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  • FIRST POST
    • julicorn
    • By julicorn 7th Dec 18, 12:43 PM
    • 748Posts
    • 3,124Thanks
    julicorn
    2019 Mortgage-Free Wannabes
    • #1
    • 7th Dec 18, 12:43 PM
    2019 Mortgage-Free Wannabes 7th Dec 18 at 12:43 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 7:31 AM.
Page 2
    • julicorn
    • By julicorn 7th Dec 18, 6:31 PM
    • 748 Posts
    • 3,124 Thanks
    julicorn
    Hiya Julicorn, I'm a newbie. Any number is fine. My goal for 2019 is £2000 as I'm aiming for a bit more balance in my plans next year. Thanks! ChotaPeg
    Originally posted by ChotaPeg
    Welcome ChotaPeg, you're #36 - hope that works for you
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £170,300
    • ChotaPeg
    • By ChotaPeg 7th Dec 18, 6:37 PM
    • 6 Posts
    • 19 Thanks
    ChotaPeg
    Perfect. Thank you. I will start doing my over payment warm-up stretches...
    • Mortgage Minimiser
    • By Mortgage Minimiser 7th Dec 18, 6:50 PM
    • 176 Posts
    • 732 Thanks
    Mortgage Minimiser
    Hi Julicorn,

    Id love to join again please. I was #46 this year, so would love that again if possible.

    I shall need to think about my target.....

    Thank you!

    MM
    x
    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 £182,814
    • julicorn
    • By julicorn 7th Dec 18, 6:59 PM
    • 748 Posts
    • 3,124 Thanks
    julicorn
    Hi Julicorn,

    Id love to join again please. I was #46 this year, so would love that again if possible.

    I shall need to think about my target.....

    Thank you!

    MM
    x
    Originally posted by Mortgage Minimiser
    #46 is all yours! And no worries, just let me know when you've had a think.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £170,300
    • jackieblack
    • By jackieblack 7th Dec 18, 7:25 PM
    • 8,696 Posts
    • 14,006 Thanks
    jackieblack
    Hi julicorn
    I'd like to keep number 4, please, and set a target of £500 to start off with. (I know that's a drop in the ocean compared to other people's targets targets, but I only work part-time and some of the targets are more than I earn in a year! So it's all relative )

    My fixed rate ends around Easter and I hope to get a good new deal and reduce my MP a little. If I achieve this I'll be able to increase my OP.

    My actual target is to OP by an amount at least equal to the interest charged, but I won't be able to estimate that until I know what the new rate will be

    Thanks!
    Last edited by jackieblack; 07-12-2018 at 7:31 PM.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter,
    south facing (-5 deg), 30 degree pitch, no shading

    Quidquid Latine dictum sit altum videtur

    MFW #4
    (2018 £866.89 OPd)
    2019
    Jan £105.26, Feb £103.31,Mar £135.77, Apr £104.51, May £100, June £50

    • julicorn
    • By julicorn 7th Dec 18, 7:51 PM
    • 748 Posts
    • 3,124 Thanks
    julicorn
    Hi julicorn
    I'd like to keep number 4, please, and set a target of £500 to start off with. (I know that's a drop in the ocean compared to other people's targets targets, but I only work part-time and some of the targets are more than I earn in a year! So it's all relative )

    My fixed rate ends around Easter and I hope to get a good new deal and reduce my MP a little. If I achieve this I'll be able to increase my OP.

    My actual target is to OP by an amount at least equal to the interest charged, but I won't be able to estimate that until I know what the new rate will be

    Thanks!
    Originally posted by jackieblack
    Hi jackieblack, thank you for confirming your target! And £500 is still lots of money - I know some people's are higher, but everyone has got their own unique circumstances (e.g. two full-time incomes and no children to look after in our case - none of that you can tell just from looking at a number). And over the years, £500 in a year can shave a good amount of time off. Either way, all the best!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £170,300
    • Couldsavemore
    • By Couldsavemore 7th Dec 18, 8:54 PM
    • 100 Posts
    • 414 Thanks
    Couldsavemore
    Hi
    Can I join in??
    I'm aiming for £2400 in OP's in 2019
    Mortgage overpayment target is £1200
    Total paid 1413


    SPC #80... Still adding that loose change.
    2019 mortgagr free #48 Target £2400 paid £:645beer:
    • julicorn
    • By julicorn 7th Dec 18, 8:59 PM
    • 748 Posts
    • 3,124 Thanks
    julicorn
    Hi
    Can I join in??
    I'm aiming for £2400 in OP's in 2019
    Originally posted by Couldsavemore
    Hi Couldsavemore, and welcome! I've given you #48
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £170,300
    • frugal_lass
    • By frugal_lass 7th Dec 18, 9:49 PM
    • 54 Posts
    • 622 Thanks
    frugal_lass

