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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 1:52 PM
    • 2,521Posts
    • 11,531Thanks
    hiddenshadow
    2018 Mortgage-Free Wannabes
    • #1
    • 2nd Dec 17, 1:52 PM
    2018 Mortgage-Free Wannabes 2nd Dec 17 at 1:52 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.
    Mortgage Free! 09/04/2019
Page 53
    • Unicorn cottage
    • By Unicorn cottage 30th Aug 18, 11:21 PM
    • 360 Posts
    • 423 Thanks
    Unicorn cottage
    Hi again #35

    Another £500 for August bringing my total for the month to £2500.

    Thanks

    Xx
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness"
    • benmclaughlan
    • By benmclaughlan 31st Aug 18, 6:25 AM
    • 38 Posts
    • 231 Thanks
    benmclaughlan
    Hi Hiddenshadow,

    #87 £2100 for August. Thanks Ben
    • pawlala
    • By pawlala 31st Aug 18, 7:33 AM
    • 1,321 Posts
    • 3,878 Thanks
    pawlala
    Hi

    If not too late, Iíd like to set myself the goal of overpaying my mortgage by £3,000 this year to keep me focussed on paying less interest to the banky wanky (a term used by Lily Allen)!


    Good luck to everyone.


    TIA
    Originally posted by Saving Glut
    Welcome #186!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • pawlala
    • By pawlala 31st Aug 18, 7:37 AM
    • 1,321 Posts
    • 3,878 Thanks
    pawlala
    Up to date to here

    #79 reporting total overpayments for August came to £453.98

    Thanks and 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...
    • Kittenkirst
    • By Kittenkirst 31st Aug 18, 7:43 AM
    • 2,142 Posts
    • 11,941 Thanks
    Kittenkirst
    Morning all!
    Posting my August figures a day early as we have HIT OUR TARGET!

    Gf paid £200 unexpectly from her quarterly bonus, a nice bit of quidco cash back and a few other bits and bobs had made August a great

    Number 20- £461.02

    This makes our figures a nice £3000.58 for the year.
    We have been smashing the OPs in advance of our holiday in two weeks as we know we won't overpay now until our November payday- really chuffed we have smashed the target as it was a nice increase on last years target

    So pleased!

    We will set a new target once we are home from our holidays and reviewed how much we have spent of the holiday budget etc
    2019 MFW #20£1172.70/ £4500 26%

    Mort- Oct16 £170.995 (end Nov 2041) Dec18 £152,838

    Overpayments 2016 £255.50 2017 £2600.40 2018 £4500
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • beanielou
    • By beanielou 31st Aug 18, 7:50 AM
    • 66,976 Posts
    • 303,068 Thanks
    beanielou
    Morning all!
    Posting my August figures a day early as we have HIT OUR TARGET!

    Gf paid £200 unexpectly from her quarterly bonus, a nice bit of quidco cash back and a few other bits and bobs had made August a great

    Number 20- £461.02

    This makes our figures a nice £3000.58 for the year.
    We have been smashing the OPs in advance of our holiday in two weeks as we know we won't overpay now until our November payday- really chuffed we have smashed the target as it was a nice increase on last years target

    So pleased!

    We will set a new target once we are home from our holidays and reviewed how much we have spent of the holiday budget etc
    Originally posted by Kittenkirst
    Well done
    Happy holidays!
    Lou~ Debt free Wanabe No 55 DF 03/03/14. MFW. 17 months to mortgage freedom.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • jackieblack
    • By jackieblack 31st Aug 18, 3:28 PM
    • 8,939 Posts
    • 14,723 Thanks
    jackieblack
    #4 reporting OPs totalling £52.12 for August.

