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  • FIRST POST
    • julicorn
    • By julicorn 7th Dec 18, 12:43 PM
    • 837Posts
    • 3,433Thanks
    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 67
    • fruitloop04
    • By fruitloop04 4th Sep 19, 6:27 PM
    • 224 Posts
    • 630 Thanks
    fruitloop04
    Not at all! Could you let me know your goal for the year, and I'll give you a number?
    Originally posted by julicorn
    Thanks Julicorn! I have overpaid £2104.18 so far since remortgaging in May this year. I hope to make a total overpayment of £3,000 this year, so just under £1000 to go!
    01.05.2019 - Mortgage - £142,000 Total overpaid to date: £5006.50. Mortgage amount 3/10/19 £135,451.55 MFW #119 £5006.50/£6000.00
    CC Debt free
    • Cherryfudge
    • By Cherryfudge 4th Sep 19, 10:12 PM
    • 3,272 Posts
    • 21,111 Thanks
    Cherryfudge
    I'm completely mortgage free.. but only because my husband died and got life insurance payout....
    Good luck all but be careful what you wish for xxx
    Originally posted by fernack
    I'm so sorry. Some things are more important than paying the mortgage. xx
    MFW #30 Overpaid by £4,100.58/£3000 in 2018 Overpaid by £2877.91/2,880.00 to 04/09/19. Decluttered in 2019: 1,899/2,019 as of 11/10/19
    • pawlala
    • By pawlala 5th Sep 19, 9:35 AM
    • 1,321 Posts
    • 3,878 Thanks
    pawlala
    #22 reporting total overpayments for August came to £235.19

    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...
    • ilselm
    • By ilselm 5th Sep 19, 2:06 PM
    • 41 Posts
    • 322 Thanks
    ilselm
    #106 back again with a further £1,002 transferred to the mortgage account.

    This is courtesy of the sale of a small tranche of fully vested company SIP shares bought five years ago. With the tax break on purchase, the matching shares and subsequent share price increase, this has resulted in a nice 326% return. While the shares could remain in the plan to further rise/fall accordingly, I've started to sell these on a rolling quarterly basis as tying up equity wealth and employment in one company exceeds my relatively low risk appetite. And, anyway, I have a mortgage to clear!

    Thanks,

    September total: £2,294
    2019 total: £23,733 / £28,000
    MFW 2019 #106: £25,923 / £28,000 | MFiT-T5 #4: £24,785 / £45,200 | Save £12k in 2019 #114: £91,482 / £100,000 | Mortgage: £250,000 (01/13) / £95,415 (10/19)
    • Pursey
    • By Pursey 5th Sep 19, 9:47 PM
    • 244 Posts
    • 716 Thanks
    Pursey
    No.5 here. Please could you add an overpayment of £338.65 for me?

    Thank you!
    • mmmsnow
    • By mmmsnow 6th Sep 19, 11:33 AM
    • 386 Posts
    • 1,239 Thanks
    mmmsnow
    Just popped in to say my regular overpay of £493.66 has went into the mortgage.



