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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,391Posts
    • 10,851Thanks
    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: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
Page 57
    • Kittenkirst
    • By Kittenkirst 27th Dec 17, 9:07 PM
    • 1,701 Posts
    • 9,029 Thanks
    Kittenkirst
    Made a little OP today to round up my overpayments for this year- meaning we have Overpaid a fab £2600 in 2017


    So so happy- thanks for running this thread HiddenShadow and to everyone else for the inspiration & motivation! Onto 2018 plans and overpayments now
    2018 MFW #20 - OP £391.44/ £3000 13%

    Emergency fund £4K/ £6k
    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • benmclaughlan
    • By benmclaughlan 28th Dec 17, 10:55 AM
    • 18 Posts
    • 67 Thanks
    benmclaughlan
    Number #87 with last update for 2017. Overpayment of £1800 for December. Thanks Hiddenshaddow looking forward to taking part in 2018.
    • bunty109
    • By bunty109 28th Dec 17, 2:33 PM
    • 1,186 Posts
    • 2,847 Thanks
    bunty109
    December OP for #24 is £1321.39 and ended up with over £12k for the year. Upped the target for 2018 to £15,000 and would be great if that could get beaten!
    Last edited by bunty109; 28-12-2017 at 2:36 PM.
    MFW 2017#24 £12107.18/£8000
    MFW 2018#24 £0/£15000
    MFi3 v4 #53 £29350/£39387
    109 Months to mortgage freedom - Currently month 26
    • LadyGnome
    • By LadyGnome 28th Dec 17, 5:15 PM
    • 428 Posts
    • 1,587 Thanks
    LadyGnome
    #42 Apologies for not updating more regularly but I have been busy in work.
    I have been overpaying regularly but I think the easiest option now is to record it as if it was a lump sum in Dec.
    So Dec OP £1400.60
    Total for the year £3786.90 against a target of £3100
    Mortgage
    Start Nov 2012 £310,000
    Dec 2017 £240,758.46 Reduction £69,241.54
    MFW 2017 #42 £3786.90/£3100
    End Oct Sept 2034 but I have a cunning plan...
    • icklehelen
    • By icklehelen 28th Dec 17, 7:48 PM
    • 268 Posts
    • 1,153 Thanks
    icklehelen
    Realised that I also haven't updated recently.....so after some end of year juggling and the help of a matured savings account that is no longer able to make more interest than the mortgage:

    Oct - 1157.14
    Nov - 1177.00
    Dec - 3757.66

    Making our total overpayment for 2017 an unbelievable £10068.90

    Thanks Hidden for the thread!!
    2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 1775.50/1200 2017 10068.90/5500
    OP Target 2018 - 14.66/2500
    MFiT-T4 #03 MFW2018 #6
    • newgirly
    • By newgirly 28th Dec 17, 9:36 PM
    • 5,998 Posts
    • 41,435 Thanks
    newgirly
    Hi, final update of 2017 for me please :

    Mfw 21 (newgirly)

    December overpayment £1,613

    Many thanks for all the hard work and a happy new year hidden shadow
    MFW 21
    Target for 2018 £40k/£0 paid so far

    Mortgage £47,000 4yrs 5 mths left. Total owed £61,942 planning to clear in 17 months
    Weight loss target 2018- 21lb /2.5 lost
    • froddington
    • By froddington 28th Dec 17, 10:53 PM
    • 6,602 Posts
    • 93,290 Thanks
    froddington
    No 3 - Final 2017 update from me

    November OP of £200

    December OP of £100


    Thanks for all your hard work hiddenshadow

    Happy New Year everyone
    "There's only one way of life - and that's your own"
    Depression is not a sign of weakness;
    it's a sign you have been strong for too long
    MFW No.3 Mortgage OPs 2018 £00
    • cookie9
    • By cookie9 29th Dec 17, 8:57 PM
    • 737 Posts
    • 3,661 Thanks
    cookie9
    #91 with a £242 OP for December. Have been saving in a different account so planning a reasonable OP next year before my fixed period ends as can OP 30% then.
    MFW 91 op 2014 £410/1000
    MFW 91 op 2015 £4051/4000
    MFW 91 op 2016 £4040/4000
    MFW 91 op 2017 £812/4500
    • anna42hmr
    • By anna42hmr 31st Dec 17, 9:25 AM
    • 2,427 Posts
    • 1,017 Thanks
    anna42hmr
    Just been reading over everyone elses recent updates, well done to you all, its very motivating. See you guys over at the 2018 challenge.
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500
    • pavlovs_dog
    • By pavlovs_dog 31st Dec 17, 10:00 AM
    • 9,749 Posts
    • 23,431 Thanks
    pavlovs_dog
    #22 with a December OP of £458.93, bringing YTD total to £6800, 97% of target.