    A little less than the last few months, but makes my total for the year so far only pennies short of my original target, and still on track for my increased target

    Thanks pawlala
    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 YTD £1023.85 (£650 offset), Oct £50.00


    Everything will be alright in the end so, if itís not yet alright, it means itís not yet the end
    • bunty109
    • By bunty109 31st Aug 18, 4:17 PM
    • 1,234 Posts
    • 3,387 Thanks
    bunty109
    Update for July and August for #24:

    July final total: £11190.25
    August total: £1004.97
    MFW 2019#24 £9474.89/£11000 MFW 2018#24 £23025.41/£15000
    MFi3 v5 #53 £12531/
    MFi3 v4 #53 £59442/£39387
    • greent
    • By greent 31st Aug 18, 4:49 PM
    • 8,189 Posts
    • 83,197 Thanks
    greent
    Aug OP - Number 18
    ]#18 reporting in - Aug's OP = £1599.78.

    YTD = 4890.03/4000

    That means I've exceeded my first target for 2018 (spreadsheet appears to have a lower target in the one column, as it's showing I've already exceede it %age wise, I think? However, this year I've only had the 4k target) of £4000.

    Can I amend target to £6.5k, please? Actually, let's go for 7.5K - means a little bit more of a stretch in the last part of the year

    Many thanks to hs & p-lala!
    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) £3757/£5K
    Net sales 2019 £518.64/£500
    • Chutney86
    • By Chutney86 31st Aug 18, 8:55 PM
    • 306 Posts
    • 2,785 Thanks
    Chutney86
    #93 with another overpayment for August of £5970.00. So total overpayments for August = £6275.23

    Can I up my yearly target to £9050 please.

    Thanks
    SPC #23 - 2015 = £319.60 / 2016 = £315.50 / 2017 = £490.75 / 2018 = £295.50 / 2019 =
    MFW #93 - 2017 = £1942.84/£1900 / 2018 = £8591.23/£9050
    MFiT-T4 #28 = reduced mortgage from £109,000 to £77,000
    MFiT-T5 #34
    • bit by bit
    • By bit by bit 1st Sep 18, 7:35 AM
    • 303 Posts
    • 2,478 Thanks
    bit by bit
    #164 here. August update. I have over paid £1.50 in August. £50 on 1st of August and £100 on 31st August. That totals for August £150 and grand total is £858.51/ £3200

    Overpayments will remain low and I may not make my target this year but I am not unhappy. I am having (after many years of wanting) a remodel of my downstairs. Its costly but well worth it and I am still on plan to pay off all of my mortgage (about £29,000) by the time I retire in 2021
    Wife, mother, gardener, nurse, cancer survivor. Aiming to retire at 55 in April 2021- 19 months to go.
    Challenges 2019: MFW 2019 #164 £1643.24/£3200 Make 2019 in 2019 #70 £1385/£2019 Stash Busting 2019 4/12 projects A Clutter free Life 2019 75/100 bags and 14 large items.
    • f0xh0les
    • By f0xh0les 1st Sep 18, 7:35 AM
    • 2,543 Posts
    • 23,485 Thanks
    f0xh0les
    Good Morning!
    Pinch, Punch , First of the Month!

    #65 reporting.....
    Just went wild, raided all budgets and made my o/p of £1140.65 for September.
    On the first day!! Very impressed with myself.
    Might mean (_____) on toast for the rest of the month if anything goes wrong, but fingers crossed all goes well. Feeling Frugal

    Don't anticipate any more payments unless I win the lottery that I don't do.
    Last edited by f0xh0les; 04-09-2018 at 12:14 PM. Reason: #65 forgot to put #65 in the post, although it is in the signature, it is right at the end.
    MFW5/16 £118,340 10/17£109,49 12/17 £108,8 1/18 £108,33/18 £108,5 4/18£108,1 5/18£106,9 6/18£105,9, 7/18£105,3 8/18£103,9 9/18£102,9 10/18£101,9 11/18£101,3 12/18£100,7 1/19 £99,999 2/19 99,500 1/3 £98,91/4 £98,5 1/5 £97,9 1/6 £97,5 1/7 £96,9. 1/8 £96,500 1/9 £95,970.00 1/10 £95,500 MFW 2019 #65
    L&C Referal code- https://referme.to/GNNHtJo
    • Mortgage Minimiser
    • By Mortgage Minimiser 1st Sep 18, 7:50 AM
    • 196 Posts
    • 862 Thanks
    Mortgage Minimiser
    number 46 reporting for Sept.

