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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,393Posts
    • 10,855Thanks
    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 12
    • utopiah
    • By utopiah 4th Jan 18, 8:52 PM
    • 253 Posts
    • 880 Thanks
    utopiah
    Hi could I join in with this challenge please. I would like to set an overpayment target of £10,000.
    Mortgage Jan 2015 £66,737.98 Now £29573.23
    MFW 2018 target £10000/£0

    MFD was JUNE 2028 now OCT 2022
    • NewMoneySaver13
    • By NewMoneySaver13 5th Jan 18, 11:05 AM
    • 73 Posts
    • 312 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

    MFW No 86 reporting in with an OP of £325 for the month of January.

    Thanks


    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £325/3750
    • runninglea
    • By runninglea 5th Jan 18, 5:48 PM
    • 792 Posts
    • 1,162 Thanks
    runninglea
    Hi 88 reporting £3,400 overpayment.

    Will count it all towards 2018 total, I was catching up from the one month I missed in 2017
    Year 2018 (3,400/£17000mortgage repayment)Overall mortgage (58,700/165568) (35
    .4%) (34/100) payments made. Total paid 2018 year £3,400

    Total paid 2017 year £15,300Total paid 2018 year £3,400
    • hiddenshadow
    • By hiddenshadow 5th Jan 18, 5:56 PM
    • 2,393 Posts
    • 10,855 Thanks
    hiddenshadow
    Count me in! I'll go for £6000. Thanks.
    Originally posted by ninnoodle
    Welcome! You're #181.
    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 5th Jan 18, 5:57 PM
    • 2,393 Posts
    • 10,855 Thanks
    hiddenshadow
    Hi could I join in with this challenge please. I would like to set an overpayment target of £10,000.
    Originally posted by utopiah
    Welcome! You're still #43.
    MFW: £197,100 (2013) to £103,848 (Jan '18)
    2018 MFW #56: £798/£105,000 0% / MFiT-T4 #15: £55,652/£90,000 61%
    • utopiah
    • By utopiah 5th Jan 18, 9:39 PM
    • 253 Posts
    • 880 Thanks
    utopiah
    Thanks for adding me to this challenge again hiddenshaddow ��
    Mortgage Jan 2015 £66,737.98 Now £29573.23
    MFW 2018 target £10000/£0

    MFD was JUNE 2028 now OCT 2022
    • atypicalblonde
    • By atypicalblonde 5th Jan 18, 9:55 PM
    • 2,647 Posts
    • 17,513 Thanks
    atypicalblonde
    Hi HS

    Please can you add me? OP target of £25k xx
    MFW
    Mortgage 8.2.15 - £171,064.64 Mortgage 22.12.17 - £115,000
    Aiming to be MF 1.10.2020
    Goal - overpay £10k by 31.3.18 - so far £182/£10,000
    • leanne0121
    • By leanne0121 6th Jan 18, 8:33 AM
    • 38 Posts
    • 332 Thanks
    leanne0121
    Hi everyone!

    No 153 made payment of £289 for January

    Thank you
    Massive mortgage free wannabe
    Mortgage outstanding
    2018 £47,700 2012 £109,000
    Survey / 2017 £355 2018 £
    Challenges / 2018 mortgage free target £5,000 paid £289
    • Lexi-lu
    • By Lexi-lu 6th Jan 18, 10:01 AM
    • 152 Posts
    • 734 Thanks
    Lexi-lu
    Hello,

    No.58 Payments in January of £5,792

    Thank you

    LL
    Mortgage Balance £41,278
    Savings for O/P £19,423
    • erin_transport
    • By erin_transport 6th Jan 18, 10:39 AM
    • 387 Posts
    • 1,794 Thanks
    erin_transport
    Morning

    2018 MFW #138
    £125 op on 06/01/18 balance now £265 of £6000
    On a mission!

    2018 MFW #138 O/P £128.50 & £140 & £125 of £6000
    • Betterthanever
    • By Betterthanever 6th Jan 18, 1:36 PM
    • 487 Posts
    • 2,842 Thanks
    Betterthanever
    I've made a start! The car passed its MOT this week so having not needed to pay for new wiper blades or whatever, an extra few quid was quickly paid off the mortgage before I spent it on something rather more frivolous!

