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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,479Posts
    • 11,344Thanks
    hiddenshadow
    2017 mfw
    • #1
    • 11th Dec 16, 10:44 AM
    2017 mfw 11th Dec 16 at 10:44 AM
    Welcome to the Mortgage Free Wannabe thread for 2017

    Many thanks to Lomcevak for running the thread the past few years. I've blatantly stolen the starting post from 2016's thread.

    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 2017. 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 2017, 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.

    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 2017 calendar year when setting your target.

    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 MFW2017 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.

    See how we are all doing on the big MFW 2017 spreadsheet HERE

    Anyone planning for 2018...we have a thread set up: here
    Last edited by hiddenshadow; 02-12-2017 at 2:54 PM.
    MFW: £197,100 (2013) to £100,646 (May '18)
    2018 MFW #56: £4,000/£105,000 3% / MFiT-T4 #15: £58,854/£90,000 65%
Page 32
    • hiddenshadow
    • By hiddenshadow 9th May 17, 6:00 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Hi HiddenShadow,
    My figures should be as follows:

    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £16.08

    £986.97 it should total
    Thank you

    Edited to add- well done Bourne Free!
    Originally posted by Kittenkirst
    Those numbers add up to £987.02. I've put them in the spreadsheet, so it should be up-to-date.
    MFW: £197,100 (2013) to £100,646 (May '18)
    2018 MFW #56: £4,000/£105,000 3% / MFiT-T4 #15: £58,854/£90,000 65%
    • hiddenshadow
    • By hiddenshadow 9th May 17, 6:04 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    It's not too late to join is it? I haven't done this for several years (I helped run the 2011-2013 (?)) MFW spreadsheets and it really helped me stay focused. Therefore could I have a number allocated please?
    Originally posted by originalmiscellany
    Welcome! You're #119. Feel free to post with your 2017 target (and Jan-May amounts if you like).
    MFW: £197,100 (2013) to £100,646 (May '18)
    2018 MFW #56: £4,000/£105,000 3% / MFiT-T4 #15: £58,854/£90,000 65%
    • benmclaughlan
    • By benmclaughlan 10th May 17, 5:52 AM
    • 18 Posts
    • 67 Thanks
    benmclaughlan
    May overpayment
    Number 87 with a first overpayment of £2050 for May. Thanks hiddenshadow.
    • greent
    • By greent 10th May 17, 9:30 AM
    • 7,011 Posts
    • 71,589 Thanks
    greent
    No 18 with an overpayment for May of £1000

    Thanks, hs
    x
    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. 2018 OPs (#18) £877.49/£4000
    Net sales 2018 £491.03/£1000 PAYDOX18 (#15) £13869.38/£18694.38
    • kerry90
    • By kerry90 15th May 17, 3:27 PM
    • 19 Posts
    • 73 Thanks
    kerry90
    Number 51 report £10.05 for month of May so far
    • ajmoney
    • By ajmoney 16th May 17, 3:40 PM
    • 4,866 Posts
    • 55,607 Thanks
    ajmoney
    Hi, another OP for May of £15.13 taking the month's total to £398.17
    2018 MFW No. 70 £3088.14/£6000
    MFiT-T4 No. 70 £27228.76/£29544
    Mortgage £111108.81 Savings £90273.40
    Total left to pay/save £20835.41
    • Kittenkirst
    • By Kittenkirst 16th May 17, 10:42 PM
    • 1,891 Posts
    • 10,129 Thanks
    Kittenkirst
    Hi,
    OP for May is £112.77

    Making it £1083.71 (I hope!)
    Jan- £68.21, Feb- £306.67, March- £272.01 April-£324.05 May £112.77

    Thanks for the motivation!
    2018 MFW #20 - OP £1799.61/ £3000 60%
    Mar: £218 Apr: £528.91 May: £361.07

    Mortgage Oct '16 £170.995 LTV 90% end: Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    • Flower of scotland
    • By Flower of scotland 17th May 17, 9:12 AM
    • 34 Posts
    • 190 Thanks
    Flower of scotland
    No 128 with a couple of o/p to log. April £566.40 and May £564.57.

    Thanks
    • NewMoneySaver13
    • By NewMoneySaver13 19th May 17, 11:06 AM
    • 78 Posts
    • 335 Thanks
    NewMoneySaver13
    Hi hiddenshadow,


    MFW No 86 reporting in with an OP OF £445 for the month of May.


