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  • FIRST POST
    • julicorn
    • By julicorn 7th Dec 18, 1:43 PM
    • 1,021Posts
    • 4,503Thanks
    julicorn
    2019 Mortgage-Free Wannabes
    • #1
    • 7th Dec 18, 1:43 PM
    2019 Mortgage-Free Wannabes 7th Dec 18 at 1:43 PM
    Welcome to the Mortgage Free Wannabe 2019 thread!

    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.
    Last edited by julicorn; 05-01-2019 at 8:31 AM.
Page 83
    • Rainbowsky
    • By Rainbowsky 9th Dec 19, 12:20 PM
    • 33 Posts
    • 254 Thanks
    Rainbowsky
    Thank you Julicorn it's a nice feeling and it's just as nice seeing how well everybody else is doing on here!
    MFW #34 2020 £400/£4000
    • f0xh0les
    • By f0xh0les 9th Dec 19, 12:53 PM
    • 2,836 Posts
    • 26,532 Thanks
    f0xh0les
    Congratulations Rainbowsky! It is so nice to hear when someone actually gets there. I am still 18 years (their timescale) away from being m/f. You give me hope.

    To all you wonderful people who can see their daily interest on the mortgage - which bank do you use? It sounds marvellous. I am currently trying to remortgage and a bank that can do that sounds just what I am looking for. So far my online mortgage experiences have been dire.
    MFW#65 5/16 £118,3 10/17£109,4 12/17 £108,85/18£106,9 6/18£105,9, 8/18£103,9 9/18£102,9 10/18£101,9 11/18£101,3 12/18£100,7 1/19 £99,999 1/3 £98,91/4 £98,5 1/5 £97,9 1/6 £97,5 1/8 £96,5 1/9 £95,9.1/10 £95,51/11£94,999.99L&C Referal code- https://referme.to/GNNHtJo
    • julicorn
    • By julicorn 9th Dec 19, 1:54 PM
    • 1,021 Posts
    • 4,503 Thanks
    julicorn
    To all you wonderful people who can see their daily interest on the mortgage - which bank do you use? It sounds marvellous. I am currently trying to remortgage and a bank that can do that sounds just what I am looking for. So far my online mortgage experiences have been dire.
    Originally posted by f0xh0les
    I'm with Accord.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £148,780
    • WorldCitizen
    • By WorldCitizen 9th Dec 19, 2:04 PM
    • 81 Posts
    • 163 Thanks
    WorldCitizen
    My is Nationwide.
    2020 MFW #30
    • fruitloop04
    • By fruitloop04 9th Dec 19, 5:10 PM
    • 262 Posts
    • 767 Thanks
    fruitloop04
    Hi All,

    Just made another small overpayment of £22.04, making my December OP £772.04 so far

    Thanks Julicorn!
    01.05.2019 - Re-Mortgage - £142,000 Total overpaid to date: £7462.28. Mortgage amount 31/12/19 £132746.32

    MFW #52 £874.958/£12000
    Make £2020 in 2020 #60 - £231.44/£2020
    • Hettyhound
    • By Hettyhound 10th Dec 19, 9:18 AM
    • 370 Posts
    • 2,159 Thanks
    Hettyhound
    Hello,
    Number 90 here with an over payment of £25 for December. I will see if there is any left at the end of the month for another small one. I am now £100 over my target I set myself so very happy. Its my mortgage DD day today so when I look tonight I should have a balance below £58,500. Will be planning out the finances for 2020 over the Christmas break and looking forward to joining again next year with maybe an increased target...
    Jan 2020 Grocery challenge £159.40/£150
    SPC #120 SPC 12: £125.86
    MFW #90 Mortgage start Dec 2015 £79,950; January 2020 £57,942.91; 2020 OP £100/£3000
    • bit by bit
    • By bit by bit 10th Dec 19, 2:12 PM
    • 332 Posts
    • 2,758 Thanks
    bit by bit
    Hi all.

