2018 Mortgage-Free Wannabes

A_Frayed_Knot

No 27 also checking in

£245 o/p for November

slowly getting there. Thank you for keeping these totals.

ajmoney

Morning everyone. No 70 reporting my final OP for 2018 of £500. I ave no idea what my target is going to be for next year as my circumstances have changed so will have to start giving it some thought.

Thanks Hiddenshadow and Pawlala

Rachiedabbler70

Hi Pawlala I'm coming in with my last payment of the year
£1212.02 finally under £120,000 :j

Thanks Hidden Shadow and Pawlala for running this and for all members whose posts kept me motivated.

I am considering if I should save or pay mortgage. I'm single and only have a very small contingency pot - 3 months of surviving if I lost job or got sick, so would lose house quickly. I'm not sure. I love the motivation of watching mortgage drop and interest has gone from £10.69 per day to £8.38 in 2.5 years, but I'm approaching 50 and wonder if I should now save and then pay whole mortgage when I have saved full amount. Any thoughts would be welcome and I know this way will take me longer.

Dobbibill

Rachiedabbler70 wrote: »

I am considering if I should save or pay mortgage. I'm single and only have a very small contingency pot - 3 months of surviving if I lost job or got sick, so would lose house quickly. I'm not sure. I love the motivation of watching mortgage drop and interest has gone from £10.69 per day to £8.38 in 2.5 years, but I'm approaching 50 and wonder if I should now save and then pay whole mortgage when I have saved full amount. Any thoughts would be welcome and I know this way will take me longer.

Why don't you do both?

Reduce your MFW target - you have done so well this year but even small overpayments will have an impact long term.

If I'm reading your signature correctly you have exceeded £15k in OPs which is amazing. Maybe consider splitting that next year to a £5k OP target and £10k savings. You can always switch it around the following year and keep tweaking it each year to suit.

Just my thoughts. I'm sure others will be along with more suggestions.

Whatever you decide, all the best.

Dobbi

Kittenkirst

Hi Dobbi, I totally echo your thoughts. If it was me, I’d take the monthly amount I overpay and instead save 2/3 and the OP 1/3.

That way each month is building up the savings whilst still keeping momentum (& satisfaction of overpaying).

You can always adjust it whenever you want to play with the amounts of saving vs overpaying.

Cherryfudge

I agree with Dobbi and Kitten - split it between savings and mortgage. The other thing you could do, if you are on a fixed rate, is put a little extra into savings and when the fixed rate ends, make an extra overpayment to the mortgage if your circumstances allow, before (probably) going onto another fixed rate. That's assuming you are currently on a fixed rate that allows a 10% op.

Just have to say well done, too. A considerable overpayment so far and a thought-out buffer in case of unemployment. As you say, three months is probably not enough of a buffer as jobs can take a while to find and sickness can have a massive effect on earnings, but at least you have some buffer built up.

erin_transport

Hi
#138 logging November total over payment as £787
Final push now....
Thanks

Lomcevak

#11 with an initial OP of £1004.03 for December, think that's £15,612.58 for the year so far so target reached

Will be back with a final OP for 2018 mid-month once I've done my Christmas budgeting.

Roxie

Hi All

No: 78 here with Dec OP £350.00. So pleased I have reached my 2018 target of £5000.00 :beer:

It's been a bit of a struggle some months but I was determined to keep chipping away. Thanks to everyone on this thread who have kept me motivated, just reading the little snippets of other people's lives that you post on here has kept me coming back each month to update with my OPs.

Big thanks to hiddenshadow and pawlala for keeping this going.

If someone is setting up 2019 thread is it possible to snaffle number 8 or number 33?

life_is_sweet

Hi all,

#69 here with a November overpayment of £1533

So £5676/£7000 for the year and hoping to get closer to target in December

I would like to join the challenge again next year if you are still running it please and don't mind which number I get.

I would like to set a target of £15000 for 2019 please

Thanks for running the challenge
Lis