2016 mfw

Lomcevak

Welcome to the Mortgage Free Wannabe thread for 2016

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 2016. 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 until 31st December 2016, and you can join or change your target at any time up until that point. And if you're expecting to be mortgage-free before then, you're still very welcome.

Links to previous challenges are here

• 2015 mfw

• 2014 mfw

• 2013 mfw

To join, please post on the thread and I'll allocate you a number - if you want to keep your number from this year then let me know, I won't start allocating numbers until the end of the year. After that, or if you don't have a preference, it will be first come, first served. Then to provide updates or change your target, just post on the thread - I'll 'thank' posts when I pick up the update but 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 MFW2015 number and the month 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 signature or say where you've got to when you post an update 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, although I juggle very busy work and family lives so may be gone for a bit longer at times.

See how we are all doing on the big MFW 2016 spreadsheet HERE

List of 2016 MFW numbers, participants and targets: (last updated 03/07/16)

1 elentan £1,000
2 shangaijimmy £6,500
3 froddington £3,000
4 Mysteek £4,600
5 clarew £3,072
6 Mrs_Rachel_Trelfa £7,000
7 becky170 £2,000
8 stewby £6,600
9 ourcornercottage £6,000
10 Maybe_its_because £5,000
11 secondtoughest £7,000
12 Lomcevak £12,000
13 Xspender £20,000
14 midnight child £6,000
15 Miss Pinky £6,000
16 Southernman £2,500
17 ang4k £4,000
18 sarahevie1 £5,600
19 Sedge123 £2,000
20 SavvySaver007 £5,400
21 newgirly £30,000
22 pavlovs_dog £6,000
23 Petal88 £1,500
24 bunty109 £3,000
25 jodles16 £3,820
26 apple muncher £13,333
27 A Frayed Knot £3,000
28 Mortgagefreemimi2 £30,000
29 selloptape £1,000
30 freshcooton £24,000
31 chocoholic_chic £4,000
32 laura_hoggle £1,500
33 norfolkdream £2,070
34 lorriedriver1988 £750
35 ecoelle £1,500
36 dark^knight £25,000
37 Tree house £9,000
38 Cazzaswfc £1,500
39 MoneyMission £3,300
40 Crumpets £2,000
41 Bossypants £20,000
42 emg £3,600
43 utopiah £10,000
44 Yorkielass £14,000
45 5erge £5,000
46 Mortgage Minimiser £3,500
47 Wombatchops £3,000
48 Newme2014 £5,000
49 PrincessLou £6,469
50 Miss money penny £4,090
51 Luckyinlife £4,000
52 raino144 £20,000
53 SueP19 £4,800
54 Beckyy £2,500
55 runninglea £17,000
56 hiddenshadow £30,000
57 worklifebalance £25,000
58 Lexi-lu £18,900
59 PiggyBankShaker £6,000
60 jb_lord £5,000
61 Ali-OK £12,991
62 nv200 £11,000
63 pathtofreedom £4,000
64 UnionGirl £1,500
65 My Lovely Carrot £13,000
66 grastgirl £4,800
67 e4rly £6,000
68 skaps £8,500
69 Nsc-68 £6000
70 ajmoney £2,000
71 linzpinz £5,000
72 Welshlassie £3,500
73 skye blue £6,000
74 rasputin_thorpedo £12,389
75 ldee2111 £1,200
77 mortgage_girl £11,000
78 iquit £12,000
80 catslovelycats £9,000
82 girlafraid £1,000
85 TwentySomethingGirl £2,500
89 diamondsonly £24,000
90 darcyboo £8,000
91 cookie9 £4,000
92 turtlemoose £1,132
93 Chutney86 £1,500
97 Durban £3,000
100 mortgage destroyer £5,000
102 twistedhazel £10,000
105 anna42hmr £4,500
108 purplevamp £5,000
110 Bluefire £2,308
120 sweepster £10,000
123 Sundaysgirl £24000
132 kbl €600
137 Kerfuffle £12,000
148 NewMoneySaver13 £4,250

Lomcevak

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SueP19

:T:T:T Me me me me me me please

Target £4,800 for 2016 at £400 per month

Looking forward to it and many thanks your spreadsheet is sooooo impressive

diamondsonly

Hiya can I have no. 89 again for 2016 please?
Our target will be £24000

Thank you for organising all of us and our quest again Lomcevak...its much appreciated x

ourcornercottage

could I keep #9 and set my target to £6000 this year!!!

elantan

Yay its back, really do find this a help every year tbh,

Can I join again ? This year I would like to try and pay off £1k ( am hoping for more but it is going to be a tight year)

shangaijimmy

Im in. Gonna stick with £6,500 as targets again. I've fallen short this year so am even more determined for 2016.

Mysteek

Me please! I aim to pay the maximum of 10% overpayment allowed for next year. It will be 10% of the balance as at 31 January and I think it will be around £4,600 mark but will update exact amount when I know what it will be.

Mrs_Rachel_Trelfa

Hi,

Please may I join? I am hoping that we can overpay £7,000 in 2016.

cookie9

Hello


Can I have 91 again


Target to be finalised but going for 4000 at the moment

twistedhazel

Hi, please could I join again? If I could keep number 102 that'd be grand.

Haven't got a final budget for next year so we'll start at 10000 and see how we go.

Thanks