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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,430Posts
    • 11,080Thanks
    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 £103,055 (Feb '18)
    2018 MFW #56: £1,591/£105,000 1% / MFiT-T4 #15: £56,445/£90,000 62%
Page 18
    • twistedhazel
    • By twistedhazel 3rd Feb 18, 11:28 AM
    • 212 Posts
    • 1,370 Thanks
    twistedhazel
    no 102 reporting in with an extra £27 making January's total £1380 and £1353 to start February off please.
    • TwentySomethingGirl
    • By TwentySomethingGirl 3rd Feb 18, 8:11 PM
    • 175 Posts
    • 391 Thanks
    TwentySomethingGirl
    Your how old ???? , and your still paying your mortgage

    : rotfl::r otfl:
    Originally posted by A Frayed Knot
    God I hope not!!
    Mortgage £126746 DEC14 £122423.53 DEC15 £115041.70 DEC16 Remortgaged Sep17 to pay off HtB loan £150000
    MFW2018 #85 £0/£500
    MFW2017 £2633.7/£2500
    MFW2016 £3614.63/£2500
    MFW2015 £811.60/£1200
    • beanielou
    • By beanielou 3rd Feb 18, 8:40 PM
    • 50,598 Posts
    • 193,617 Thanks
    beanielou
    No 144 reporting in with an OP of 166 so far this year.
    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***
    • Chutney86
    • By Chutney86 4th Feb 18, 8:37 AM
    • 261 Posts
    • 2,501 Thanks
    Chutney86
    #93 with an overpayment of £225.18 for February

    Thanks hiddenshadow
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75
    MFW #93 - 2017 = £1942.84/£1900 / 2018 = £629.31/£3000
    MFiT-T4 #28
    • Brambleberry
    • By Brambleberry 4th Feb 18, 10:10 AM
    • 215 Posts
    • 1,091 Thanks
    Brambleberry
    #110 reporting a further £200 paid off for February!

    Thank you hiddenshadow
    MFW 2018 #110 Mortgage 2004: £120000 2018: £6500

    Never underestimate the power of a beautiful spreadsheet.
    • froddington
    • By froddington 4th Feb 18, 2:38 PM
    • 6,612 Posts
    • 93,421 Thanks
    froddington
    No. 3 - £100 OP for February

    Thanks hiddenshadow
    "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 £100
    • Busyisy
    • By Busyisy 4th Feb 18, 3:08 PM
    • 1 Posts
    • 4 Thanks
    Busyisy
    Overpayments
    Hi Hiddenshadow,
    I've just joined Forum and I'd like to join the Mortgage Free OP spreadsheet too.
    Can you advise me with a number and info to start please?
    Thanks
    Last edited by Busyisy; 04-02-2018 at 3:10 PM. Reason: entered name of initial 'poster'
    • AlexLK
    • By AlexLK 4th Feb 18, 10:35 PM
    • 5,968 Posts
    • 31,449 Thanks
    AlexLK
    Hiddenshadow, £250 for January, please.
    2018 totals:
    Savings £4568.77
    Mortgage Overpayments £250

    Saved £11,000 in 2015, £9,800 in 2016.
    From a £32,000 debt on 2/9/2013 to debt free on 12/1/2015.
    • leanne0121
    • By leanne0121 5th Feb 18, 9:51 AM
    • 39 Posts
    • 336 Thanks
    leanne0121
    Hey everyone!