    So, #179 reporting a £100 O/P.

    Current balance £113,959.06. Offset £2,390.46. £111,568.60 needed to be mortgage neutral!
    End date - 03/29 but aiming for 10/22 - 2018 O/pay £100
    Make £2018 in £2018 = £62.22/£2018
    Former DFW Nerd 230. Determined to be MF. Bring it on!
    • Blibble
    • By Blibble 6th Jan 18, 7:06 PM
    • 306 Posts
    • 295 Thanks
    Blibble
    #163 reporting a further OP of £19.07 this month

    £110.84 total for the month.
    OnePoll: £109.45 - Populus: £145 - LuckyPhone: £42.40 - FBL: £27.80 - Crowdology: £4.88 - Prolific Academic: £11.03 - Research Opinions: £3.04 - Quidco: £0
    Total extra income: £343.60
    • Bake-a-Cake
    • By Bake-a-Cake 6th Jan 18, 8:41 PM
    • 9 Posts
    • 87 Thanks
    Bake-a-Cake
    Hi there could I possibly join in please. I`m hoping to reach my target of £6,000 for this year. many thanks.
    Last edited by Bake-a-Cake; 07-01-2018 at 9:58 AM.
    MFW # 92 Target for 2018 £6,000/£1600.00
    Jan Grocery Challenge £400/ ????, FEB £400/£159.05
    • Roxie
    • By Roxie 6th Jan 18, 11:19 PM
    • 561 Posts
    • 359 Thanks
    Roxie
    No: 78 with my first OP of 2018..... £400.00. That will be my only payment in Jan.

    Good luck to all with their OPs in 2018.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!

    MFW 2018 no: 78 £400/£5000
    • Bake-a-Cake
    • By Bake-a-Cake 7th Jan 18, 9:53 AM
    • 9 Posts
    • 87 Thanks
    Bake-a-Cake
    No. 92 reporting. First payment of £1000. made yesterday, after a bit of jiggering around. Now to update sig
    Last edited by Bake-a-Cake; 07-01-2018 at 9:59 AM.
    MFW # 92 Target for 2018 £6,000/£1600.00
    Jan Grocery Challenge £400/ ????, FEB £400/£159.05
    • HLB10
    • By HLB10 7th Jan 18, 12:24 PM
    • 10 Posts
    • 38 Thanks
    HLB10
    No. 149 reporting a staggeringly impressive overpayment of £68 for January.
    Last edited by HLB10; 07-01-2018 at 3:51 PM.
    • themadvix
    • By themadvix 8th Jan 18, 10:50 AM
    • 1,237 Posts
    • 7,468 Thanks
    themadvix
    No. 38 reporting an OP of £490 for January. Will this put us ahead of target for the first time ever?!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Dot Common
    • By Dot Common 8th Jan 18, 2:00 PM
    • 88 Posts
    • 679 Thanks
    Dot Common
    I'm not normally going to be able to calculate my OP until the end of the month, but I've just received a very welcome tax rebate , which is going straight in the pot!

    #172 with an OP of £675 - thank you!
    MFW #172 2018 target: reduce offset balance by £30,000; target balance by end of 2018: 156,300. Target Tracker Jan 18: £675/£30,000
    • Lomcevak
    • By Lomcevak 8th Jan 18, 5:20 PM
    • 674 Posts
    • 4,063 Thanks
    Lomcevak
    First OP of 2018 - £600 for #11 please
    MFiT-T4#126, £135k to 60k: £48,207/£75,000(64.29%), 2017 MFW#11 £600/£12,000 (5.00%)
    £30k-in-’18#11 £2,207.78/£30,000 (6.13%)
    • Teterow
    • By Teterow 8th Jan 18, 10:07 PM
    • 237 Posts
    • 99 Thanks
    Teterow
    #178 doing the save €28 per week challenge too. So €28/€3000 so far.
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