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2017 mfw

edited 2 December 2017 at 3:54PM in Mortgage-Free Wannabe
1.1K replies 118.6K views
hiddenshadowhiddenshadow Forumite
2.5K posts
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edited 2 December 2017 at 3:54PM in Mortgage-Free Wannabe
Welcome to the Mortgage Free Wannabe thread for 2017 :D

Many thanks to Lomcevak for running the thread the past few years. I've blatantly stolen the starting post from 2016's thread. ;)

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 2017. 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 2017, 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.

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 2017 calendar year when setting your target.

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 MFW2017 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.

See how we are all doing on the big MFW 2017 spreadsheet HERE

Anyone planning for 2018...we have a thread set up: here :)
Mortgage Free! 09/04/2019
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Replies

  • edited 12 March 2017 at 9:01AM
    lippy1923lippy1923 Forumite
    1.4K posts
    Ninth Anniversary 1,000 Posts Combo Breaker
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    edited 12 March 2017 at 9:01AM
    Yes please :)


    Thank you for doing this Hidden. My target will be £6k in total for 2017.
    Total Mortgage OP £61,000
    Outstanding Mortgage £33,604
    Emergency Fund £23,000
    Mortgage Neutral Target <<Dec-20>> £10604 to go

  • Good morning Hiddenshadow

    Could I join this challenge? My overpayment target for 2017 is £7,000

    Thank you so much for getting it started today, it's perfect timing!
    LBM- June 2009 - 15 year plan started, Dec 2018 - time to review & refocus
    SPC12 #33 £210. Xmas 2019 - #15 £365 / £365 ... PAYDBX 2019 #23: £0 / £3,400
    MFW2019 #2: £6,999.67 / £8,000 MFiT-T5 start £95,352.52 - target £40k

    No matter how far you go, you always take yourself with you
  • OS_QSOS_QS Forumite
    339 posts
    Hello!

    Please can I join this challenge? Thanks for getting this underway

    I'll update with my overpayment target for 2017 later today once I've had a wee play with the numbers

    X
    Mortgage debt : -£17,000
    2019 overpayments : £23,000
  • lippy1923lippy1923 Forumite
    1.4K posts
    Ninth Anniversary 1,000 Posts Combo Breaker
    ✭✭✭
    Hey Hidden, I see you have put a ? next to my number. I don't really mind what number I am. Whatever is next available on the list I guess :D
    Total Mortgage OP £61,000
    Outstanding Mortgage £33,604
    Emergency Fund £23,000
    Mortgage Neutral Target <<Dec-20>> £10604 to go

  • edited 11 December 2016 at 12:33PM
    obayobay Forumite
    570 posts
    edited 11 December 2016 at 12:33PM
    Hi,

    can I join in this year? :) I am looking to pay £6k off my mortgage this year, I am currently £5,449.03 away from my target! I have a mortgage balance of £150,889.00 currently. I've sent £550.97 to this already this month.
    [STRIKE]1/12/16 - £152,599.00 [/STRIKE]
    [STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
    11/11/18 - £142,074.00
    Barclays Car (5.99%)£0/£8,832.37
  • TropicallyTropically Forumite
    395 posts
    Fourth Anniversary 100 Posts
    ✭✭
    My 2017 goal is £7,000.Thanks for running the list again!
    Mortgage started at £318,000 in June 2016. Original MF - 2041 :eek:
    2017 OPs: £7000/£7000
    Mortgage in Nov 2017 - £297,808
  • hiddenshadowhiddenshadow Forumite
    2.5K posts
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    lippy1923 wrote: »
    Hey Hidden, I see you have put a ? next to my number. I don't really mind what number I am. Whatever is next available on the list I guess :D

    I'm waiting until the end of the year to do the first come, first served numbers to see who wants to keep their current numbers. :)
    obay wrote: »
    Hi,

    can I join in this year? :) I am looking to pay £6k off my mortgage this year, I am currently £5,449.03 away from my target! I have a mortgage balance of £150,889.00 currently. I've sent £550.97 to this already this month.

    Hi obay, the challenge will run starting January 1, so would you like to revise your target? Happy to set it to £5,449.03 if you don't mind non-tidy numbers. :)
    Mortgage Free! 09/04/2019
  • obayobay Forumite
    570 posts
    I'm waiting until the end of the year to do the first come, first served numbers to see who wants to keep their current numbers. :)



    Hi obay, the challenge will run starting January 1, so would you like to revise your target? Happy to set it to £5,449.03 if you don't mind non-tidy numbers. :)

    Alright, I suppose I can start with another target of £6000 in January! That doesn't matter to me! :)
    [STRIKE]1/12/16 - £152,599.00 [/STRIKE]
    [STRIKE]11/11/17 - £145,990.00 [/STRIKE] <> Overpaid £3916.
    11/11/18 - £142,074.00
    Barclays Car (5.99%)£0/£8,832.37
  • Hi Hiddenhadow

    Id love to join up to 2017 please. I had #46 in the 2016 challenge, so it would be great to retain that number if possible

    O/P target for 2016 will be the same as this year - £3500 please

    Thank you!

    MMx
    2016 MFW#46 O'Pd- £3641.26; 2017 MFW OP'd £7779.28 ; 2018 MFW OP'd £11,515.16
    MFiT-T4 # 59 - reduce mtg to £195,000; MFit-T5 - reduce mtg to £140,000
    Mortgage at start (01/2/2015) - £243,750. @31/12/15 - £235,906.71. @31/12/16 - £224,120.98. @31/12/17 - £210,224.06. @31/12/18 - £190,821.21
    Mortgage today £16,235.87
  • Jessy103Jessy103 Forumite
    982 posts
    500 Posts Third Anniversary Name Dropper Photogenic
    ✭✭✭
    Hi Hiddenshadow,

    Please could I join the 2017 challenge? My O/P target will be £5000.

    Thank you!
    Jess
    Starting Mortgage Balance (June 2019) £72,000
    Mortgage Balance as of 31/12/19 £69,000
    2020 Overpayment Challenge: Jan £943.63, Feb £252.17, March £446.79, April £136.79, May £253.88
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