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, 12:43 PM
    • 836Posts
    • 3,431Thanks
    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 68
    • YouWithTheSadEyes
    • By YouWithTheSadEyes 11th Sep 19, 4:13 PM
    • 16 Posts
    • 132 Thanks
    YouWithTheSadEyes
    #79

    £40 sent to the mortgage.

    Thanks for updating.
    MFW 2019 #79 £570/£2000
    Save 12k in 2019 #127 £4750 / £4000
    • Bracelovers
    • By Bracelovers 11th Sep 19, 8:12 PM
    • 25 Posts
    • 127 Thanks
    Bracelovers
    Evening, [COLOR="black"]#69[/COLOR] a little update another £250 overpayment which means to date we have overpaid by £2000 so far this year.

    Hoping to pay extra over the next few months our new plan is to sort the house out and move in 18 months time.

    We would like to have 100k left so some divine help would come in handy!!
    • lindez
    • By lindez 11th Sep 19, 9:50 PM
    • 550 Posts
    • 2,457 Thanks
    lindez
    Good evening all.
    #44 with September update £300.00 over payment made. I have changed my mortgage from interest to repayment and reduced the term from 9 years 6 months to 4 years 6 months. It mean the payments will go up and I may not now be able to overpay as much as I wanted but still aiming to reach target for this year.
    Well done everyone it is great reading the posts.
    Thank you Julicorn.
    MFWB#44
    MFTT5 #28
    save 12k in 2019 #71
    • Suffolk lass
    • By Suffolk lass 12th Sep 19, 7:30 AM
    • 3,300 Posts
    • 29,342 Thanks
    Suffolk lass
    Good evening all.
    #44 with September update £300.00 over payment made. I have changed my mortgage from interest to repayment and reduced the term from 9 years 6 months to 4 years 6 months. It mean the payments will go up and I may not now be able to overpay as much as I wanted but still aiming to reach target for this year.
    Well done everyone it is great reading the posts.
    Thank you Julicorn.
    Originally posted by lindez
    Gosh you are brave - I have been on an interest-only mortgage since we moved here in 2004 so my overpayments are all that gets paid over. I often considered reverting to repayment but I have not - I compromised and set a monthly sum (it has been £500 since Jan 2017 but I have just reduced it to £100 from October) - we will be using the Tilly Tidies to pay down from now on, with a BS Bond that will pay out in just over a year.
    Last edited by Suffolk lass; 12-09-2019 at 7:30 AM. Reason: auto-correct typo
    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
    • lindez
    • By lindez 12th Sep 19, 10:57 AM
    • 550 Posts
    • 2,457 Thanks
    lindez
    Gosh you are brave - I have been on an interest-only mortgage since we moved here in 2004 so my overpayments are all that gets paid over. I often considered reverting to repayment but I have not - I compromised and set a monthly sum (it has been £500 since Jan 2017 but I have just reduced it to £100 from October) - we will be using the Tilly Tidies to pay down from now on, with a BS Bond that will pay out in just over a year.
    Originally posted by Suffolk lass
    Sufolk lass it was not that I was brave I am 60 now and I had no way of paying it off in the time frame so I thought I would make a lump sum payment which i did last month (August) that came from me taking my pension early (I retried and returned to work just 3 days per week now). I kept 15000 back as my emergency fund. I then thought i must find a way of getting rid of the mortgage I did not want to go till I was almost 70 I will hopefully keep on with over payments though they will be small from next year on wards. I may alter my figures for next years and do what I would have paid in interest only and add the difference for the change into repayment as though I am overpaying if that makes sense it may keep my sane
    MFWB#44
    MFTT5 #28
    save 12k in 2019 #71
    • Bracelovers
    • By Bracelovers 12th Sep 19, 11:58 AM
    • 25 Posts
    • 127 Thanks
    Bracelovers
    #69 here another payent update

    £42 extra yesterday so to date £2042, this will bring our mortgage to a round figure of £139000 😎😁
    • Bracelovers
    • By Bracelovers 12th Sep 19, 12:00 PM
    • 25 Posts
    • 127 Thanks
    Bracelovers
    Bracelovers#69 here another payent update

    £42 extra yesterday so to date £2042, this will bring our mortgage to a round figure of £139000 😎😁
    • teameffort
    • By teameffort 13th Sep 19, 8:49 PM
    • 110 Posts
    • 511 Thanks
    teameffort
    #49 another over payment made for £720, that's me done for September.

    Looking forward to seeing everyone's payments

    Thanks Julicorn
    Emergency fund saved, we did it!!

