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    • 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 38
    • kerry90
    • By kerry90 3rd Jul 17, 10:41 AM
    • 19 Posts
    • 73 Thanks
    kerry90
    Hello, number 51 reporting in with 210 overpayment for month of July.
    • TwentySomethingGirl
    • By TwentySomethingGirl 3rd Jul 17, 12:31 PM
    • 177 Posts
    • 398 Thanks
    TwentySomethingGirl
    Hi

    #85 reporting for July, 182.68.

    This should have us past the target for the year and I'll be cancelling the standing order for this mortgage as it'll be changing in the next couple of months. I'll probably be back once the new one is up and running
    Mortgage 126746 DEC14 122423.53 DEC15 115041.70 DEC16 Remortgaged Sep17 to pay off HtB loan 150000
    MFW2018 #85 0/500
    MFW2017 2633.7/2500
    MFW2016 3614.63/2500
    MFW2015 811.60/1200
    • michelle09
    • By michelle09 3rd Jul 17, 2:25 PM
    • 777 Posts
    • 4,278 Thanks
    michelle09
    #84 with an OP for July of 334.41
    • KittyMoma
    • By KittyMoma 3rd Jul 17, 4:37 PM
    • 37 Posts
    • 62 Thanks
    KittyMoma
    No 109 OP of 500 please, thank you!
    Starting mortgage - 303,434.49
    Dec16 - 257,319 (OP 27,522.92 in 2016)
    Jan17 - OP 5,000 / Feb17 - OP nil / Mar17 - OP 300 / Apr17 - OP 300 / May17 - OP 300 / Jun17 - OP 7,461.01 / Jul17 - OP 500 / Aug17 - OP 500 / Sep17 - OP 500 / Oct17 - OP 500
    • MissLemon
    • By MissLemon 3rd Jul 17, 8:46 PM
    • 73 Posts
    • 426 Thanks
    MissLemon
    No 121 reporting for June! OP of 188.39
    MFW #121. Mortgage at June 2017 96,491.71. 26 March 2018 85,220

    OP target 2018 2626.35/10,000
    OP target 2017 4816.35/5000
    Original MF Date January 2035. Target MF Date December 2023
    • Miss D Meanour
    • By Miss D Meanour 4th Jul 17, 6:32 PM
    • 113 Posts
    • 805 Thanks
    Miss D Meanour
    Hi there everyone
    I hope July is going well for you.
    My July over payments went out yesterday so

    #2 reporting 579.81 O/P leading to 4,008.67 / 7,000

    Take care
    MissDM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 11 #574 - 500 ........ Xmas 2018 - #11: 90 / 365.
    CCCC 2018 #14 - 0 / 140 ....... PAYDBX 2018 #23: 1,245.16 / 7,000
    Frugal Living - #37 .......... MFW2018 - #2: 3,049.05 / 8,000

    No matter how far you go, you always take yourself with you
    • new mortgageeee
    • By new mortgageeee 4th Jul 17, 9:18 PM
    • 72 Posts
    • 229 Thanks
    new mortgageeee
    Apologies for the recent absence!!

    #31 reporting the following:

    550 for April
    755 for May
    600 for June

    Should be at 4305/10,000

    NM x
    MFW Target Oct 2046 2028 (I'll be 43 )
    - Mortgage started Oct 2016 120,000 110,300
    - 2017 MFW #31 8,018/10,000
    - Student loan started 2009 16413 10,679
    + Easy access savings 8,890
    + S&S ISA 580
    • Roxie
    • By Roxie 4th Jul 17, 10:18 PM
    • 565 Posts
    • 392 Thanks
    Roxie
    Hello All,

    78 reporting in with 290 OP for July, gives total for year of 2000.

    Thanks HS.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!

    MFW 2018 no: 78 2070/5000
    • NewMoneySaver13
    • By NewMoneySaver13 5th Jul 17, 9:20 AM
    • 78 Posts
    • 335 Thanks
    NewMoneySaver13
    Hi hiddenshadow,


    MFW No 86 reporting in with an OP of 430 for the month of July.


    Thanks
    2017 MFW No.86
    OP Target 2018: 3750
    Monthly Total: 325
    Year To Date: 1625/3750
    • originalmiscellany
    • By originalmiscellany 5th Jul 17, 10:17 AM
    • 1,608 Posts
    • 3,883 Thanks
    originalmiscellany
    #119 here
    I've overpaid 500 every month since January - July (7 months)...
    Therefore I'd like to have a target of 6,000 to overpay rather than my 1000.

    Thanks!
    Feb 2012 - onwards MF achieved
    September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
    April 2018 down to 28.00 months vs 30.04 months at normal payment.
    Predicted mortgage clearing 03/2047 - now looking at 02/2045

    Aims: 1) To pay off mortgage within 20 years - 2037
    • Sundaysgirl
    • By Sundaysgirl 5th Jul 17, 1:44 PM
    • 1,095 Posts
    • 6,322 Thanks
    Sundaysgirl
    Hi all


    Great progress being made by everyone!


