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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,482Posts
    • 11,362Thanks
    hiddenshadow
    2018 Mortgage-Free Wannabes
    • #1
    • 2nd Dec 17, 2:52 PM
    2018 Mortgage-Free Wannabes 2nd Dec 17 at 2:52 PM
    Welcome to the Mortgage Free Wannabe thread for 2018

    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.).

    SPREADSHEET
    See how we are all doing on the big MFW 2018 spreadsheet HERE

    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 2018 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 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.
    MFW: £197,100 (2013) to £99,838 (June '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
Page 25
    • kittieviolet
    • By kittieviolet 7th Mar 18, 5:29 PM
    • 72 Posts
    • 183 Thanks
    kittieviolet
    Hi all
    I have just made a final payment of £8069.66 and am now mortgage free!!!!!!!!!!!! Number 134 feeling rather excited and relieved
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 7th Mar 18, 5:57 PM
    • 1,458 Posts
    • 6,923 Thanks
    wishingthemortgaheaway
    Hi all
    I have just made a final payment of £8069.66 and am now mortgage free!!!!!!!!!!!! Number 134 feeling rather excited and relieved
    Originally posted by kittieviolet

    Congratulations.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Kittenkirst
    • By Kittenkirst 7th Mar 18, 7:02 PM
    • 1,897 Posts
    • 10,186 Thanks
    Kittenkirst
    Wow thats amazing KittieViolet! Well done you!
    Last edited by Kittenkirst; 07-03-2018 at 9:29 PM.
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Tahlullah
    • By Tahlullah 7th Mar 18, 7:30 PM
    • 871 Posts
    • 4,876 Thanks
    Tahlullah
    Congrats to you! Well done KittieViolet.
    Striving to be mortgage free.
    2018 MFW #135

    £600 of £2000
    • utopiah
    • By utopiah 7th Mar 18, 7:32 PM
    • 272 Posts
    • 947 Thanks
    utopiah
    Hi all
    I have just made a final payment of £8069.66 and am now mortgage free!!!!!!!!!!!! Number 134 feeling rather excited and relieved
    Originally posted by kittieviolet
    Well done an amazing achievement
    Mortgage Jan 2015 £66,737.98 Now £21,905.97
    MFW 2018 target £10000/£6945

    MFD was JUNE 2028 now Sept 2021
    • erin_transport
    • By erin_transport 7th Mar 18, 11:16 PM
    • 549 Posts
    • 2,458 Thanks
    erin_transport
    Wow! Awsome achievement- well done!
    On a mission!

    2018 MFW #138
    • runninglea
    • By runninglea 8th Mar 18, 2:14 PM
    • 866 Posts
    • 1,282 Thanks
    runninglea
    No 88 reporting repayment of £1700 - Thanks a lot
    Year 2018 (8,500/£17000mortgage repayment)Overall mortgage (64,600/165568) (39
    .0%) (38/100) payments made. Total paid 2018 year £8,500

    Total paid 2017 year £15,300Total paid 2018 year £8,500
    • Freysmum
    • By Freysmum 8th Mar 18, 8:59 PM
    • 193 Posts
    • 1,313 Thanks
    Freysmum
    Oh wow kittieviolet what fab news, many congrats

    no 81 reporting in an early March OP of £260 which means my mortgage has left the 30s and has (just) crept into the 20s
    Mortgage 06/2018 £26,500
    MFW #81 £5350/£8000
    EF savings £18,500/£20,000
    DD's school trip £875/£1175
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Mar 18, 9:58 PM
    • 1,458 Posts
    • 6,923 Thanks
    wishingthemortgaheaway
    Oh wow kittieviolet what fab news, many congrats

    no 81 reporting in an early March OP of £260 which means my mortgage has left the 30s and has (just) crept into the 20s
    Originally posted by Freysmum

    Oooh the 20s, we are so nearly there (in an offset way)

    Brilliant news.
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Aliliva
    • By Aliliva 8th Mar 18, 11:14 PM
    • 143 Posts
    • 402 Thanks
    Aliliva
    Hi all! Can you add me to the challenge?
    I've just completed on my first home ever, and that crazy high number in the mortgage tracker page scares me! Not to mention thinking that the man will probably live on Mars by the time we see the final term of my mortgage.
    I don't have a plan for tackling this monster yet, all I know is that I want to see the term decreasing and still enjoy my life. So, for the time being I've set up a lame 25£/month overpayment, but I'll come back soon with a more ambitious objective for this 2018!
    • Unicorn cottage
    • By Unicorn cottage 9th Mar 18, 7:37 AM
    • 82 Posts
    • 145 Thanks
    Unicorn cottage
    Hi can I join please. My total goal for 2018 is £14,391.48 (the maximum overpayment I can make) and so far in February I have paid off £1550.

    Thank you!
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness"
    • Roxie
    • By Roxie 10th Mar 18, 7:46 AM
    • 566 Posts
    • 396 Thanks
    Roxie
    Hi all
    I have just made a final payment of £8069.66 and am now mortgage free!!!!!!!!!!!! Number 134 feeling rather excited and relieved
    Originally posted by kittieviolet
    Fantastic news thanks for sharing and giving us all a bit of extra motivation

    £420 OP for me in March. No : 78.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2018 no: 78 £2320£5000
    • selloptape
    • By selloptape 10th Mar 18, 11:58 AM
    • 457 Posts
    • 1,889 Thanks
    selloptape
    After three attempts to contact the bank I have finally got through - no #49 reporting £300 for March.
    GC May £235.52/£290 GC April £240.65/£300March £322.53/£350
    £2 Savers Club #59 £58
    MFW 2018 #49 £600/£3,000
    MFiT T4 #21 - reduce mortgage by £20k over 3 years
    • jenni_fer
    • By jenni_fer 11th Mar 18, 9:28 PM
    • 152 Posts
    • 696 Thanks
    jenni_fer
    #160 reporting £379.66 for March....Now I can log in the temptation to round down to the nearest £1k has started!
    • Asmoosy
    • By Asmoosy 11th Mar 18, 9:38 PM
    • 28 Posts
    • 11 Thanks
    Asmoosy
    I'd like to join. So far I have £1000 of my £5500 overpayment balance left. I have till October to pay it.
    • A Frayed Knot
    • By A Frayed Knot 12th Mar 18, 8:02 AM
    • 2,393 Posts
    • 10,726 Thanks
    A Frayed Knot
    No 27 with an o/p of £215.85

    Making Total so far £2768.23

    Thanks Hiddenshadow
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 18 months 6/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • erin_transport
    • By erin_transport 13th Mar 18, 1:44 PM
    • 549 Posts
    • 2,458 Thanks
    erin_transport
    Hi
    2018 MFW #138
    £140 payment today
    Total to date £1580/£6500 = 24.3%
    On a mission!

    2018 MFW #138
    • Schoolworker
    • By Schoolworker 13th Mar 18, 6:02 PM
    • 257 Posts
    • 563 Thanks
    Schoolworker
    No 72 reporting in for an overpayment of £202 today for march.
    • Blibble
    • By Blibble 13th Mar 18, 7:09 PM
    • 449 Posts
    • 787 Thanks
    Blibble
    #163 reporting a further OP of £50.34 this month

    £395.34 total for the month.
    Wedding fund - £2440.92 (£1912.07)
    OP fund - £1591.49 (£163.67)
    Emergency fund - £0.00 Oops!
    • denzal2k4
    • By denzal2k4 14th Mar 18, 8:36 AM
    • 8 Posts
    • 49 Thanks
    denzal2k4
    #177 With an OP of £600 for March!

    Thanks
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