Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • julicorn
    • By julicorn 7th Dec 18, 1:43 PM
    • 1,017Posts
    • 4,499Thanks
    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 3
    • julicorn
    • By julicorn 8th Dec 18, 1:00 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    I would like to join. [...]
    I'm hoping to pay off as much as possible in 2019 then get FD to recalculate the amount for the rest of the term. My goal is 20k.
    Originally posted by mmmsnow
    Welcome mmmsnow! I've given you #61 Also, well done on your overpayments so far!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • Freysmum
    • By Freysmum 8th Dec 18, 2:05 PM
    • 223 Posts
    • 1,576 Thanks
    Freysmum
    Hi Juliecorn

    Id like to sign up again for next year please. Current number is 81 but happy with any number.

    My (rather ambitious) target is to clear the balance of my mortgage which is currently 18,950 not sure if its achievable but I will have a blooming good go at it!

    Thanks so much
    Mortgage free April 2019
    EF savings 36,000/40,000
    • mmmsnow
    • By mmmsnow 8th Dec 18, 2:06 PM
    • 387 Posts
    • 1,246 Thanks
    mmmsnow
    Welcome mmmsnow! I've given you #61 Also, well done on your overpayments so far!
    Originally posted by julicorn
    Thanks! That's the first time I've sat down with my spreadsheet and worked out exactly how much we've been putting into the mortgage. Feels great.

    Next year, I'm also tackling my student loans and voluntary NI contributions so it's going to be another frugal year.
    • julicorn
    • By julicorn 8th Dec 18, 2:30 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    Hi Juliecorn

    Id like to sign up again for next year please. Current number is 81 but happy with any number.

    My (rather ambitious) target is to clear the balance of my mortgage which is currently 18,950 not sure if its achievable but I will have a blooming good go at it!

    Thanks so much
    Originally posted by Freysmum
    Hi Freysmum, what an awesome target! Would be great to see a few people clear their mortgage this year, if that's not motivating I don't know what is. Happy for you to keep your number
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Dec 18, 3:41 PM
    • 2,519 Posts
    • 14,172 Thanks
    wishingthemortgaheaway
    Hi Julicorn,
    Thank you for including me. I'd welcome a lower number, if that's ok, I think it may help you tidy things up too.
    My target for 2019 is 2860 as that is the 10% allowance.

    So, I'm looking at around 235 a month.

    Thank you so much for doing this.

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • julicorn
    • By julicorn 8th Dec 18, 3:54 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    Hi Julicorn,
    Thank you for including me. I'd welcome a lower number, if that's ok, I think it may help you tidy things up too.
    My target for 2019 is 2860 as that is the 10% allowance.

    So, I'm looking at around 235 a month.

    Thank you so much for doing this.

    Wish.
    Originally posted by wishingthemortgaheaway
    Hi Wish, that's really helpful, thank you. I've given you #59 now, hope that works for you.
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • chunkytfg
    • By chunkytfg 8th Dec 18, 3:55 PM
    • 808 Posts
    • 876 Thanks
    chunkytfg
    Could I join this? Still not completed on our house and it needs a ton of work but i'd like to at least make a start with a little here and there.

    Aim is to complete somewhere in Feb and hopefully, maybe, possibly seat a small overpayment straight away with other finds being split between savaging and DIY.

    SO I was thinking 500 for 2019. Not a lot when borrowing 346k but its a start!
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 0/500
    • julicorn
    • By julicorn 8th Dec 18, 4:00 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    Could I join this? Still not completed on our house and it needs a ton of work but i'd like to at least make a start with a little here and there.

    Aim is to complete somewhere in Feb and hopefully, maybe, possibly seat a small overpayment straight away with other finds being split between savaging and DIY.

    SO I was thinking 500 for 2019. Not a lot when borrowing 346k but its a start!
    Originally posted by chunkytfg
    Of course chunkytfg, welcome! You're our #63 now.


    (On an unrelated note, I've just noticed that the total OP target has already overtaken my remaining mortgage balance, so if you would all like to bank transfer me the money instead, just let me know - Just kidding of course, but I'll keep you updated on the totals and what fantastic properties we could be buying with them )
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • ang4k
    • By ang4k 8th Dec 18, 4:27 PM
    • 60 Posts
    • 369 Thanks
    ang4k
    Hi Ang4k number 17 here.