    June final total 4,713.62 thanks to a bonus
    July so far 2,830.77


    YTD 25,166.78... so I'm going to be bold and up my target to 40,000 please hidden

    #123
    MFW 2017 #123 2018: 1,852.64/39,200 (4.7%)
    • Moominmamma89
    • By Moominmamma89 6th Jul 17, 12:50 PM
    • 217 Posts
    • 376 Thanks
    Moominmamma89
    Hi - No.96 with a July payment of 345 which should take me to 3,461.84 for the year so far - can't believe we are over half way through 2017 already!

    Thanks Hiddenshadow
    • chelseablue
    • By chelseablue 6th Jul 17, 2:28 PM
    • 2,413 Posts
    • 2,889 Thanks
    chelseablue
    Hi all

    Sorry I have not posted much on here, lots going on.....

    Which leads me on to having to unfortunately leave the challenge for this year

    I was doing really well, overpaying 400 every month. But 2018 is looking to be an expensive year:

    Our lease car goes back in April so need to save for a deposit on a different car
    We're getting married in June so most of our spare money each month goes to that.
    In December 2018 we're planning on a holiday to Australia

    So as you can see lots to save up for so need to save the money instead of overpaying.

    I WILL be back in future mfw challenges.

    Mortgage outstanding: 222,000

    Good luck everyone and I'll see you another year x
    Mortgage starting balance 231,000
    Mortgage after Year 1 225,000
    Mortgage after Year 2 218,000
    • hildosaver
    • By hildosaver 6th Jul 17, 3:57 PM
    • 297 Posts
    • 433 Thanks
    hildosaver
    Number 52 with payments of 500 for both April and June.
    Mortgage balance September 2012: 121,086 (First ever OP)
    Mortgage balance March 2018: 77,650
    • becky170
    • By becky170 6th Jul 17, 5:55 PM
    • 444 Posts
    • 3,828 Thanks
    becky170
    Hi guys, number 7 reporting an overpayment of 299 for july. Thanks!

    MFW 2018 #7 1506/4500
    • hiddenshadow
    • By hiddenshadow 7th Jul 17, 2:37 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Number 15 Checking in albeit late!!!
    Not sure what my overall aim is this year, I'll chip away as much as possible. I am getting married in January (we are eloping) so it's all a big secret and I have managed to keep the costs low (in comparison to some) and will continue to do so to free up cash for the mortgage but I want to look back and remember the good times and not the cheapness or extravagance!.

    Miss Pinky xxx
    Originally posted by Miss Pinky
    Spreadsheet has you down for 7,054, but you're welcome to adjust that if you'd like.

    Congrats on the upcoming wedding!
    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 7th Jul 17, 2:38 PM
    • 2,479 Posts
    • 11,344 Thanks
    hiddenshadow
    Hi

    #85 reporting for July, 182.68.

    This should have us past the target for the year and I'll be cancelling the standing order for this mortgage as it'll be changing in the next couple of months. I'll probably be back once the new one is up and running
    Originally posted by TwentySomethingGirl
    Congrats on reaching your target!
    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%
    • Lomcevak
    • By Lomcevak 7th Jul 17, 5:33 PM
    • 702 Posts
    • 4,188 Thanks
    Lomcevak
    #11 with my standard 600 overpayment, total for the year is now 4200.

    However, the exciting news is that I'm now UNDER 100k - ok, it now starts with 99..., but it's a big milestone in the Lomcevak household

    Four years ago I was on 189k, so just over 90k down since then. Hopefully the last 99k will be done within the next four
    MFiT-T4#126, 135k to 60k: 57,247/75,000(76.33%), 2017 MFW#11 5,296.44/12,000 (44.14%)
    30k-in-18#11 12,651.96/30,000 (42.17%)
    • Needhelpsaving
    • By Needhelpsaving 7th Jul 17, 7:15 PM
    • 701 Posts
    • 2,847 Thanks
    Needhelpsaving
    Hi,

    Number 54 checking in with a payment of 540 for July.

    We have moved some money out of savings to boost our MFW journey while interest rates are low.

    Thanks!
    Target 1 - Emergency Fund Currently 8053.15/10,000

    Target 2 - Pay Mortgage Down to 65,000 by 31/12/18 Was 71,006.49 (01/01/18) Now 67,534.47 (18/05)
    • A Frayed Knot
    • By A Frayed Knot 8th Jul 17, 9:56 AM
    • 2,366 Posts
    • 10,553 Thanks
    A Frayed Knot
    No 27 checking in with o/p of 213.42

    Making total this year 4003.94/5000 so far

    Many thanks
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 19 months 5/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

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