    I've been really ill these last few weeks and I don't get sick pay so it's not looking good for the £20k target. We're now at a combined £15k for both mortgages so I'm maybe going to slow down on the overpayments until I'm back at full strength and put more into my emergency fund.
    MFW 2019 #61: £13,442.94/£20,000
    • julicorn
    • By julicorn 7th Sep 19, 6:51 AM
    • 837 Posts
    • 3,433 Thanks
    julicorn
    Thanks Julicorn! I have overpaid £2104.18 so far since remortgaging in May this year. I hope to make a total overpayment of £3,000 this year, so just under £1000 to go!
    Originally posted by fruitloop04
    Excellent, thank you! You're our #119 now
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £159,950
    • Cherryfudge
    • By Cherryfudge 7th Sep 19, 9:33 AM
    • 3,272 Posts
    • 21,111 Thanks
    Cherryfudge
    I've been really ill these last few weeks and I don't get sick pay so it's not looking good for the £20k target. We're now at a combined £15k for both mortgages so I'm maybe going to slow down on the overpayments until I'm back at full strength and put more into my emergency fund.
    Originally posted by mmmsnow
    I saw this and hope you are feeling better soon.
    I just wanted to say - I think this is great thinking. It's easy to be so focussed on the mortgage that other important things get side lined, but your health and an emergency fund really matter.
    Get well soon
    MFW #30 Overpaid by £4,100.58/£3000 in 2018 Overpaid by £2877.91/2,880.00 to 04/09/19. Decluttered in 2019: 1,899/2,019 as of 11/10/19
    • Suffolk lass
    • By Suffolk lass 7th Sep 19, 5:08 PM
    • 3,305 Posts
    • 29,381 Thanks
    Suffolk lass
    I saw this and hope you are feeling better soon.
    I just wanted to say - I think this is great thinking. It's easy to be so focussed on the mortgage that other important things get side lined, but your health and an emergency fund really matter.
    Get well soon
    Originally posted by Cherryfudge
    What Cherryfudge said!
    Save £12k in 2019 - #68 target is £7k £8,766.30 after Sep
    OS Grocery Challenge 2019 target £3k - 57.28% spent after Sep
    Mortgage Free Wannabes 2019 #37 108.23% £43,292.24 including Sep - reducing now to avoid fees
    MFIT T5 target to clear our mortgage completely (£59,998) Q2 £30,085 or 50.14% paid
    My DFD is here
    • Kittenkirst
    • By Kittenkirst 8th Sep 19, 6:23 AM
    • 2,142 Posts
    • 11,941 Thanks
    Kittenkirst
    Hi all
    August ended on £296.14 thanks to an extra £5.83 from Prolific clearing just in time

    Started September with a small £5.29 also from Prolific to get the ball rolling on Our autumn payments- I adore autumn- changing leaves, Halloween, pumpkins and squashes, hot chocolates & bonfire. Simply the best time of year!
    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
    • Bored
    • By Bored 8th Sep 19, 11:27 AM
    • 292 Posts
    • 435 Thanks
    Bored
    First ever overpayment of £500. It's late in the year to make a start but better late than never.
    £1000 Emergency Fund Challenge #118
    2019 Mortgage Free Wannabes #84
    • jackieblack
    • By jackieblack 8th Sep 19, 6:11 PM
    • 8,948 Posts
    • 14,739 Thanks
    jackieblack
    #4 Another £50.00 payment (offset) made = £100.00 this month so far

    Thanks julicorn
    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 £1073.85 (£700 offset), Oct £100.00


    Everything will be alright in the end so, if itís not yet alright, it means itís not yet the end
    • frugal_lass
    • By frugal_lass 8th Sep 19, 6:30 PM
    • 61 Posts
    • 684 Thanks
    frugal_lass
    #19 paying in £169 thanks Julicorn

    It’s easy to chip away and so nice to be able to see the difference in interest payments and LTV. Liking the Skipton online facility. Much easier and better to track than NatWest!
    MFW2019 #19 Target £2019 £2074.75/£2019
    Make £2019 in 2019 #43 £2001.92/£2019
    • Suffolk lass
    • By Suffolk lass 9th Sep 19, 8:14 AM
    • 3,305 Posts
    • 29,381 Thanks
    Suffolk lass
    #19 paying in £169 thanks Julicorn

    Itís easy to chip away and so nice to be able to see the difference in interest payments and LTV. Liking the Skipton online facility. Much easier and better to track than NatWest!
    Originally posted by frugal_lass
    My note of caution re the Skipton interface is that the interest updates lag behind the overpayments, (often different to the letter you receive that updates that) and each time you make an overpayment it shows as three rows of transactions as they reverse it and then make sure it is a capital overpayment, rather than just a credit - so the right action, but a clumsy representation on-screen.