    Thanks
    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £1625/3750
    • themadvix
    • By themadvix 19th May 17, 11:14 AM
    • 1,663 Posts
    • 9,692 Thanks
    themadvix
    No. 38 with a May OP of £1303 at long last! Hopefully it won't be such a long gap to the next OP. But in good news, combined with next month's normal payment, this takes us below £100k!
    OPs 2017 = £3103
    S&S ISA 2017 = £626
    OPs 2016 = £6142.12
    Starting balance 2012: £132000; balance Dec 2017: £96,822
    MFW2017 no. 38
    • Mortgagebuster
    • By Mortgagebuster 19th May 17, 1:40 PM
    • 5 Posts
    • 12 Thanks
    Mortgagebuster
    No. 103 reporting with the following OP
    April 6636.60
    May 1700

    Thank you
    Last edited by Mortgagebuster; 19-05-2017 at 1:59 PM. Reason: None
    • anna42hmr
    • By anna42hmr 19th May 17, 1:56 PM
    • 2,463 Posts
    • 1,082 Thanks
    anna42hmr
    Hi, number 105 here, please can you put me down for £1215.26 for may please so year to date total is £2076.30.

    well done everyone on the op's
    MFW # 105
    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500 / OP so far £1076.30 as at May
    Total OP since mortgage started in 2015 = £19,737.66
    • Mortgagebuster
    • By Mortgagebuster 19th May 17, 2:01 PM
    • 5 Posts
    • 12 Thanks
    Mortgagebuster
    Hi Hiddenshadow,

    Can you up my target to £23000 (No#103)

    Thank you
    Mortgage Balance
    December 2016: 174708.80
    October 2017 147321.29
    • Freysmum
    • By Freysmum 19th May 17, 7:28 PM
    • 186 Posts
    • 1,269 Thanks
    Freysmum
    No 81 reporting in with a May OP of £342 making YTD total £3206

    Thanks HS
    Mortgage 05/2018 £27,250
    MFW #81 /£5000/£8000
    EF savings £17,900/£20,000
    • mortgage destroyer
    • By mortgage destroyer 20th May 17, 3:46 PM
    • 86 Posts
    • 523 Thanks
    mortgage destroyer
    Hi no 100 here can u add my overpayments please £700 for May thanks !!!128512;
    • hiddenshadow
    • By hiddenshadow 21st May 17, 10:30 AM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    No. 38 with a May OP of £1303 at long last! Hopefully it won't be such a long gap to the next OP. But in good news, combined with next month's normal payment, this takes us below £100k!
    Originally posted by themadvix
    Very nice!
    MFW: £197,100 (2013) to £100,646 (May '18)
    2018 MFW #56: £4,000/£105,000 3% / MFiT-T4 #15: £58,854/£90,000 65%
    • hiddenshadow
    • By hiddenshadow 21st May 17, 10:33 AM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    No 81 reporting in with a May OP of £342 making YTD total £3206

    Thanks HS
    Originally posted by Freysmum
    I seem to have missed £100 somewhere, if you wouldn't mind cross-checking my numbers.
    MFW: £197,100 (2013) to £100,646 (May '18)
    2018 MFW #56: £4,000/£105,000 3% / MFiT-T4 #15: £58,854/£90,000 65%
    • life is sweet
    • By life is sweet 21st May 17, 10:53 AM
    • 14 Posts
    • 54 Thanks
    life is sweet
    #69 with an overpayment of £833 for May

    I have had trouble with motivation this month but found looking at the yearly spreadsheet for this challenge inspirational- so thank you to HS for running the challenge and to everyone else who posts.
    #69 MFW 2018 £433/£7000
    MFW 2017 £6664/£10,000
    Original MF date June 31/Current MF date July 29/ Target MF September 21
    I can do it!
    • Makethedayscount
    • By Makethedayscount 21st May 17, 4:10 PM
    • 34 Posts
    • 300 Thanks
    Makethedayscount
    #117 with an overpayment of £877 for May

    • Freysmum
    • By Freysmum 21st May 17, 4:55 PM
    • 186 Posts
    • 1,269 Thanks
    Freysmum
    I seem to have missed £100 somewhere, if you wouldn't mind cross-checking my numbers.
    Originally posted by hiddenshadow
    Oops my error you are quite right it should be £3106, doh!
    Mortgage 05/2018 £27,250
    MFW #81 /£5000/£8000
    EF savings £17,900/£20,000
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