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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 69
    • Hettyhound
    • By Hettyhound 19th Sep 19, 6:11 AM
    • 279 Posts
    • 1,604 Thanks
    Hettyhound
    Morning Julicorn,

    #90 with an overpayment of 10, bringing September to a total of 28

    Thanks
    SPC #120
    MFW #90 Mortgage start Dec 2015 79,950; October 2019 59,439.51; 2019 OP 1392.75/1500
    • Bounty123
    • By Bounty123 19th Sep 19, 5:30 PM
    • 24 Posts
    • 138 Thanks
    Bounty123
    Evening,

    No. 23 stopping by to log my update.
    September overpayment of 205. Running total for the year = 1809.

    Cheers, Bounty
    1 debt vs 100 days chapter 33 No.4
    SPC 12 No:113
    2019 MFW No:23
    1 a day for Christmas No:16
    • squirrelgirl
    • By squirrelgirl 20th Sep 19, 1:45 AM
    • 469 Posts
    • 2,533 Thanks
    squirrelgirl
    No.58 - September op of 2850

    Sub 5k now!!
    12 Month Challenge:[COLOR=]"Red"Mortgage - 5929/16000 ; MFW 2019 No. 58 GC 737.26/3600 Jan 270/Feb 50/ March 87.26/April 180/May 150
    • Elvie100
    • By Elvie100 21st Sep 19, 6:39 PM
    • 47 Posts
    • 91 Thanks
    Elvie100
    Hi all

    #60 with an overpayment for September of 450.

    Thanks, L
    MFW#60
    • varfor
    • By varfor 21st Sep 19, 8:56 PM
    • 20 Posts
    • 135 Thanks
    varfor
    #118 with 3720 for September. That should bring year total up to 7750.

    I don't think there will be much more this year because I'll probably start diverting OP funds elsewhere. I worked out today that over 65% of my net worth is tied up in my house! I suppose it was inevitable buying at a time with really high prices but I'd really like to get that number down.
    MFW 2019: 7750/4000
    • julicorn
    • By julicorn 22nd Sep 19, 6:48 AM
    • 837 Posts
    • 3,433 Thanks
    julicorn
    Hi all

    #60 with an overpayment for September of 450.

    Thanks, L
    Originally posted by Elvie100
    Congratulations, it looks like you have reached your target! Would you like me to increase your target for the rest of the year?
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 159,950
    • weenemo
    • By weenemo 22nd Sep 19, 9:24 AM
    • 29 Posts
    • 135 Thanks
    weenemo
    #76 checking in with OPs for September, after some tidying up following come big spends on the house plus our regular over payment.

    September OP = 2550
    MFW 2019 #76. Original MF date: 2051 Projected MF date: 2031 MFW No. 76 YTD overpayments 2019: 27,928.73
    • WorldCitizen
    • By WorldCitizen 22nd Sep 19, 9:59 AM
    • 68 Posts
    • 112 Thanks
    WorldCitizen
    #59 here.
    I am in a process of remortgaging and reducing the term a bit.
    When I have all the numbers I'll see how much I can overpay. But I'm still aiming to reach target for this year. 323.21 left to pay to reach 2000 target.
    Great progress everyone, I enjoy to read your posts!
    • Elvie100
    • By Elvie100 22nd Sep 19, 10:36 AM
    • 47 Posts
    • 91 Thanks
    Elvie100
    Congratulations, it looks like you have reached your target! Would you like me to increase your target for the rest of the year?
    Originally posted by julicorn
    Thanks Julicorn. Could you please increase it to 5,750?

    L
    MFW#60
    • squirrelgirl
    • By squirrelgirl 23rd Sep 19, 7:07 AM
    • 469 Posts
    • 2,533 Thanks
    squirrelgirl
    No. 58 - sneaky 111 bringing September total to 2961
    12 Month Challenge:[COLOR=]"Red"Mortgage - 5929/16000 ; MFW 2019 No. 58 GC 737.26/3600 Jan 270/Feb 50/ March 87.26/April 180/May 150
    • Schoolworker
    • By Schoolworker 23rd Sep 19, 6:56 PM
    • 358 Posts
    • 849 Thanks
    Schoolworker
    No 72 reporting in for another payment for september of 80.
    • longway2go
    • By longway2go 23rd Sep 19, 8:16 PM
    • 99 Posts
    • 244 Thanks
    longway2go
    Number 108

