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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,304Posts
    • 10,327Thanks
    hiddenshadow
    2018 Mortgage-Free Wannabes
    • #1
    • 2nd Dec 17, 2:52 PM
    2018 Mortgage-Free Wannabes 2nd Dec 17 at 2:52 PM
    Welcome to the Mortgage Free Wannabe thread for 2018

    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 2018. 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 2018, 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. Likewise if you're saving towards something house-related (extension, new OP allowance, etc.).

    SPREADSHEET
    See how we are all doing on the big MFW 2018 spreadsheet HERE

    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 2018 calendar year when setting your target. You're welcome to track total payments, overpayments, savings, etc. - whatever motivates you!

    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 MFW2018 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.
    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 1
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:53 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    • #2
    • 2nd Dec 17, 2:53 PM
    • #2
    • 2nd Dec 17, 2:53 PM
    I'm starting out very bold and declaring my 2018 target to be my entire mortgage balance - £105,000 (rounded up as I like tidy numbers ).

    We're planning/hoping to sell our house next year, so will be MF. We'll see how long that lasts when we shop for our next house though...
    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%
    • ajmoney
    • By ajmoney 2nd Dec 17, 3:19 PM
    • 4,835 Posts
    • 55,435 Thanks
    ajmoney
    • #3
    • 2nd Dec 17, 3:19 PM
    • #3
    • 2nd Dec 17, 3:19 PM
    Hi hiddenshadow, can I be included and keep my current number, No 70, if possible please? I am currently pledging £6000 but I intend for it to be quite a bit more than this, just haven't organised the "how much" part of my plan yet.
    Last edited by ajmoney; 02-12-2017 at 3:28 PM.
    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
    • pavlovs_dog
    • By pavlovs_dog 2nd Dec 17, 3:40 PM
    • 9,738 Posts
    • 23,279 Thanks
    pavlovs_dog
    • #4
    • 2nd Dec 17, 3:40 PM
    • #4
    • 2nd Dec 17, 3:40 PM
    hiddenshadow you deserve a medal for volunteering your services again

    I'm going to start off with a goal of £6000 as we have various other financial plans in the offing for 2018. OPs + normal repayments should see us end 2018 with a £70k mortgage balance.

    Can I keep my number (22) please?
    know thyself

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

    Nid wy'n gofyn bywyd moethus...
    • MouseTheDog
    • By MouseTheDog 2nd Dec 17, 4:11 PM
    • 23 Posts
    • 80 Thanks
    MouseTheDog
    • #5
    • 2nd Dec 17, 4:11 PM
    • #5
    • 2nd Dec 17, 4:11 PM
    Hi hiddenshadow

    Thank you so much for volunteering your services again.

    Although it pales into insignificance beside your pledge I’m also being bold, considering I’m going to be on maternity leave for the vast majority of the year!! I’m going for total OPs of £2664, same as 2017. Can I keep no 37 as well please?

    Many thanks

    MouseTheDog
    MFW #37 £2492.90/£2664 (93.6%) Original End Date Dec 2038 Now March 2037
    • bunty109
    • By bunty109 2nd Dec 17, 5:18 PM
    • 1,180 Posts
    • 2,827 Thanks
    bunty109
    • #6
    • 2nd Dec 17, 5:18 PM
    • #6
    • 2nd Dec 17, 5:18 PM
    Thanks for running this again! If I could keep #24 please and I am going to go for the stretch target of £15,0000 please.
    MFW 2017#24 £10785.79/£8000
    MFi3 v4 #53 £29350/£39387
    109 Months to mortgage freedom - Currently month 25
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 5:40 PM
    • 2,304 Posts
    • 10,327 Thanks
    hiddenshadow
    • #7
    • 2nd Dec 17, 5:40 PM
    • #7
    • 2nd Dec 17, 5:40 PM
    Although it pales into insignificance beside your pledge Iím also being bold, considering Iím going to be on maternity leave for the vast majority of the year!! Iím going for total OPs of £2664, same as 2017.
    Originally posted by MouseTheDog
    It's all relative, MTD! Your challenge is likely much harder than mine, as I just need to try and sell a house rather than squeeze money out of the household finances.
    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%
    • greent
    • By greent 2nd Dec 17, 6:20 PM
    • 6,507 Posts
    • 65,672 Thanks
    greent
    • #8
    • 2nd Dec 17, 6:20 PM
    • #8
    • 2nd Dec 17, 6:20 PM
    Hi hidden - thanks for volunteering again.

