Forum Home» Mortgage-Free Wannabe

2019 Mortgage-Free Wannabes

New Post Advanced Search
Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.

2019 Mortgage-Free Wannabes

edited 5 January 2019 at 8:31AM in Mortgage-Free Wannabe
1.7K replies 95.9K views
julicornjulicorn Forumite
1.3K posts
1,000 Posts Second Anniversary Name Dropper Photogenic
✭✭✭
edited 5 January 2019 at 8:31AM in Mortgage-Free Wannabe
Welcome to the Mortgage Free Wannabe 2019 thread! :j

First of all, huge thanks to hiddenshadow for setting up and running the last few challenges, and also for pawlala for updating the spreadsheet last year. Without you, I doubt we would have been able to overpay anywhere near as much as we did.

Because I don't think it can be said any better, here is the intro text from the previous years:

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 2019. 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 January 1st-December 31st 2019, 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 2019 spreadsheet HERE

Links to previous challenges are here:

TO JOIN

If you've participated in the last few years, please let me know by the end of January whether you want to take part again and what your goal is for this year. Please also let me know whether you would like to keep your number or whether you don't mind - I want to re-allocate some of the 'lower' numbers, so now is your chance to snap up one that isn't triple digits. :)

For all the new participants, please post on the thread and I'll allocate you a number - numbers will be first come, first served.

Bear in mind that the challenge runs for the 2019 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 MFW2019 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 also don't have to be limited to just your stats - a bit of chat and encouragement can be hugely motivating.

Finally: It's a new spreadsheet, and (as much as I hope not!) it may have the odd teething problem to start with. If you spot any mistakes, let me know, and I'll try and fix them ASAP. Similarly, if you have any requests for additional stats/features, let me know, and I'll see what can be done.
Original mortgage: December 2017, £203,495
MFW start: April 2018, £201,800
Current: £129,150 (-£13,350 overpayment savings pot)
«134567173

Replies

  • LomcevakLomcevak Forumite
    949 posts
    Eighth Anniversary 500 Posts Name Dropper
    ✭✭✭
    Yes please :)



    Target is £20k
    MFiT-T5#6, £50k to zero: £49,907/£49,907 (100.00%), 2020 MFW#8 £4,763/£4,763 (100.00%)
    £50k-in-’20#27 £39,676.24/50,000 (79.35%)
  • Afternoon julicorn,
    Yes i would like to join again please using my same number. My target for 2019 is £10000.
    Thanks
    MFW 2019 No. 62 £10120/£10000; MFW 2018 No. 62 £3390/£2400
    SPC 12 No.006 £99/No target
  • erin_transporterin_transport Forumite
    891 posts
    Part of the Furniture 500 Posts
    ✭✭✭
    Afternoon
    Yes please!
    My 2018 number was #138.
    My aim for 2019 will be £7500
    On a mission!

    2018 & 2019 MFW #138

    On babystep2 (#DR)
  • edited 7 December 2018 at 4:37PM
    Poppycat1Poppycat1 Forumite
    178 posts
    Part of the Furniture 100 Posts Combo Breaker
    edited 7 December 2018 at 4:37PM
    Please could I join for 2019? Could I have number 25 again? My target is to reduce my mortgage by £8,000. This will include my normal payments as well as overpayments. Working on building up some savings and investments next year.
    MFIT-5 #25 - Aim to get mortgage to £70,000 (or have savings to get to this amount) currently £98,500.
  • KaronaKarona Forumite
    20 posts
    Fifth Anniversary Combo Breaker Car Insurance Carver! Home Insurance Hacker!
    Please could I join x
    LBM 2015 24500 debt paid off since.
    M-FIT T5 no 41 starting 25139 aim to clear now 17k
    PAID OFF CAR 8k, OD 3k, CC(1)3k ,CC (2)4.5, Cc (3) 3k STORECARD(1) 3k
    WEIGHT 7/42
  • Important update! We have recently reviewed and updated our Forum Rules and FAQs. Please take the time to familiarise yourself with the latest version.
  • kitjoskitjos Forumite
    213 posts
    Eighth Anniversary Combo Breaker
    ✭✭
    YAY!!! Thanks Julicorn for taking up the task for 2019! :D.

    Any # will do, and id like to be put down for £15,000 please xx
    "Don't underestimate the value of financial security"


    Wanting to be mortgage free by 40. £155,000 start / £91,964 currently

    Loan to be paid off asap. £16,220 start / £6,980 currently / £0 goal
  • julicornjulicorn Forumite
    1.3K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭
    Hi kitjos, Poppycat1, erin_transport, Raggle1 and Lomcevak - I've marked you all as 'signed up', with the same numbers as before (they were mostly not too high, but if you want a lower one, give me a shout - just trying to fill in those gaps :) ).
    Karona wrote: »
    Please could I join x
    Of course - welcome #3! What's your target for 2019?
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £129,150 (-£13,350 overpayment savings pot)
  • LomcevakLomcevak Forumite
    949 posts
    Eighth Anniversary 500 Posts Name Dropper
    ✭✭✭
    julicorn wrote: »
    Hi kitjos, Poppycat1, erin_transport, Raggle1 and Lomcevak - I've marked you all as 'signed up', with the same numbers as before (they were mostly not too high, but if you want a lower one, give me a shout - just trying to fill in those gaps :) ).


    I'll have a new number please, as I seem to have been quick off the mark :)
    MFiT-T5#6, £50k to zero: £49,907/£49,907 (100.00%), 2020 MFW#8 £4,763/£4,763 (100.00%)
    £50k-in-’20#27 £39,676.24/50,000 (79.35%)
  • julicornjulicorn Forumite
    1.3K posts
    1,000 Posts Second Anniversary Name Dropper Photogenic
    ✭✭✭
    Lomcevak wrote: »
    I'll have a new number please, as I seem to have been quick off the mark :)

    Excellent - you're number 8 now if that works for you? I'm currently still saving the numbers from people who updated last year, just in case they want them back, but all the blanks are up for grabs :)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £129,150 (-£13,350 overpayment savings pot)
  • beanieloubeanielou Forumite
    73.5K posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    ✭✭✭✭✭✭
    Count me out for next year.
    My number was 144.
    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.***
Sign In or Register to comment.

Quick links

Essential Money | Who & Where are you? | Work & Benefits | Household and travel | Shopping & Freebies | About MSE | The MoneySavers Arms | Covid-19 & Coronavirus Support