    # 164 reporting in with an over payment of £139.81
    Grand total of over payments for the year £2293.45

    Mortgage is now £22857.40

    I would love to rejoin next year. I am happy to keep my number or swap it. I missed my target this year and as I am going part time I hope to overpay £2300
    Wife, mother, gardener, nurse, cancer survivor. Aiming to retire at 55 in April 2021- 14 months to go.

    Challenges 2020: Banish the Clutter 2020 0/52 bags
    Make £2020 on 2020 #80 0/£2020
    MFW 2020: £60.95/£2300
    • julicorn
    • By julicorn 10th Dec 19, 3:27 PM
    • 1,021 Posts
    • 4,503 Thanks
    julicorn
    Hi all.

    # 164 reporting in with an over payment of £139.81
    Grand total of over payments for the year £2293.45

    Mortgage is now £22857.40

    I would love to rejoin next year. I am happy to keep my number or swap it. I missed my target this year and as I am going part time I hope to overpay £2300
    Originally posted by bit by bit
    That's excellent, thank you for the update and for taking part again I've given you #87 for next year, hope that's ok
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £148,780
    • Stimson_180
    • By Stimson_180 10th Dec 19, 8:38 PM
    • 10 Posts
    • 81 Thanks
    Stimson_180
    Final overpayment for #129
    Rounded up to complete the challenge.
    £1500 for the year.
    Small drop in the ocean but definitely better than nothing.
    Hoping for more next year

    Merry Christmas everyone 🎄🎄🎄
    • Suffolk lass
    • By Suffolk lass 11th Dec 19, 9:34 AM
    • 3,580 Posts
    • 31,024 Thanks
    Suffolk lass
    Next year's thread
    That's excellent, thank you for the update and for taking part again I've given you #87 for next year, hope that's ok
    Originally posted by julicorn
    Hi julicorn, have I missed the link to next year's thread? - a quick look on the board and I can't see it - I would like to keep my number (37) please
    Save £12k in 2019 - #68 £9.396.36/£7,000 134.23% total
    Save £12k in 2020 - #20
    OS Grocery Challenge 2020 target £0/£3k 0% so far
    Mortgage Free Wannabes 2020 #37
    MFIT T5 No 2 £42,188/£59,998 or 70.32% paid after Q3
    My DFD is here
    • julicorn
    • By julicorn 11th Dec 19, 5:41 PM
    • 1,021 Posts
    • 4,503 Thanks
    julicorn
    Hi julicorn, have I missed the link to next year's thread? - a quick look on the board and I can't see it - I would like to keep my number (37) please
    Originally posted by Suffolk lass
    Right this way: https://forums.moneysavingexpert.com/showthread.php?t=6076175
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £148,780
    • MrsMouse
    • By MrsMouse 12th Dec 19, 10:50 AM
    • 47 Posts
    • 250 Thanks
    MrsMouse
    Morning all . Thought I had missed my goal for this challenge, but when I got my letter from the mortgage company confirming the last payment, it also shows what the final payment is expected to be, and to pay that bit off would mean reducing the term by another month. So, I've decided to pull that in from a christmas fund I had (less going out this month then!). So £168 to be added to my total please julicorn, which should give a balance for this year of £1,122.33. Very happy with that, as it means I've reduced my mortgage term this year by 3 months


    Happy Christmas everyone
    MrsMouse
    #47 - 2020 MFW 75.29/1200
    #15 - 3/6 month Emergency Fund Challenge 548.45

    2019:
    MFW: 1122.33 / EF: £1000

    • Kieo
    • By Kieo 12th Dec 19, 4:32 PM
    • 1 Posts
    • 2 Thanks
    Kieo
    I have a dilemma, my partner had cancer and life insurance paid out, our mortgage is 99k and we got enough to pay it off shud I pay it off?? Stressing us out.
    • Suffolk lass
    • By Suffolk lass 13th Dec 19, 8:21 AM
    • 3,580 Posts
    • 31,024 Thanks
    Suffolk lass
    I have a dilemma, my partner had cancer and life insurance paid out, our mortgage is 99k and we got enough to pay it off shud I pay it off?? Stressing us out.
    Originally posted by Kieo
    You would be better asking this question under a separate thread in Essential Money (possibly a new one) - there are Independent Financial Advisers and experts in there (two tiers up from this thread).