    No 153 payment for Feb £250
    (Jan was £289)

    Many thanks
    Massive mortgage free wannabe
    Mortgage outstanding
    2018 £47,700 2012 £109,000
    Survey / 2017 £355 2018 £ 70
    Challenges / 2018 mortgage free target £5,000 paid £539
    • kerry90
    • By kerry90 5th Feb 18, 10:09 AM
    • 17 Posts
    • 58 Thanks
    kerry90
    Hello,
    no. 51 here reporting a £500 OP for the month of February.
    Thanks!
    Starting mortgage (Sep 2016): £314,124.00
    Current balance (Nov 2017): £291,587.93
    2017 OP so far: £9522.40
    • Miss D Meanour
    • By Miss D Meanour 6th Feb 18, 1:50 PM
    • 110 Posts
    • 789 Thanks
    Miss D Meanour
    Hi Hiddenshadow

    #2 reporting in with a February o/pyt of £609.81 bring total for 2018 £1,219.62 / £8,000

    Thanks and take care everyone
    Miss DM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 11 #574 - £500 ........ Xmas 2018 - #11: £62 / £365.
    CCCC 2018 #14 - £0 / £140 ....... PAYDBX 2018 #23: £622.58 / £7,000
    Frugal Living - #37 .......... MFW2018 - #2: £1,219.62 / £8,000

    No matter how far you go, you always take yourself with you
    • originalmiscellany
    • By originalmiscellany 6th Feb 18, 2:59 PM
    • 1,601 Posts
    • 3,864 Thanks
    originalmiscellany
    Originalmiscellany - £500 overpaid - total of £1k for 2018 to date.
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    February 2018 down to 28.04 months vs 30.07 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 07/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • Schoolworker
    • By Schoolworker 6th Feb 18, 4:16 PM
    • 215 Posts
    • 491 Thanks
    Schoolworker
    No 72 reporting in to say made overpayment of £200 for February.
    • Urbanshyne
    • By Urbanshyne 6th Feb 18, 5:15 PM
    • 19 Posts
    • 78 Thanks
    Urbanshyne
    Hi Hidden,

    No.171 reporting an overpayment for February of £1264.03.

    Also, could I update January's OP with a small further payment of £21.42 bringing January's total OPs to £1271.42.

    Best.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • NewMoneySaver13
    • By NewMoneySaver13 7th Feb 18, 10:22 AM
    • 75 Posts
    • 314 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

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

    Thanks
    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £650/3750
    • utopiah
    • By utopiah 7th Feb 18, 6:14 PM
    • 267 Posts
    • 903 Thanks
    utopiah
    Hi everyone, well finally off the starting block.
    No:43 overpayment of £1865
    Mortgage Jan 2015 £66,737.98 Now £27500
    MFW 2018 target £10000/£1865

    MFD was JUNE 2028 now JUNE 2022
    • beanielou
    • By beanielou 7th Feb 18, 6:22 PM
    • 50,598 Posts
    • 193,617 Thanks
    beanielou
    Hi everyone, well finally off the starting block.
    No:43 overpayment of £1865
    Originally posted by utopiah
    That's just awesome.
    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***
    • Loan soldier
    • By Loan soldier 7th Feb 18, 6:28 PM
    • 61 Posts
    • 94 Thanks
    Loan soldier
    #16 reporting an overpayment of £438.74 for February.
    MFW #16 2017 £4231.40/£4231.40 (100%)
    MFW #16 2018 £2036.77/£3483.18 (58.47%)
    • Lomcevak
    • By Lomcevak 7th Feb 18, 8:04 PM
    • 682 Posts
    • 4,106 Thanks
    Lomcevak
    #11 with an initial OP of £120 for February ... more to come
    Originally posted by Lomcevak
    Another OP of £600 for #11, making £720 for February.

    A mini-milestone too, as i'm now under £85k (...just... )
    MFiT-T4#126, £135k to 60k: £50,007/£75,000(66.69%), 2017 MFW#11 £1,320/£12,000 (11.00%)
    £30k-in-’18#11 £7,246.30/£30,000 (20.13%)
    • erin_transport
    • By erin_transport 8th Feb 18, 10:01 AM
    • 430 Posts
    • 1,965 Thanks
    erin_transport
    2018 MFW #138
    £200 popped in today.
    £250 total for Feb
    January total £600
    Total to date £850
    On a mission!

    2018 MFW #138
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