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2018 Mortgage-Free Wannabes

edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
1.4K replies 115.2K views
hiddenshadowhiddenshadow Forumite
2.5K posts
edited 30 November -1 at 1:00AM in Mortgage-Free Wannabe
Welcome to the Mortgage Free Wannabe thread for 2018 :D

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.
Mortgage Free! 09/04/2019


  • hiddenshadowhiddenshadow Forumite
    2.5K posts
    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...
    Mortgage Free! 09/04/2019
  • edited 2 December 2017 at 4:28PM
    ajmoneyajmoney Forumite
    5.5K posts
    Part of the Furniture 1,000 Posts Name Dropper
    edited 2 December 2017 at 4:28PM
    Hi hiddenshadow, can I be included and keep my current number, No 70, if possible please? I am currently pledging £6000 but I intend for it to be quite a bit more than this, just haven't organised the "how much" part of my plan yet.
    2020 MFW No. 70 £8467.62/£10000
    MFiT-T5 No. 70 £12881.33/£27506.08
  • pavlovs_dogpavlovs_dog Forumite
    10.1K posts
    Part of the Furniture 1,000 Posts Combo Breaker
    hiddenshadow you deserve a medal for volunteering your services again :beer:

    I'm going to start off with a goal of £6000 as we have various other financial plans in the offing for 2018. OPs + normal repayments should see us end 2018 with a £70k mortgage balance.

    Can I keep my number (22) please?
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • Hi hiddenshadow

    Thank you so much for volunteering your services again.

    Although it pales into insignificance beside your pledge I’m also being bold, considering I’m going to be on maternity leave for the vast majority of the year!! I’m going for total OPs of £2664, same as 2017. Can I keep no 37 as well please?

    Many thanks

    MFW #37 2018 £1371.67/£2664 (51.5%) (2017 £2647.97/£2664 (99.4%)) Original End Date Dec 2038 Now November 2036
  • bunty109bunty109 Forumite
    1.3K posts
    Part of the Furniture
    Thanks for running this again! If I could keep #24 please and I am going to go for the stretch target of £15,0000 please.
    MFW 2019#24 £9474.89/£11000 MFW 2018#24 £23025.41/£15000
    MFi3 v5 #53 £12531/
    MFi3 v4 #53 £59442/£39387
  • hiddenshadowhiddenshadow Forumite
    2.5K posts
    Although it pales into insignificance beside your pledge I’m also being bold, considering I’m going to be on maternity leave for the vast majority of the year!! I’m going for total OPs of £2664, same as 2017.

    It's all relative, MTD! :) Your challenge is likely much harder than mine, as I just need to try and sell a house rather than squeeze money out of the household finances.
    Mortgage Free! 09/04/2019
  • greentgreent Forumite
    8.9K posts
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Hi hidden - thanks for volunteering again.

    Please may I have the same number (#18) as this year :)

    My pledge is £4000. We have some other debt (some of which is more expensive than the BTL mtge) which needs to be our priority - if we knock that all off early enough I'll hopefully revise it upwards. Baby steps to start with. :D
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/11 £89873 01/13 £52546 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/19 £48986 2020 OPs (#18) £4370/6K
    Net sales 2020 £540.84/£500 Decluttering: 1520/2020
  • beanieloubeanielou Forumite
    71.6K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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?
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 2 lbs **
    MFW. 9 months to go. B)
    "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***
    Out of debt, out of danger. ***Be the difference.***
  • BrambleberryBrambleberry Forumite
    274 posts
    Fifth Anniversary Mortgage-free Glee!
    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.

    Mortgage Free Oct 2018 :j
    Never underestimate the power of a beautiful spreadsheet.
  • edited 3 December 2017 at 10:31AM
    Mortgage_MinimiserMortgage_Minimiser Forumite
    213 posts
    Sixth Anniversary 100 Posts
    edited 3 December 2017 at 10:31AM

    Id love to join the next challenge, and if possible keep number 46?

    We are doing an extension in March, which has meant extra borrowing, despite having saved a load of money. Extra mortgage will be £414 / with that in mind I shall go for......................................£5000 GULP!

    Here's hoping.....not sure how that's going to be achieved, but let's aim high!

    Thanks Hidden as always

    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
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