    I suggest you also give a little more background context so people can respond with answers that match your context (your age, whether you have dependent children, whether you work and would have the means to clear your mortgage another way if you were on your own, and what else you might do if you don't clear the mortgage - might all be helpful).

    This thread is more about people's personal targets to overpay their mortgages, to reduce them, their term or clear them.
    Save £12k in 2019 - #68 £9.396.36/£7,000 134.23% total
    Save £12k in 2020 - #20
    OS Grocery Challenge 2020 target £0/£3k 0% so far
    Mortgage Free Wannabes 2020 #37
    MFIT T5 No 2 £42,188/£59,998 or 70.32% paid after Q3
    My DFD is here
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 13th Dec 19, 8:34 AM
    • 169 Posts
    • 508 Thanks
    OhtobeMortgageFree
    #107 - another £10 overpaid this morning, taking me to £30 for December so far...
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £124,315.99 Current mortgage end date: June 2038
    Total overpayments so far: £1585
    MFW 2020: £60 / £5000
    Daily interest: £7.59 > £7.13
    • Miss Pinky
    • By Miss Pinky 13th Dec 19, 3:16 PM
    • 48 Posts
    • 283 Thanks
    Miss Pinky
    Hi Julicorn,


    Number 15 reporting in for Dec. Managed a £500 payment this month and did hope to make another payment but the boiler needed a new part, one daughter failed her driving test which means continued lessons and to top it off..... my daughter has smashed my car. I am scared to make any extra payments just yet until I find out exactly what will happen with the insurance company. My excess is £800 so I know I will need to absorb that.


    Not been a good week!
    MFW #15
    • Hettyhound
    • By Hettyhound 13th Dec 19, 4:09 PM
    • 370 Posts
    • 2,159 Thanks
    Hettyhound
    It was mortgage pay day on Tuesday and I ended up with a number of 58,454.25; well I couldn’t have that! I made an overpayment of £2.25 to make it a lovely round number, therefore my overpayment for December are now £27.25.
    • teameffort
    • By teameffort 13th Dec 19, 6:19 PM
    • 123 Posts
    • 598 Thanks
    teameffort
    Happy weekend and Merry Christmas all

    #49 Last overpayment of the year for £720.00 please, and means we've surpassed our target!

    Thank you Julicorn for running the thread and starting the 2020 already, much appreciated

    See you in the new year as we plan to ramp up the payments

    Teameffort
    Last edited by teameffort; 13-12-2019 at 7:27 PM.
    Emergency fund saved, we did it!!

    2020 #140 MFW £729.00/£9,500.00
    2019 #490 MFW £9,964.78/£9,600.00
    2018 #143 MFW £6,903.63/£6,500.00
    MFW balance as at 31 Dec 19 77,875.00. Original end date 2043 goal 2023
    • Mortgage Minimiser
    • By Mortgage Minimiser 14th Dec 19, 11:42 AM
    • 210 Posts
    • 922 Thanks
    Mortgage Minimiser
    #59 reporting in. Last payment of the year, £700.

    Absolutely over the moon with what I have achieved this year, especially becoming a single mum to my gorgeous girl and doing all this myself.

    On to 2020 and a £13,0000 target!

    Have a lovely Christmas and New Year everyone - see you on the other side!

    MM
    xx
    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 £174,873.24
    • Runders
    • By Runders 15th Dec 19, 12:24 PM
    • 272 Posts
    • 845 Thanks
    Runders
    Hello all, hope you are all feeling festive!

    Just checking in with my over payment this month of 194.56 (#109) that will be my last over payment for the year so in total I should have paid, if my maths is right, £1024.99 which is just over my target for the last half of the year - yay!!
    MFW Start: Sep 2014 - £110,844, July 2019 New Home £190,995
    Current: £82,999.69 £190,972.18 £188,091.57
    2020MFW #97 OP Goal £172.14/£3000
    2019MFW #109 OP Goal £1024.99/£1000
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