    A further September OP of 220 making September's total 537.05

    Thanks
    Mortgage - 161K

    Overpayments to commence when mat leave finishes. Making a better life for our children 😁

    • OhtobeMortgageFree
    • By OhtobeMortgageFree 24th Sep 19, 6:05 AM
    • 137 Posts
    • 355 Thanks
    OhtobeMortgageFree
    #107 checking in with another pitiful 10 overpayment which I took from skimming my accounts.
    This takes me to 30 overpayments for September.
    As always, thanks for updating.
    Original mortgage total: 140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: 132,829.12
    Current mortgage total: 125,916.86 Current mortgage end date: June 2038
    Total overpayments so far: 1385
    MFW 2019: 1285 / 3000
    Daily interest: 7.59 > 7.23
    • MoneyMission
    • By MoneyMission 24th Sep 19, 7:44 AM
    • 641 Posts
    • 3,227 Thanks
    MoneyMission
    Number 39 here with a September OP of 210.

    Off to get wet outside now!
    MFW Challenge 2019 - 2,420 / 2,420 - 100%
    • Cherryfudge
    • By Cherryfudge 24th Sep 19, 11:53 AM
    • 3,272 Posts
    • 21,105 Thanks
    Cherryfudge
    #107 checking in with another pitiful 10 overpayment which I took from skimming my accounts.
    This takes me to 30 overpayments for September.
    As always, thanks for updating.
    Originally posted by OhtobeMortgageFree
    Nothing pitiful about that - I see you've already shortened your mortgage by two years, which is brilliant. It also equates to up to 8 extra overpayment in terms of interest saved. That's even if you never make another OP.
    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
    • ChipAway
    • By ChipAway 24th Sep 19, 12:26 PM
    • 24 Posts
    • 156 Thanks
    ChipAway
    #101 - Just 200 for September for me (It was 200 for August as well, can't remember if I logged that)

    Thank you
    • f0xh0les
    • By f0xh0les 24th Sep 19, 3:33 PM
    • 2,544 Posts
    • 23,504 Thanks
    f0xh0les
    Sub 5k now!!
    Originally posted by squirrelgirl

    Waaaah! Brilliant work Squirrel, well done you.
    MFW5/16 118,340 10/17109,49 12/17 108,8 1/18 108,33/18 108,5 4/18108,1 5/18106,9 6/18105,9, 7/18105,3 8/18103,9 9/18102,9 10/18101,9 11/18101,3 12/18100,7 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
    • Suffolk lass
    • By Suffolk lass 25th Sep 19, 7:23 AM
    • 3,301 Posts
    • 29,354 Thanks
    Suffolk lass
    Nothing pitiful about that - I see you've already shortened your mortgage by two years, which is brilliant. It also equates to up to 8 extra overpayment in terms of interest saved. That's even if you never make another OP.
    Originally posted by Cherryfudge
    I love the way you are looking at that - my interest only mortgage payment was rounded up to the next hundred when we started overpaying (paying down the capital) and it was about an 80 monthly capital payment. Up to and including this month that has increased and the interest element decreased so that now the interest part is under 20 a month and the capital over 480
    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
    • squirrelgirl
    • By squirrelgirl 25th Sep 19, 2:24 PM
    • 469 Posts
    • 2,533 Thanks
    squirrelgirl
    Thanks f0xh0les
    12 Month Challenge:[COLOR=]"Red"Mortgage - 5929/16000 ; MFW 2019 No. 58 GC 737.26/3600 Jan 270/Feb 50/ March 87.26/April 180/May 150
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 25th Sep 19, 3:20 PM
    • 2,409 Posts
    • 13,463 Thanks
    wishingthemortgaheaway
    Hi, number 28 here.

    September's overpayment is 380.41

    Hopefully that puts me back on track rather than slightly behind, fortunately lots of overtime this month.

    Thank you.

    Wish.
    Outstanding mortgage: 27,000
    MFW 2019 Challenge Member #28: 800.something/ 2860
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