    1,000.00 OPd this morning. Apart from a bit of interest on some bank accounts that probably it for this month. However, still paying for the extension, so I'm pleased with that.

    Overall I've OPd 9,374.88 so far this year, against my 5,000.00 target, so streets ahead.

    Gearing up for remortgage, so paying down CCs now and paying off car (17k) to get my outgoings down and credit file in the best shape it can be

    Have a great month everyone! Thanks HS / Pawlala!
    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 £174,873.24
    • pinkypig
    • By pinkypig 1st Sep 18, 8:25 AM
    • 1,573 Posts
    • 12,091 Thanks
    pinkypig
    Morning

    #157 reporting a capital reduction of £1589.74 for August
    MFW 2018 #157 Target £15,000

    £23,095.71/£15,000
    • Brambleberry
    • By Brambleberry 1st Sep 18, 8:50 AM
    • 269 Posts
    • 1,392 Thanks
    Brambleberry
    Good morning! Happy September and welcome to the "ber" months!

    #110 reporting a September payment of £200.

    Thanks to pawlala and hiddenshadow
    Mortgage Free Oct 2018
    Never underestimate the power of a beautiful spreadsheet.
    • life is sweet
    • By life is sweet 1st Sep 18, 10:17 AM
    • 28 Posts
    • 183 Thanks
    life is sweet
    #69 with my August update.

    I paid off £1118 in August

    YTD total £1918/£7000

    its great seeing everyone's progress!

    Thanks all

    Lis
    #11 MFW 2019. £8611/£15000
    MFW 2018 £6676/£7000, MFW 2017 £6664/£10,000
    Original MF date June 31/Current MF date October 25/ Target MF September 21
    I can do it!
    • Kittenkirst
    • By Kittenkirst 1st Sep 18, 11:20 AM
    • 2,142 Posts
    • 11,941 Thanks
    Kittenkirst
    Good Morning!
    Pinch, Punch , First of the Month!

    #65 reporting.....
    Just went wild, raided all budgets and made my o/p of £1000 for September.
    On the first day!! Very impressed with myself.
    Might mean (_____) on toast for the rest of the month if anything goes wrong, but fingers crossed all goes well. Feeling Frugal

    Don't anticipate any more payments unless I win the lottery that I don't do.
    Originally posted by f0xh0les
    This post did make me chuckle about the lottery as I have the same hope, but don't actually play
    Cracking overpayment there though Foxholes!
    2019 MFW #20£1172.70/ £4500 26%

    Mort- Oct16 £170.995 (end Nov 2041) Dec18 £152,838

    Overpayments 2016 £255.50 2017 £2600.40 2018 £4500
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • Urbanshyne
    • By Urbanshyne 1st Sep 18, 11:30 AM
    • 82 Posts
    • 429 Thanks
    Urbanshyne
    Hey,

    No.171 with September's overpayment of £2500.

    Cheers.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • beanielou
    • By beanielou 1st Sep 18, 4:18 PM
    • 66,976 Posts
    • 303,068 Thanks
    beanielou
    No 144 here with £11 for September.

    Some very awesome totals
    Lou~ Debt free Wanabe No 55 DF 03/03/14. MFW. 17 months to mortgage freedom.
    **Credit card debt free 30/06/10~**
    **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. ***Be the difference.***
    • julicorn
    • By julicorn 2nd Sep 18, 6:44 AM
    • 836 Posts
    • 3,432 Thanks
    julicorn
    Thanks so much pawlala for updating the spreadsheet!

    #50 again, managed to make our first overpayment of the month of £50.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £159,950
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