000 June 2012
    OP 2015 £5000, 2016 #57 £28866/ £25000
    • runninglea
    • By runninglea 7th Dec 17, 10:12 PM
    • 790 Posts
    • 1,145 Thanks
    runninglea
    No 88 - £1700 for december - thats probably it for the year.

    Thanks for running it and keeping it all up to date
    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
    • michelle09
    • By michelle09 8th Dec 17, 3:28 PM
    • 451 Posts
    • 1,802 Thanks
    michelle09
    #84 with a final December OP of £96.97
    • Needhelpsaving
    • By Needhelpsaving 9th Dec 17, 9:12 AM
    • 626 Posts
    • 2,624 Thanks
    Needhelpsaving
    No 54 dropping in with an updated total. Currently at £3589.11 for the year (£272.50 OP'd since last update).

    Thanks!
    Target 1 - Emergency Fund Currently £1250.32/£3000

    Target 2 - Op Mortgage by £4000 by 31/12/2017 Currently £3589.11/£4000
    • life is sweet
    • By life is sweet 9th Dec 17, 10:53 AM
    • 11 Posts
    • 33 Thanks
    life is sweet
    #69 reporting in.

    I am really pleased to have overpayed £6664 out of my target of £10,000 for the year. There won't be any further payments from me this year but I will be joining the 2018 thread.

    Thanks HS for all your hard work!
    #69 MFW 2017 £6664/£10,000
    eyes on the prize - goal is Mortgage Free September 2021
    Current MF date July 29/ original MF date June 31
    I will remain focused!
    • atypicalblonde
    • By atypicalblonde 10th Dec 17, 9:43 PM
    • 2,554 Posts
    • 16,363 Thanks
    atypicalblonde
    Hi Hiddenshadow, please may I join in?

    My target is to pay off £25,000 in 2017.

    Best wishes
    ATB xx
    Originally posted by atypicalblonde
    I've been so rubbish at updating this, so sorry

    £21k paid off this year (so far) against my original £25k target. Will update again before year end xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 17.11.17 - £119,999.04
    Aiming to be MF 1.10.2020
    • NewMoneySaver13
    • By NewMoneySaver13 11th Dec 17, 10:07 AM
    • 71 Posts
    • 297 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

    MFW No 86 reporting in with an OP of £300 for the month of December, and with that my revised end of year target reached.

    Thanks
    2017 MFW No.86
    OP Target 2017: £5000
    Monthly Total: £300
    Year To Date: £5040 / £5000
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