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    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,446Posts
    • 11,178Thanks
    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.).

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

    Links to previous challenges are here

    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!

    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 24
    • erin_transport
    • By erin_transport 2nd Mar 18, 9:52 PM
    • 458 Posts
    • 2,060 Thanks
    Well done Pennystrecher!
    Bet you'll sleep well tonight!!
    On a mission!

    2018 MFW #138
    • Cherryfudge
    • By Cherryfudge 2nd Mar 18, 11:03 PM
    • 1,468 Posts
    • 7,629 Thanks
    Hi just dropping in to remind everyone that it is all worth it. I made my final payment today and it feels amazing.
    Originally posted by pennystretcher
    That's wonderful! Congratulations!
    MFW #30 Paid off £770/£3770 in 2018
    • teameffort
    • By teameffort 3rd Mar 18, 10:20 AM
    • 67 Posts
    • 245 Thanks
    Hi just dropping in to remind everyone that it is all worth it. I made my final payment today and it feels amazing. I will feel even better when I get the amended title deeds without the mortgage company on them - apparently it can take up to nine weeks to get that done, but from my part - I paid their fees to get deeds sorted, so I'm done. No more money spent towards mortgage at all.

    It has been a long journey for me, starting from over ten years ago when I realised how much money I was wasting on interest payments, but now that I'm done with that part of life, I can start looking forward my next target (early retirement).

    Keep up the good work and don't listen to nae-sayers. I have had colleagues slagging me off for not living in the moment, but I now have more freedom than what they do....and TBH didn't scrimp that much that my life was a misery either.

    The smallest overpayments you can make, make them. Going back the records my smallest OP was 80p but it all adds up over the years, so make the OPs where you can.

    Looking forward checking up your progress and posts! xxx
    Originally posted by pennystretcher
    That's amazing well done!!!!

    I know exactly what you mean about colleagues who think your not enjoying yourself, when in actual fact I get lots of enjoyment from planning and making over payments as well as my holidays

    It's so good to know others feel the same on here.

    Good luck with your next goal

    Debt Free
    and Saving like mad
    Emergency fund £7,940.00/£10,000

    2018 #143 MFW £482.67/£6500
    MFW Dec 17 105,560.00. Original end date 2043 goal 2026
    • Lomcevak
    • By Lomcevak 3rd Mar 18, 12:10 PM
    • 686 Posts
    • 4,127 Thanks
    March OP of £600 for #11, making it £1,920 for the year so far.

    Mini-milestone this month is that I'm now over £50k in OPs since I took out my mortgage in mid-2013 - this time five years ago I still had 18 years to run, as long as I can keep the same pace up i'll now be done inside three, or a touch over ten years early
    MFiT-T4#126, £135k to 60k: £51,691/£75,000(68.93%), 2017 MFW#11 £1,920/£12,000 (16.00%)
    £30k-in-í18#11 £10,212.08/£30,000 (28.37%)
    • themadvix
    • By themadvix 3rd Mar 18, 1:32 PM
    • 1,436 Posts
    • 8,574 Thanks
    March OP of £600 for us too (no. 38).

    Congratulations Penny Stretcher!

    Great going Lomcevak too - we've cumulatively paid £11k off now but had to check that the spreadsheet wasn't lying - it's not like we've missed it. You'll be there in no time now!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Lomcevak
    • By Lomcevak 3rd Mar 18, 4:01 PM
    • 686 Posts
    • 4,127 Thanks
    Great going Lomcevak too - we've cumulatively paid £11k off now but had to check that the spreadsheet wasn't lying - it's not like we've missed it. You'll be there in no time now!
    Originally posted by themadvix
    Yeah, I don't miss it either - we set up a monthly standing order for £600 a few years ago and just let it run and it builds up to a decent lump over the year, and I chuck a bit more from time to time when I can.

    In a couple of years we'll be down under £30k and I suspect we'll start to chuck every spare penny at it at that point, but until then i'll leave it ticking over in the background
    MFiT-T4#126, £135k to 60k: £51,691/£75,000(68.93%), 2017 MFW#11 £1,920/£12,000 (16.00%)
    £30k-in-í18#11 £10,212.08/£30,000 (28.37%)
    • mortgage_girl
    • By mortgage_girl 3rd Mar 18, 5:46 PM
    • 852 Posts
    • 3,909 Thanks
    Congratulations pennystretcher! It must be an amazing feeling.

    Also a quick update on my February op / offset total, I managed a grand total of £756.79 bringing my total this year to £1313.85. I'm hoping to get close to that amount for March too - fingers crossed!

