2023 Mortgage-Free Wannabes

julicorn
julicorn Posts: 2,281 Forumite
First Anniversary Name Dropper Photogenic First Post
edited 22 December 2022 at 9:03AM in Mortgage-free wannabe
A very warm welcome to the Mortgage Free Wannabe 2023 thread! <3

Over the last few years, this challenge has been providing support for everyone who wants to overpay their mortgage, whether it is by a big or small amount. Every little helps, and together we have been overpaying a fantastic amount of money every year over the last few years (even during the pandemic, cost of living crisis and everything else that's been going on in the world - well done everyone!)
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 2023, and you can join or change your target at any time up until December 31st 2023. 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 2023 spreadsheet HERE

Links to previous challenges are here:

TO JOIN

If you've participated in the last few years, please post in this thread by the end of December 2022 saying that 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. For everyone who's given an update in the last 6 months, I've reserved your 2022 number for now (unless you paid off your mortgage entirely, in which case well done again!).

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

Bear in mind that the challenge runs for the 2023 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 will '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 MFW2023 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 include a monthly 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 at all.

Updates also don't have to be limited to just your stats - a bit of chat and encouragement can be hugely motivating.

Finally: 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 for the spreadsheet, let me know, and I'll see what can be done.

Original mortgage: December 2017, £203,495
MFW start: April 2018, £201,800
Mortgage neutral: September 2022, mortgage redeemed: December 2022
New house, new mortgage: December 2022, £276,007
Current balance: £217,800 minus £8,300 overpayment savings pot
«13456782

Comments

  • smetf
    smetf Posts: 264 Forumite
    Name Dropper First Post Photogenic First Anniversary
    A shiny new thread! Thanks @julicorn

    I can stay with #35 or move to fill a vacant number. 

    Target of 8k this year for me please.
    Emergency fund 10k Holiday/ home fund 5k
      Mortgage £63666.87
  • julicorn
    julicorn Posts: 2,281 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Thanks @smetf, and I think a shiny new thread warrants a shiny new number :) You've got #3 for 2023.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • ajmoney
    ajmoney Posts: 6,228 Forumite
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    Hi julicorn can I join again please?  For now can I go with a target of £1000 please as I might be saving more while the interest rates are higher and OPing it later.
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
  • julicorn
    julicorn Posts: 2,281 Forumite
    First Anniversary Name Dropper Photogenic First Post
    ajmoney said:
    Hi julicorn can I join again please?  For now can I go with a target of £1000 please as I might be saving more while the interest rates are higher and OPing it later.
    Yes of course, great to have you back on board. I've given you #7, but let me know if you'd rather keep your previous number (70). 
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • PiggyBankShaker
    PiggyBankShaker Posts: 1,164 Forumite
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    edited 20 December 2022 at 9:52AM
    Yay! Thanks for running this for another year @julicorn. Count me in. I'd like #8 again please if poss, but no worries if not. Target of £10,000 please.
    • Mortgage over-payments to date: = £16,746
    • Original redemption date: August 2043
    • Current redemption date: July 2041
    • Debt: £15,930
    • Savings: £12,430
  • julicorn
    julicorn Posts: 2,281 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Yay! Thanks for running this for another year @julicorn. Count me in. I'd like #8 again please if poss, but no worries if not.
    #8 is all yours, could you let me know your target as well please? Absolutely fine to put in a placeholder if you're not 100% sure yet :)
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • I'd like to join again this year please.  No number as didn't do it last year.  Target of £2000 for the year please.  Thanks!
  • julicorn
    julicorn Posts: 2,281 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Chili81 said:
    I'd like to join again this year please.  No number as didn't do it last year.  Target of £2000 for the year please.  Thanks!
    Welcome back! :) You've got #11. 
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Mortgage neutral: September 2022, mortgage redeemed: December 2022
    New house, new mortgage: December 2022, £276,007
    Current balance: £217,800 minus £8,300 overpayment savings pot
  • Hello,
    I would like to join again this year. I am happy to keep 23 as my number, or move if need be. Can I have £5000 as my target? I do not think I will get there without putting money in from savings but we will see.
    Many thanks,
    Bounty123
    2024 MFW No:23
    MFiT-T6 14
  • ajmoney
    ajmoney Posts: 6,228 Forumite
    Name Dropper First Anniversary First Post
    edited 20 December 2022 at 10:51AM
    julicorn said:
    ajmoney said:
    Hi julicorn can I join again please?  For now can I go with a target of £1000 please as I might be saving more while the interest rates are higher and OPing it later.
    Yes of course, great to have you back on board. I've given you #7, but let me know if you'd rather keep your previous number (70). 

    I had meant to ask if I could keep my number but I plan to be around for many challenges yet so just leave me where I am and I will gradually work my way up the other challenge too!!!!
    MFW 2024 No. 7 £400/£1200 MFiT-T6 No. 70 £14950.12/£22787.04
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