    frugal_lass, I've added you in as #19 for this challenge (how fitting, 19 in 2019!). Could you let me know your target too?
    Originally posted by julicorn
    Oh thank you so much. I would like £2019 as my target please!
    MFW2019 #19 Target £2019 £1398.75/£2019
    Make £2019 in 2019 #43 £1299.01/£2019
    • julicorn
    • By julicorn 7th Dec 18, 9:52 PM
    • 748 Posts
    • 3,124 Thanks
    julicorn
    Oh thank you so much. I would like £2019 as my target please!
    Originally posted by frugal_lass
    Now if that doesn't make your number even more fitting, I don't know what would!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £170,300
    • Sugarplump
    • By Sugarplump 7th Dec 18, 10:53 PM
    • 18 Posts
    • 53 Thanks
    Sugarplump
    Can I join this year please? I'm aiming for a £2400 overpayment as it's my first year.
    • frugal_lass
    • By frugal_lass 8th Dec 18, 4:19 AM
    • 54 Posts
    • 622 Thanks
    frugal_lass
    Now if that doesn't make your number even more fitting, I don't know what would!
    Originally posted by julicorn
    It was meant to be! Thank you for organising everything!
    MFW2019 #19 Target £2019 £1398.75/£2019
    Make £2019 in 2019 #43 £1299.01/£2019
    • julicorn
    • By julicorn 8th Dec 18, 4:54 AM
    • 748 Posts
    • 3,124 Thanks
    julicorn
    Can I join this year please? I'm aiming for a £2400 overpayment as it's my first year.
    Originally posted by Sugarplump
    Welcome Sugarplump! You're #50
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £170,300
    • ajmoney
    • By ajmoney 8th Dec 18, 6:09 AM
    • 5,083 Posts
    • 56,440 Thanks
    ajmoney
    Hi, I would like to continue in 2019, please could I keep number 70? I am unsure of my target as my circumstances have changed so could I put £3000 to start please?

    I will be moving house at some point next year so the final total will depend on how much that mortgage is
    Last edited by ajmoney; 08-12-2018 at 12:20 PM.
    2019 MFW No. 70 £3034.74/£4000
    MFiT-T5 No. 70 £571.91/£27506.08
    • pawlala
    • By pawlala 8th Dec 18, 7:16 AM
    • 1,317 Posts
    • 3,834 Thanks
    pawlala
    thanks for 1) taking over the reins and 2) a shiny new thread

    #79 reporting in for 2019 target of £11000

    Have a great weekend everyone!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • icklehelen
    • By icklehelen 8th Dec 18, 8:08 AM
    • 334 Posts
    • 1,472 Thanks
    icklehelen
    Please count me in! Not worked out my target yet but will update before January 🤑

    Thanks for volunteering to keep us on track julicorn
    2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000 2015 1226.64/1200 2016 1775.50/1200 2017 10068.90/5500 2018 6904.52/2500
    OP Target 2019 - 2227.91/5500
    MFiT-T4 #03 MFW2019 #6
    • greent
    • By greent 8th Dec 18, 8:53 AM
    • 8,105 Posts
    • 82,326 Thanks
    greent
    Hello julicorn! I'd like to join in again, please. If possible I would still like no 18. My target for the year is £5k reduction on my (IO) BTL.

    Many thanks
    I am the master of my fate; I am the captain of my soul
    Repaid mtge early (orig 11/25) 01/09 £124616 01/10 £104927 01/11 £89873 01/12 £76317 01/13 £52546 01/14 £35356 01/15 £12133 07/15 £NIL
    BTL Mtge 12/16 £69786 12/18 £54829 2019 OPs (#18) £1972.10/£5K
    Net sales 2019 £173.62/£500
    • BookmobileBadGirl
    • By BookmobileBadGirl 8th Dec 18, 9:32 AM
    • 165 Posts
    • 218 Thanks
    BookmobileBadGirl
    Can I join this year please

    I would like to pay off £5,000
    Currently (02/04/2019) £63,453 Aim (05/11/2021) £50,000

    Mortgage - Shared Ownership 25% £75,300 - MF December 2051 December 2044
    • julicorn
    • By julicorn 8th Dec 18, 9:49 AM
    • 748 Posts
    • 3,124 Thanks
    julicorn
    Can I join this year please

    I would like to pay off £5,000
    Originally posted by BookmobileBadGirl
    Welcome! I've added you in as #52

    greent, icklehelen, pawlala, ajmoney, thank you all for confirming as well, you've all got the same numbers as last year
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £170,300
    • mmmsnow
    • By mmmsnow 8th Dec 18, 11:46 AM
    • 372 Posts
    • 1,178 Thanks
    mmmsnow
    I would like to join. I have two mortgages (but only one house!):

    Mortgage 1: £23,974
    Mortgage 2: £5,994
    Total: £29,968

    We're on a 12 year mortgage now and I have a fixed deal with First Direct until 2022, so I can't pay off the balance in full without penalty but I am able to make unlimited over payments. Interest rate is 1.89% and there was no legal, booking or set-up fees.

    We overpay each month as well as put in lump sums whenever we are able. In 2017, we overpaid by £14,780 and this year, it's £27,874 (I came into a small inheritance). I have been on a limited income this year but, in January 2019, I start a new job.

    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.
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