Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,396Posts
    • 10,886Thanks
    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: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
Page 11
    • hiddenshadow
    • By hiddenshadow 2nd Jan 18, 2:34 PM
    • 2,396 Posts
    • 10,886 Thanks
    hiddenshadow
    So, if I could set myself an overpay/offset target of £10,000 that would help no end, whatever house we are in at the end of 2018!


    Good luck everyone!
    Originally posted by Betterthanever
    Welcome! You're #179.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 2nd Jan 18, 2:35 PM
    • 2,396 Posts
    • 10,886 Thanks
    hiddenshadow
    Can I join please?

    I'd like to aim for a £2000 overpayment in the first instance.
    Originally posted by pinkfluffybabe
    Welcome! You're #180.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • kerry90
    • By kerry90 2nd Jan 18, 3:03 PM
    • 16 Posts
    • 53 Thanks
    kerry90
    Hello, #51 here. First OP of 2018 made and it's £500.28.
    I've had a look at finances for the year and would like to up my target please, back to £10,000 which was the target last year. Gotta be ambitious right?!
    Starting mortgage (Sep 2016): £314,124.00
    Current balance (Nov 2017): £291,587.93
    2017 OP so far: £9522.40
    • icklehelen
    • By icklehelen 2nd Jan 18, 6:12 PM
    • 270 Posts
    • 1,157 Thanks
    icklehelen
    Hello and HNY everyone!

    I have decided to start with the same target as last year of £2500. Mainly as I am so unsure of what is happening this year with my job. I am hopeful that I will be able to amend it later in the year when the dust has settled.

    Just transferred my first OP of 2018 (to round the balance to a nice round figure!)

    So #6 £14.66 so far
    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 - 314.66/2500
    MFiT-T4 #03 MFW2018 #6
    • rogue999
    • By rogue999 2nd Jan 18, 8:41 PM
    • 159 Posts
    • 1,076 Thanks
    rogue999
    Hello - #170 checking in with my first OP of £100 made today by DD along with my regular monthly payment. Hoping to get another one in later this month if funds allow.
    • benmclaughlan
    • By benmclaughlan 2nd Jan 18, 9:48 PM
    • 18 Posts
    • 67 Thanks
    benmclaughlan
    #87 could I set my target at £18000 for 2018. Please hiddenshadow. Thanks for organising this thread really helps with motivation.
    • Chutney86
    • By Chutney86 2nd Jan 18, 10:00 PM
    • 248 Posts
    • 2,475 Thanks
    Chutney86
    #93 with an overpayment of £279.13 for January

    Thanks hiddenshadow
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75
    MFW #93 - 2017 = £1942.84/£1900 / 2018 = £279.13/£3000
    MFiT-T4 #28
    • mypegasus
    • By mypegasus 2nd Jan 18, 10:13 PM
    • 9 Posts
    • 28 Thanks
    mypegasus
    Please can I join the 2018 MFW.


    I am #126 from 2017 and would like to keep that number if possible.


    I would like to set myself a target of £3,500 overpayment for the current year - am planning on getting work done to the house so possibly won't have a lot of spare pennies to overpay.
    Thank you
    • originalmiscellany
    • By originalmiscellany 3rd Jan 18, 2:01 PM
    • 1,599 Posts
    • 3,860 Thanks
    originalmiscellany
    January 2018 over payment made: £500. I managed that amount every month last year, but when I switch mortgage I'll cut the overpayments, therefore I've set a target of 6 months at this, which will be an approximate date of mortgage change I think Happy new year to y'all
    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 -
    January 2018 down to 28.06 months vs 30.09 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 07/2044

    Aims: 1) To pay off mortgage within 20 years - 2037
    • michelle09
    • By michelle09 3rd Jan 18, 6:23 PM
    • 581 Posts
    • 2,740 Thanks
    michelle09
    #84 (still keen to move up if there's a space for it?) with an OP of £1.32. Every little helps, right?
    • Theydontmakeiteasytosave£
    • By Theydontmakeiteasytosave£ 3rd Jan 18, 6:38 PM
    • 9 Posts
    • 17 Thanks
    Theydontmakeiteasytosave£
    Is this thread for mortgage advice or purely overpayments?? New to this site and finding my way around it. I'm not great with numbers so any helpful advice appreciated.

    My question is related...out the options below which seems like the better option to you. I do have savings that were going to be use for a new bathroom but could put it towards the mortgagefor option 2?