    Thank you, I wish to join again and go for a target of 8000. This is my 10% total allowed and runs to October so I may sneak in a bit more during November December :-)
    MFiT-T4- reduce mortgage from 61000 to 40000
    2018 MFW no 17 : 8000/10100.00. 2019 MFW no 17: 2150/8000
    MFIT-T5-completely clear my 35000.00 mortgage
    • chunkytfg
    • By chunkytfg 8th Dec 18, 4:34 PM
    • 808 Posts
    • 876 Thanks
    chunkytfg
    Of course chunkytfg, welcome! You're our #63 now.


    (On an unrelated note, I've just noticed that the total OP target has already overtaken my remaining mortgage balance, so if you would all like to bank transfer me the money instead, just let me know - Just kidding of course, but I'll keep you updated on the totals and what fantastic properties we could be buying with them )
    Originally posted by julicorn

    Thank you

    Now just the small mater of actually borrowing the money so I can start paying it back. First job though is Xmas!
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 0/500
    • julicorn
    • By julicorn 8th Dec 18, 5:02 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    Hi Ang4k number 17 here.

    Thank you, I wish to join again and go for a target of 8000. This is my 10% total allowed and runs to October so I may sneak in a bit more during November December :-)
    Originally posted by ang4k
    All noted, thanks ang4k
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • Lomcevak
    • By Lomcevak 8th Dec 18, 5:27 PM
    • 873 Posts
    • 5,093 Thanks
    Lomcevak
    Yes please

    Target is 20k
    Originally posted by Lomcevak

    Some more planning today, and would like to change this to a target of 30,000 please - a stretch, but hope to be sub-25k at the end of 2019 with a goal of being MF in 2020.
    MFiT-T5#6, 50k to zero: 45,411/49,907 (91.05%), 2020 MFW#8 2,010.36/5,000 (40.21%)
    50k-in-20#27 0/50,000 (0.00%)
    • julicorn
    • By julicorn 8th Dec 18, 5:42 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    Some more planning today, and would like to change this to a target of 30,000 please - a stretch, but hope to be sub-25k at the end of 2019 with a goal of being MF in 2020.
    Originally posted by Lomcevak
    I've amended it. And MF in 2020 is a fantastic goal - the end is in sight!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 8th Dec 18, 5:44 PM
    • 2,519 Posts
    • 14,172 Thanks
    wishingthemortgaheaway
    Hi Wish, that's really helpful, thank you. I've given you #59 now, hope that works for you.
    Originally posted by julicorn
    That's lovely thank you. I shall go and update my poor neglected signature.
    Thank you for offering to run this. It has really motivated me in 2018.
    My combined mortgage overpayments, money put in savings & capital expenditure on the house (new windows, plastering etc) come to more than my basic, annual salary.

    Wish.
    Outstanding mortgage: 23,181 (December 19)
    MFW 2020 Challenge Member #10 0/2318
    • newgirly
    • By newgirly 8th Dec 18, 5:45 PM
    • 7,007 Posts
    • 48,050 Thanks
    newgirly
    Hi juliecorn thanks for running this for us all, I need to work on a target this weekend but could I keep my number 21 please, thanks, newgirly
    MFW 38

    2020 start bal:73,119, current bal: 73,119 target 18,000, opd
    • julicorn
    • By julicorn 8th Dec 18, 5:47 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    Hi juliecorn thanks for running this for us all, I need to work on a target this weekend but could I keep my number 21 please, thanks, newgirly
    Originally posted by newgirly
    No worries, and all noted!
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • julicorn
    • By julicorn 8th Dec 18, 5:49 PM
    • 1,017 Posts
    • 4,499 Thanks
    julicorn
    Thank you for offering to run this. It has really motivated me in 2018.
    Originally posted by wishingthemortgaheaway
    It's a pleasure, honestly. It's been hugely motivating for me this year as well, and I thought I might as well use all the time I spend on this forum a bit more productively
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 148,780
    • pinkfluffybabe
    • By pinkfluffybabe 8th Dec 18, 7:26 PM
    • 2,686 Posts
    • 8,910 Thanks
    pinkfluffybabe
    Hi,

    Can I please join again for 2019. My previous number was #180 but I don't mind changing. My target will be 1000.

    Thank you!
    Not buying unnecessary toiletries 2020 1/91 UU, 0 IN
    Mortgage Free Wannabe 2020 28.73/600
    • rosiest
    • By rosiest 8th Dec 18, 7:26 PM
    • 105 Posts
    • 672 Thanks
    rosiest
    can I please join for the first time ? I'd like to set my target at 7500
    • rosiest
    • By rosiest 8th Dec 18, 7:28 PM
    • 105 Posts
    • 672 Thanks
    rosiest
    I've heard of some people having their own overpayment spreadsheet. does a gone have one they could share ?
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

2,018Posts Today

7,834Users online

Martin's Twitter