    Please may I have the same number (#18) as this year

    My pledge is £4000. We have some other debt (some of which is more expensive than the BTL mtge) which needs to be our priority - if we knock that all off early enough I'll hopefully revise it upwards. Baby steps to start with.
    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
    • beanielou
    • By beanielou 2nd Dec 17, 8:22 PM
    • 49,033 Posts
    • 182,005 Thanks
    beanielou
    • #9
    • 2nd Dec 17, 8:22 PM
    • #9
    • 2nd Dec 17, 8:22 PM
    Can I join please?
    I am confused already~~do we put down the total amounts we want to pay for the year or just the OP's we plan for the year?
    Thanks.
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 2 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.*** ***Keep plodding***
    • Brambleberry
    • By Brambleberry 2nd Dec 17, 8:38 PM
    • 198 Posts
    • 854 Thanks
    Brambleberry
    Hi hiddenshadow!

    Thank you for doing this, I'm joining in for the first time, aiming to be MF by 40 in 2019, so this year I am pledging to pay £2400 off my total, which will start January at £6500.

    Thanks,
    Bb
    Mortgage 2004: £120000 2018: £6500

    Never underestimate the power of a beautiful spreadsheet.
    • Mortgage Minimiser
    • By Mortgage Minimiser 2nd Dec 17, 9:03 PM
    • 45 Posts
    • 201 Thanks
    Mortgage Minimiser
    HI

    Id love to join the next challenge, and if possible keep number 46?

    We are doing an extension in March, which has meant extra borrowing, despite having saved a load of money. Extra mortgage will be £414 / mth....so with that in mind I shall go for......................................£5000 GULP!

    Here's hoping.....not sure how that's going to be achieved, but let's aim high!

    Thanks Hidden as always

    MM
    x
    Last edited by Mortgage Minimiser; 03-12-2017 at 9:31 AM.
    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
    • shangaijimmy
    • By shangaijimmy 2nd Dec 17, 9:15 PM
    • 2,276 Posts
    • 10,573 Thanks
    shangaijimmy
    Sign me up please!! I'll take any number and am setting an ambitious target of £8,000
    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
    • Loan soldier
    • By Loan soldier 2nd Dec 17, 10:42 PM
    • 57 Posts
    • 76 Thanks
    Loan soldier
    I would to join again I was #16 last year.

    My provisional target is £3500 which will change when I get my starting balance for the beginning of the year.

    Thanks for running this again.
    MFW #16 2017 £4231.40/£4231.40 (100%)
    MFW #16 2018 £0/£3537 (0%)
    • Albrect
    • By Albrect 3rd Dec 17, 12:02 AM
    • 1 Posts
    • 3 Thanks
    Albrect
    Hey,

    Could I add myself to the list with £15,000 please?
    • A Frayed Knot
    • By A Frayed Knot 3rd Dec 17, 12:15 AM
    • 2,133 Posts
    • 9,583 Thanks
    A Frayed Knot
    Oh, Yes please.

    My old number would be good, No 27 but don't mind any number.


    I'm in for £5000 at the start, and lets see how that goes, got a few plans in mind, so really stretching myself here.


    Many thanks, as it really keeps me motivated.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69,2016/£3186.80
    2017 £2422.71 + Phantom o/ps 2017 -£1367.81 so far
    • Schoolworker
    • By Schoolworker 3rd Dec 17, 8:35 AM
    • 182 Posts
    • 426 Thanks
    Schoolworker
    Hi schoolworker here would love to keep my number if 72 if possible for 2018 challenge. I will set myself a goal of £2500 and will see if I can get this as not sure what our increased costs are after building an extension this year and still spending money.
    • kittieviolet
    • By kittieviolet 3rd Dec 17, 9:54 AM
    • 63 Posts
    • 130 Thanks
    kittieviolet
    Hi
    Please can I join you for the 2018 challenge. I have £11650 left on my mortgage and I would like to pledge to over pay £5000 in 2018. Thanks
    • Tahlullah
    • By Tahlullah 3rd Dec 17, 10:17 AM
    • 799 Posts
    • 4,690 Thanks
    Tahlullah
    Hello

    I would like to join in and I'm going to go for an ambitious £12k. Will be interesting to see if I can achieve this with everything else going on.

    Thanks you.
    Striving to be mortgage free.
    2018 MFW £135
    • Tropically
    • By Tropically 3rd Dec 17, 10:23 AM
    • 158 Posts
    • 432 Thanks
    Tropically
    Yes please! £7500 again this year - slightly better than last year!
    Mortgage started at £318,000 in June 2016. Original MF - 2041
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
    • anna42hmr
    • By anna42hmr 3rd Dec 17, 11:35 AM
    • 2,419 Posts
    • 990 Thanks
    anna42hmr
    Hello, thanks for doing this again, i would love to take part again. If possible can i keep my original number (105) and this years target will be slightly lower due to commitments but can you put me down for £2500.

    Many thanks
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / £3367.86 so far as at November
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