    Happy new year everyone
    know thyself

    MFW 2018 #22 - £0 /£6,000 (0%)
    MFi3 v4 #29 target £75,000

    Nid wy'n gofyn bywyd moethus...
    • shangaijimmy
    • By shangaijimmy 31st Dec 17, 10:19 AM
    • 2,339 Posts
    • 11,203 Thanks
    shangaijimmy
    #122 reporting in with a December OP total of £698.51.

    Bring on 2018 challenge!
    MFW: Turning June 2036 into March 2023... 34//120 Payments Challenge, Diary Reduction £36,628.18
    Aug 2009: £163,051 // Current: £99,371.84 // Avg Daily Interest £4.46
    MFiT-T4 #8 - 56.74% of £41,000
    • MissLemon
    • By MissLemon 31st Dec 17, 1:23 PM
    • 69 Posts
    • 411 Thanks
    MissLemon
    MFW #121 reporting for December

    Only £201.50 paid this month which means my 2017 OP total is £4816.35, just a little shy of my target of £5k but I'm really pleased with getting so close!
    MFW #121. Mortgage at June 2017 £96,491.71. 31 December 2017 £89,080
    OP target 2018 0/£10,000
    OP target 2017 £4816.35/£5000
    Original MF Date January 2035. Target MF Date December 2023
    • haras_nosirrah
    • By haras_nosirrah 31st Dec 17, 1:36 PM
    • 1,365 Posts
    • 2,537 Thanks
    haras_nosirrah
    I would like to join

    I have 4 parts to my mortgage which are from moving twice and home improvements

    One part is at £11,500 so I would like to completely clear that mortgage this year (it is on svr)

    So overpayment target of £11,500
    Originally posted by haras_nosirrah
    didn't post through the year however did knock my mortgage balance down by £23,267 throughout the year. About £6,650 would have been normal mortgage balance reduction so I make that overpayments of around £16,600
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • MouseTheDog
    • By MouseTheDog 31st Dec 17, 2:09 PM
    • 25 Posts
    • 90 Thanks
    MouseTheDog
    No 37 reporting an additional OP for December of £155.07 which takes my 2017 total to £2647.97, 99.4% of target

    Thank you to hiddenshadow. Happy New Year to all MFWs and see you on the 2018 thread
    MFW #37 2018 £160.21/£2664 (6%) (2017 £2647.97/£2664 (99.4%)) Original End Date Dec 2038 Now February 2037
    • bunty109
    • By bunty109 31st Dec 17, 7:04 PM
    • 1,186 Posts
    • 2,847 Thanks
    bunty109
    #24 with £1036.61 for October
    Originally posted by bunty109
    Hi, think this was missed off of the spreadsheet for October. Thanks x
    MFW 2017#24 £12107.18/£8000
    MFW 2018#24 £0/£15000
    MFi3 v4 #53 £29350/£39387
    109 Months to mortgage freedom - Currently month 26
    • pawlala
    • By pawlala 31st Dec 17, 11:11 PM
    • 1,228 Posts
    • 3,287 Thanks
    pawlala
    #79 reporting total overpayments for December came to £40 (basically me not going out tonight to have any )

    Thanks and have a great new year everyone!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • mypegasus
    • By mypegasus 2nd Jan 18, 10:11 PM
    • 9 Posts
    • 28 Thanks
    mypegasus
    #126 reporting final repayments for year


    Add £24.10 to my overpayments in November taking November's total to £254.10


    Made overpayments in December of £245.11.


    Think in total I managed to overpay £1,252.88 in total from August to December.
    • mortgage_girl
    • By mortgage_girl 3rd Jan 18, 6:45 PM
    • 842 Posts
    • 3,859 Thanks
    mortgage_girl
    Happy New Year!

    Just stopping by with my final updates for 2017.

    November: £813.69
    December: £434.49

    That should bring my 2017 op total to £7646.64 - not quite hit my target but I'm happy with that.

    Big thanks to hidden for keeping this up to date for us all.

    Hope to see you all in next years challenge!

    MGx (#77)
    2018: £0 / £9,300
    2017: £7646.64 / £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

    • worklifebalance
    • By worklifebalance 5th Jan 18, 7:07 PM
    • 40 Posts
    • 324 Thanks
    worklifebalance
    #57 with a December over payment of £4060 so I think we just scrape to our target!

    Thanks Hidden for running the challenge
    SPC #459 no 8 2015 £203 2016 £157 2017 £70
    starting mortgage £120,000 June 2012
    OP 2015 £5000, 2016 #57 £28866/ £25000
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