    Also the balance outstanding amount is often a mismatch with the total within transaction view - I think this is because the month's interest is added once a month rather than when you make the overpayment - they used to show the updated interest calculation as a credit (in my view that should be a minus transaction, as it is a saving that credits your account and reduces the balance, but sometimes it was a plus operand and worked the wrong way) and it was always impossible to match the amount with any maths calculation.

    I have had numerous secure message conversations with them about this and compound interest (demonstrating the person responding does not understand it, or how it works) - I suspect I wasn't the only one so now they just add the interest each month and you have to take it on trust unless your spreadsheet is a lot more complicated than mine...

    I hope this doesn't put you off - don't get me wrong, I like Skipton, but like (it seems) all older banking/BS systems, there is a manual factor here in the online representation (Co-op bank is the same).

    Sad geek? Moi?
    Save £12k in 2019 - #68 target is £7k £8,766.30 after Sep
    OS Grocery Challenge 2019 target £3k - 57.28% spent after Sep
    Mortgage Free Wannabes 2019 #37 108.23% £43,292.24 including Sep - reducing now to avoid fees
    MFIT T5 target to clear our mortgage completely (£59,998) Q2 £30,085 or 50.14% paid
    My DFD is here
    • Poppycat1
    • By Poppycat1 9th Sep 19, 3:50 PM
    • 169 Posts
    • 643 Thanks
    Poppycat1
    25
    I am really sorry but I don't seem to have updated all year.

    Here are my payments.

    Jan - 540.00
    Feb - 450.28
    March - 451.08
    April - 558.64
    May - 500.00
    Jun - 453.56
    Jul - 476.44
    Aug - 455.11
    Sep - 455.87

    Unfortunately no where near the amount that I wanted. My car needed replacing in May so all my spare money went on a new one.
    MFW #25 - 2019 - Aim to get mortgage to £100,000, Start - £108,460.35. Current - £104,059.02
    MFIT-5 #25 - Aim to get mortgage to £70,000 (or have savings to get to this amount)
    Save £12,000 in 2019 #38 - £2350.00
    Make/Save £2,019 in 2019 - £298.39
    • Raggle1
    • By Raggle1 10th Sep 19, 1:28 PM
    • 46 Posts
    • 267 Thanks
    Raggle1
    Hi, No.62 here reporting an overpayment of £1000 for September. Ytd £7120. Thanks
    MFW 2019 No. 62 £7120/£10000; MFW 2018 No. 62 £3390/£2400
    SPC 12 No.006 £34+/No target
    Virtual SPC 2019 No.11 £43.03/£100
    • Magnus91
    • By Magnus91 10th Sep 19, 1:51 PM
    • 66 Posts
    • 70 Thanks
    Magnus91
    Number 98 here, just £17.28 this month.

    Hitting the 10% allowance so just paying enough to keep the figure round until the allowance gets reset in November
    • miss undastood
    • By miss undastood 10th Sep 19, 8:27 PM
    • 172 Posts
    • 451 Thanks
    miss undastood
    #56 here.

    New doors bought and installed. Whoop.
    £3781.27 saved this month - cashing in a share plan helped massively.

    Think that should make me reach my target with up to 3 ops still to come. Amazing, I canít believe I have managed it!

    Thanks julicorn - expect some more OPís soon!
    • Rainbowsky
    • By Rainbowsky 11th Sep 19, 8:08 AM
    • 27 Posts
    • 209 Thanks
    Rainbowsky

    Morning all,
    #34 reporting in with another OP of £200 making a total of £560 for September, that's probably it for this month but loving that mortgage balance is now less than £5000 I'm sure I wouldn't have done so well if it wasn't for this board and all it's members thanks guys.
    MFW #34 2019 £5230/£5000
    • Sugarplump
    • By Sugarplump 11th Sep 19, 3:05 PM
    • 22 Posts
    • 71 Thanks
    Sugarplump
    #50 checking in with an overpayment for September of £883, taking my total for the year to £1433
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