    MGx (#77)
    Last edited by mortgage_girl; 03-03-2018 at 5:51 PM.
    2018: £1313.85 / £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

    • Chutney86
    • By Chutney86 3rd Mar 18, 7:02 PM
    • 264 Posts
    • 2,520 Thanks
    #93 with an overpayment of £299.21 for March

    Thanks hiddenshadow
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75
    MFW #93 - 2017 = £1942.84/£1900 / 2018 = £928.52/£3000
    MFiT-T4 #28
    • Urbanshyne
    • By Urbanshyne 3rd Mar 18, 7:18 PM
    • 22 Posts
    • 90 Thanks
    Hi HS,

    No.171 with March's overpayment of £1250.

    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • Loan soldier
    • By Loan soldier 4th Mar 18, 9:11 AM
    • 65 Posts
    • 106 Thanks
    Loan soldier
    Hi Shadow,

    Just to confirm I made an overpayment of £1598.03 in January which isnít updated on the spreadsheet.

    Thank you
    MFW #16 2017 £4231.40/£4231.40 (100%)
    MFW #16 2018 £3483.18/£3483.18 (100%)
    • bunty109
    • By bunty109 4th Mar 18, 9:34 AM
    • 1,190 Posts
    • 2,879 Thanks
    My Feb overpayment for #24 was £1339.26.

    Iíve started for March (will post total at end of month) and will be sub 100k by 4 April
    MFW 2017#24 £12107.18/£8000
    MFW 2018#24 £2469.34/£15000
    MFi3 v4 #53 £34898/£39387
    • Tahlullah
    • By Tahlullah 5th Mar 18, 7:31 AM
    • 863 Posts
    • 4,851 Thanks
    Hello #135 making £100 for March

    Thank you
    Striving to be mortgage free.
    2018 MFW #135

    £400 of £2000
    • NewMoneySaver13
    • By NewMoneySaver13 5th Mar 18, 9:01 AM
    • 76 Posts
    • 320 Thanks
    Hi hiddenshadow,

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

    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £975/3750
    • Lexi-lu
    • By Lexi-lu 5th Mar 18, 2:55 PM
    • 149 Posts
    • 746 Thanks
    Hello hiddenshadow

    No 58 March payment of £16,098

    Thank you

    Mortgage Balance £24,085
    Savings for O/P £6,964
    • hiddenshadow
    • By hiddenshadow 5th Mar 18, 7:51 PM
    • 2,446 Posts
    • 11,178 Thanks
    Hi could I join in please? Our mortgage is 79,223 no OP as yet this month.
    Originally posted by Moneybutterfly35
    Welcome! You're #31. What's your target?
    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%
    • C8LNJ
    • By C8LNJ 5th Mar 18, 8:16 PM
    • 36 Posts
    • 11 Thanks
    Hi, I become addicted to mortgage smashing 3yrs ago.

    Last month I managed to (through a mix of overpaying / extending property / adding value /better ltv) managed to reduce my remaining mortgage term from 21yrs to 14yrs and I plan to be mortgage free in between7-8yrs.

    Hoping to make an annual overpayment target of 8k.
    • becky170
    • By becky170 6th Mar 18, 4:02 AM
    • 443 Posts
    • 3,821 Thanks
    Hi Hiddenshadow,

    No. 7 here with an overpayment of £300 for March.


    MFW 2018 #7 £950/4500
    • shreya
    • By shreya 6th Mar 18, 7:48 AM
    • 8 Posts
    • 10 Thanks
    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...
    Originally posted by hiddenshadow
    Man that is amazing new to hear. Congrats and Cheers!
    • lessavyfav
    • By lessavyfav 6th Mar 18, 8:36 PM
    • 198 Posts
    • 279 Thanks
    Hello! I'm 148, could you please add £160 to my March total? I also just checked the spreadsheet and see my £150 for last month wasn't added so if you could also add that please, would be much appreciated.

    Still quite behind where I wanted to be. Only £510/£4000 achieved so far. Hopefully will top up a few more ££ by the end of this month,
    Giant London-sized mortgage (started July 2017) £489791.94/£499,00.00 Current LTV 86%
    Overpayments £2210
    S&S ISA £1300.97
    Regular Saver (started August 2017) £2800
    Personal EF £255 / £1000
    • utopiah
    • By utopiah 6th Mar 18, 8:48 PM
    • 270 Posts
    • 928 Thanks
    #43 op of £1810
    Mortgage Jan 2015 £66,737.98 Now £25500
    MFW 2018 target £10000/£3675

    MFD was JUNE 2028 now March 2022
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