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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,302Posts
    • 10,321Thanks
    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 3
    • dizzyblnd
    • By dizzyblnd 4th Dec 17, 9:53 PM
    • 370 Posts
    • 3,256 Thanks
    dizzyblnd
    Can I sign up please? I've never tried this challenge before but truly believe any overpayments from your mortgage is a step in the right direction. We're moving house so unsure what my mortgage will be but I will aim for £2400 of over payments. That's a huge target but gives me motivation to really stretch.

    Can people that have completed this challenge before give some ideas for how they have managed such incredible figures?
    NST #30: nsd 19/21
    • Maybe_its_because
    • By Maybe_its_because 4th Dec 17, 10:51 PM
    • 385 Posts
    • 1,109 Thanks
    Maybe_its_because
    Hello,

    Thanks hidden shadow for offering to run the challenge again. It really is appreciated.

    I'd like to keep number 10 and pledge £3,000 for 2018.
    We need to pay that in order to meet our Mfi3-4 challenge. So, by hook or by crook....

    Thank you

    MIB x
    MFW2017 #10 £3,776/5000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Nov'17 £188,501
    MFiT T4 #24 £17,863/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
    • MM10
    • By MM10 5th Dec 17, 5:52 PM
    • 36 Posts
    • 112 Thanks
    MM10
    Hi Hidden,
    Please sign me up; plan is to pay off the entire main mortgage of £35,000 in 2018, and handle the remaining local government mortgage of about £33,000 in 2019

    (Also like rounded numbers )
    Last edited by MM10; 05-12-2017 at 6:08 PM.
    Total mortgage when started £256,809 in May of 2011;
    Main mortgage was £214,309; now £110,716 at Feb 2016 ; £63,645 at Feb 2017 ; £34,951 at Nov 17
    Original repayment date 2036; Mortgage free date July 2021; Dec 2020; Dec 2019;
    • Miss D Meanour
    • By Miss D Meanour 5th Dec 17, 6:55 PM
    • 100 Posts
    • 708 Thanks
    Miss D Meanour
    Hi HiddenShadow

    I'm adding my thanks to all the others for you taking on the running of this again. It is a great challenge and has really kept me focused in 2017.

    Can I sign up again for 2018. I'd love to keep my old number #2 and set my 2018 target to Overpay £8,000

    Take care and good luck everyone
    Miss DM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 10. #574 - £544.30 ...SPC11 - £15 / £500
    Xmas 2017 - #40: £391 / £365. .......... CCCC 2017 - #9: £122 / £150
    PAYDBX 2017 #23: £7,231.51 / £8,100. .......... MFW2017 - #2: £7,615.91 / £7,000
    No matter how far you go, you always take yourself with you
    • anna42hmr
    • By anna42hmr 5th Dec 17, 7:42 PM
    • 2,418 Posts
    • 990 Thanks
    anna42hmr

    Can people that have completed this challenge before give some ideas for how they have managed such incredible figures?
    Originally posted by dizzyblnd
    I personally do all sorts of random things. Firstly when re financed mortgage at end of last fix although lower interest rate and therefore lower repayment s contractually i continued to pay same the higher amount. Other things have done is used bonus at work, saved up money earned on cash back sites such as quidco and top cash back, switch incentive money when moved current accounts, the good old collecting change in a piggy bank and cashing it at the bank once reach £100. If for example manage to cut back on an insurance premium, tv service etc put the difference aside and save that up (ie have a 20
    A month discount on sky at the moment so that is being put aside and saved up)
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / £3367.86 so far as at November
    • dizzyblnd
    • By dizzyblnd 5th Dec 17, 9:00 PM
    • 370 Posts
    • 3,256 Thanks
    dizzyblnd
    I personally do all sorts of random things. Firstly when re financed mortgage at end of last fix although lower interest rate and therefore lower repayment s contractually i continued to pay same the higher amount. Other things have done is used bonus at work, saved up money earned on cash back sites such as quidco and top cash back, switch incentive money when moved current accounts, the good old collecting change in a piggy bank and cashing it at the bank once reach £100. If for example manage to cut back on an insurance premium, tv service etc put the difference aside and save that up (ie have a 20
    A month discount on sky at the moment so that is being put aside and saved up)
    Originally posted by anna42hmr
    Thanks for this some great ideas.
    NST #30: nsd 19/21
    • michelle09
    • By michelle09 5th Dec 17, 10:27 PM
    • 451 Posts
    • 1,790 Thanks
    michelle09
    Hi hiddenshadow, can I sign up again with a target of £5000 please? Gotta pay off the kitchen and might be giving up work so don't want to stretch too far!
    • anna42hmr
    • By anna42hmr 6th Dec 17, 3:34 AM
    • 2,418 Posts
    • 990 Thanks
    anna42hmr
    Thanks for this some great ideas.
    Originally posted by dizzyblnd
    No problem at all glad to help.
    MFW # 105

    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / £3367.86 so far as at November
    • Lexi-lu
    • By Lexi-lu 6th Dec 17, 6:32 AM
    • 150 Posts
    • 721 Thanks
    Lexi-lu
    Hello hiddenshadow,

    Please could I join the challenge, I was previously no.58. Our target for this year will be to pay off the £47,050 remaining on our mortgage.