    House value £170,000
    Current mortgage £130,746
    Re-mortgage offering upto £129,500 only. I'm just under the 75% for lower rates.

    Option 1 – Keep the borrowing at £129,500 and switch to the 85% Loan to Value product of 2.05% fixed rate until 31/03/2023 with a £999 Product Fee which can be added to the loan and monthly payments of approx.. £475



    Option 2 – Stay with the 1.90% 5 year product and reduce the borrowing to £126,500 plus £999 Product Fee this would mean you would need to pay about £3,500 along with the £126,500. Payments of approx...£455.
    • mortgage_girl
    • By mortgage_girl 3rd Jan 18, 7:04 PM
    • 842 Posts
    • 3,859 Thanks
    mortgage_girl
    Hi Hidden - can I join in again this year please (#77). My aim is to op / offset the remanining mortgage so that I'll be mortgage neutral by the end of the year (I've deducted my regular monthly payments from the total). So my target is £9,300 for the year.

    Thanks very much.

    MGx
    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

    • purplevamp
    • By purplevamp 3rd Jan 18, 7:09 PM
    • 7,466 Posts
    • 362,189 Thanks
    purplevamp
    Is this thread for mortgage advice or purely overpayments?? New to this site and finding my way around it. I'm not great with numbers so any helpful advice appreciated.
    Originally posted by Theydontmakeiteasytosave£
    Hi Theydontmakeiteasytosave£ ~ This thread is just for OPs but you are more than welcome to join in

    It may be better to get advice from here, where there's loads of threads that can help you. Or you could post a new one and hopefully someone can help. Good luck and please come back and overpay
    Mortgage: Was: £154,495 Oct 2039
    Now: £131,000.00 Feb 2038
    MFW #84 £0.00/£2,500

    Swagbucks ~ £10 (2017 ~ £335)
    Surveys ~ £33.00 (2017 ~ £292.30)
    PTC, etc ~ $13.58 (2017 ~ $342.32)

    “I Love You" "I Know"

    Money's money my little honey! A rich man's jokes are always funny
    • Schoolworker
    • By Schoolworker 3rd Jan 18, 7:17 PM
    • 203 Posts
    • 480 Thanks
    Schoolworker
    No 72 reporting in with an overpayment of £50 made today to start off 2018.
    • darcyboo
    • By darcyboo 3rd Jan 18, 7:17 PM
    • 71 Posts
    • 368 Thanks
    darcyboo
    #90 kicking off the year with a £500 OP for Jan, thanks!
    2018 MFW #90. Target: £500/£6000
    Original MF date June 2032
    New target MF date - Jan 2022
    • NewMoneySaver13
    • By NewMoneySaver13 4th Jan 18, 10:16 AM
    • 74 Posts
    • 312 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

    Thank you for volunteering to do this again this year and updating the spreadsheet.


    I would like to keep number 86 again for this year.


    My total OP target for the year is £3750.


    Thanks.
    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £325/3750
    • hiddenshadow
    • By hiddenshadow 4th Jan 18, 11:28 AM
    • 2,396 Posts
    • 10,886 Thanks
    hiddenshadow
    January 2018 over payment made: £500. I managed that amount every month last year, but when I switch mortgage I'll cut the overpayments, therefore I've set a target of 6 months at this, which will be an approximate date of mortgage change I think Happy new year to y'all
    Originally posted by originalmiscellany
    Can you please include your MFW number (119) in your posts from now on? It saves me a bunch of time.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • hiddenshadow
    • By hiddenshadow 4th Jan 18, 11:29 AM
    • 2,396 Posts
    • 10,886 Thanks
    hiddenshadow
    #84 (still keen to move up if there's a space for it?) with an OP of £1.32. Every little helps, right?
    Originally posted by michelle09
    You've moved up to #28.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • becky170
    • By becky170 4th Jan 18, 8:01 PM
    • 440 Posts
    • 3,798 Thanks
    becky170
    Hi #7 here! First overpayment of 2018 made £346 to report for Jan. Thanks.

    MFW 2018 #7 £346/4500
    • ninnoodle
    • By ninnoodle 4th Jan 18, 8:46 PM
    • 400 Posts
    • 1,888 Thanks
    ninnoodle
    Count me in! I'll go for £6000. Thanks.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

951Posts Today

7,831Users online

Martin's Twitter