    2019 #49 MFW £7,598.78/£9,600.00
    2018 #143 MFW £6,903.63/£6500.00
    MFW balance as at Dec 18 91,000.00. Original end date 2043 goal 2023
    • jtmerralls
    • By jtmerralls 13th Sep 19, 9:22 PM
    • 13 Posts
    • 7 Thanks
    jtmerralls
    I overpay by £45 per month.
    Month in month out 😊
    • julicorn
    • By julicorn 14th Sep 19, 9:37 AM
    • 836 Posts
    • 3,431 Thanks
    julicorn
    I overpay by £45 per month.
    Month in month out 😊
    Originally posted by jtmerralls
    I can't quite tell if you're wanting to join the challenge or not? Let me know and I can give you a number.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £159,950
    • Mortgage Minimiser
    • By Mortgage Minimiser 15th Sep 19, 6:26 AM
    • 195 Posts
    • 860 Thanks
    Mortgage Minimiser
    Hi,

    #46 here. Ive been rethinking how I approach this mortgage freedom thing... in the past Ive only reported on the OPs on the main mortgage as in the main Ive let the other one run in the background with minimal OPs. However that's about to change as the small mortgage is a higher interest rate and I shall attack 2

    So,.. from now on I shall report OPs I make against both mortgages in 1 total. To bring everything up to speed can you please add £144.97 to my OP total, bringing it to £11,881.15


    Now for the best part - rearranging my spreadsheet!

    Thanks Julicorn!

    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
    • Runders
    • By Runders 16th Sep 19, 9:30 AM
    • 266 Posts
    • 793 Thanks
    Runders
    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!
    Originally posted by Kittenkirst
    I agree wholeheartedly with this! I am so excited for Halloween...36 going on 12!
    MFW Start: Sep 2014 - £110,844, July 2019 New Home £190,995
    Current: £82,999.69 £190,972.18
    2019MFW #109 OP Goal £727.82/£1000
    • Runders
    • By Runders 16th Sep 19, 10:11 AM
    • 266 Posts
    • 793 Thanks
    Runders
    Morning all,

    #109 checking in with another small OP of £10.20, taking my total for September to £112.81

    I miss the days of being able to make big OPs - but still pleased to be chipping away little by little

    Thanks
    MFW Start: Sep 2014 - £110,844, July 2019 New Home £190,995
    Current: £82,999.69 £190,972.18
    2019MFW #109 OP Goal £727.82/£1000
    • f0xh0les
    • By f0xh0les 16th Sep 19, 10:46 AM
    • 2,542 Posts
    • 23,459 Thanks
    f0xh0les
    Good Morning! #65 checking in.

    Made a sneaky £20 o/p this morning,

    Could you please update my numbers Julicorn. Mortgage now a much tidier £95,950.00
    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
    • MrsMouse
    • By MrsMouse 16th Sep 19, 12:21 PM
    • 34 Posts
    • 200 Thanks
    MrsMouse
    Good afternoon, number #47 checking in with this month's OP of £40.06. Thanks for keeping everything updated Julicorn
    MrsMouse

    #47 - 2019 MFW (Target: 699.15/1000.00)
    #15 - 3/6 month Emergency Fund Challenge
    • Dobbibill
    • By Dobbibill 16th Sep 19, 4:55 PM
    • 3,801 Posts
    • 5,183 Thanks
    Dobbibill
    #45 checking in


    Following my £20.08 at the beginning of the month, I've also done £63.11 & £150. so OP for the month so far is sitting at £233.19
    This takes me to £2268.07 YTD


    Thanks for keeping us all on track, motivated and accountable Julicorn

    Dobbi
    • Schoolworker
    • By Schoolworker 17th Sep 19, 9:57 AM
    • 358 Posts
    • 847 Thanks
    Schoolworker
    No 72 reporting in. I made a payment of £150 in August and so far made a payment of £1000 in September. Hope to make another payment for September next week but will get to you.

    Total to date for 2019 is £2655.
    • ilselm
    • By ilselm 17th Sep 19, 6:47 PM
    • 41 Posts
    • 322 Thanks
    ilselm
    #106 with a further £105 transferred to the mortgage account.

    This time itís due to cashback from car insurance renewal and some account tidying.

    A couple of small milestones reached this week which all help to maintain the positive momentum. Itís amazing how many you can find if you look hard enough!

    1. Hit 50% of MFiT-T5 target
    2. Cleared and closed one of the mortgage accounts. While thereís still a sizeable balance on the other one, I did get a small kick out of seeing only one line of mortgage debt, as opposed to two, when accessing my account earlier today.

    Thanks,

    September total: £2,399
    2019 total: £23,838 / £28,000
    MFW 2019 #106: £25,883 / £28,000 | MFiT-T5 #4: £24,745 / £45,200 | Save £12k in 2019 #114: £91,482 / £100,000 | Mortgage: £250,000 (01/13) / £95,455 (10/19)
    • fruitloop04
    • By fruitloop04 18th Sep 19, 6:03 AM
    • 224 Posts
    • 621 Thanks
    fruitloop04
    Excellent, thank you! You're our #119 now
    Originally posted by julicorn
    Thanks Julicorn! I have overpaid another £50 towards the mortgage so now on £2154.18
    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
    • frugal_lass
    • By frugal_lass 18th Sep 19, 7:08 PM
    • 61 Posts
    • 682 Thanks
    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?
    Originally posted by Suffolk lass
    Sorry for the late reply but I appreciate your detailed explanation. I will keep an eye on it and thank you for the heads up!
    MFW2019 #19 Target £2019 £2074.75/£2019
    Make £2019 in 2019 #43 £2001.92/£2019
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

3,150Posts Today

8,092Users online

Martin's Twitter