    Thank you for running this challenge again.

    LL
    Mortgage Balance £49,230
    Savings for O/P Sept £20,320
    • glass_half_full
    • By glass_half_full 6th Dec 17, 6:53 AM
    • 220 Posts
    • 515 Thanks
    glass_half_full
    Hi Hiddenshadow,
    I'm aiming to start overpaying the mortgage in March of next year when we reach debtfreedomness. I aim to overpay by £1000 per month so that will be a total of £10,000 against an outstanding balance which will be somewhere around £78,000. Also aiming to start a MFW diary.
    Total unsecured debt - £4,367 (November 2017) - Debt free Target 27th February 2018
    • lessavyfav
    • By lessavyfav 6th Dec 17, 2:25 PM
    • 178 Posts
    • 215 Thanks
    lessavyfav
    Hi, could I please be added to this year's list? I'd like to overpay £4000. I'd like to have a higher target but since my OH and I are opening a new business next year and we plan on renovating our current place, even this might be a stretch!
    0% Balance Transfer (ends May 2018) £214.94/£2524.94 (84.95% there)
    Giant London-sized mortgage (started July 2017) £492973.87/£499,00.00 Current LTV 87%
    Overpayments £1600
    S&S ISA £955.48
    Regular Saver (started August 2017) £1600
    • HLB10
    • By HLB10 6th Dec 17, 6:07 PM
    • 6 Posts
    • 21 Thanks
    HLB10
    I'd like to join please. We currently overpay on our mortgage with the aim of being mortgage free before 50. However, OH is possibly being made redundant in the new year, and this will really scupper our mf plans... Put me down for 5000 over the year and we'll see what happens.
    • azza2007
    • By azza2007 7th Dec 17, 5:24 PM
    • 23 Posts
    • 21 Thanks
    azza2007
    Could I please be added to the 2018 list. I would like to overpay £3,000.
    • Moominmamma89
    • By Moominmamma89 8th Dec 17, 10:04 PM
    • 211 Posts
    • 360 Thanks
    Moominmamma89
    Hi Hidden - thanks for running this again, really kept me motivated last year.

    Can I have a new number please (was 96) - we have moved house so new start, new number.

    I think I will aim for £10,000 - it will be a bit of a stretch but I'm determined!
    • life is sweet
    • By life is sweet 9th Dec 17, 11:03 AM
    • 11 Posts
    • 32 Thanks
    life is sweet
    Hi Hidden,

    Can I join the challenge please?

    I was #69 last year.

    I am going to aim for £7,000 and try and challenge myself.

    Thanks for doing this!
    #69 MFW 2017 £6664/£10,000
    eyes on the prize - goal is Mortgage Free September 2021
    Current MF date July 29/ original MF date June 31
    I will remain focused!
    • try harder
    • By try harder 9th Dec 17, 11:43 AM
    • 522 Posts
    • 1,669 Thanks
    try harder
    Please could i join in again ,i failed miserably this year sadly but i am going to go for £13,800 again in 2018.I have absolutely no idea where i will find £1150 a month but will have fun trying.
    • hiddenshadow
    • By hiddenshadow 9th Dec 17, 2:40 PM
    • 2,302 Posts
    • 10,321 Thanks
    hiddenshadow
    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.
    Originally posted by beanielou
    Whichever is more motivating for you. Personally, I'm tracking total payments because I'm most motivated by the final mortgage balance and want "extra credit" for my regular payments. Some would probably consider that cheating.
    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%
    • hiddenshadow
    • By hiddenshadow 9th Dec 17, 2:41 PM
    • 2,302 Posts
    • 10,321 Thanks
    hiddenshadow
    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
    Originally posted by Brambleberry
    Welcome to the challenge. You're #110.

    (As a fellow lover of spreadsheets, I smiled at your signature.)
    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%
    • hiddenshadow
    • By hiddenshadow 9th Dec 17, 2:42 PM
    • 2,302 Posts
    • 10,321 Thanks
    hiddenshadow
    Sign me up please!! I'll take any number and am setting an ambitious target of £8,000
    Originally posted by shangaijimmy
    Welcome back SJ You're still as #122.
    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%
    • hiddenshadow
    • By hiddenshadow 9th Dec 17, 2:43 PM
    • 2,302 Posts
    • 10,321 Thanks
    hiddenshadow
    Hey,

    Could I add myself to the list with £15,000 please?
    Originally posted by Albrect
    Welcome! You're #133.
    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%
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