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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 11th Dec 16, 10:44 AM
    • 2,459Posts
    • 11,261Thanks
    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 101,444 (Apr '18)
    2018 MFW #56: 3,202/105,000 2% / MFiT-T4 #15: 58,056/90,000 64%
Page 57
    • Kittenkirst
    • By Kittenkirst 27th Dec 17, 9:07 PM
    • 1,858 Posts
    • 10,002 Thanks
    Kittenkirst
    Made a little OP today to round up my overpayments for this year- meaning we have Overpaid a fab 2600 in 2017


    So so happy- thanks for running this thread HiddenShadow and to everyone else for the inspiration & motivation! Onto 2018 plans and overpayments now
    2018 MFW #20 - OP 895.56/ 3000 30%
    Jan: 417.42 Feb: 260.14 Mar: 218

    Emergency fund 4K/ 6k
    Mortgage Oct '16 170.995 LTV 90% end: Nov 2041
    Overpayments 2016 255.50 2017 2600.40
    • benmclaughlan
    • By benmclaughlan 28th Dec 17, 10:55 AM
    • 18 Posts
    • 67 Thanks
    benmclaughlan
    Number #87 with last update for 2017. Overpayment of 1800 for December. Thanks Hiddenshaddow looking forward to taking part in 2018.
    • bunty109
    • By bunty109 28th Dec 17, 2:33 PM
    • 1,191 Posts
    • 2,890 Thanks
    bunty109
    December OP for #24 is 1321.39 and ended up with over 12k for the year. Upped the target for 2018 to 15,000 and would be great if that could get beaten!
    Last edited by bunty109; 28-12-2017 at 2:36 PM.
    MFW 2017#24 12107.18/8000
    MFW 2018#24 3707/15000
    MFi3 v4 #53 34898/39387
    • LadyGnome
    • By LadyGnome 28th Dec 17, 5:15 PM
    • 453 Posts
    • 1,675 Thanks
    LadyGnome
    #42 Apologies for not updating more regularly but I have been busy in work.
    I have been overpaying regularly but I think the easiest option now is to record it as if it was a lump sum in Dec.
    So Dec OP 1400.60
    Total for the year 3786.90 against a target of 3100
    Mortgage
    Start Nov 2012 310,000
    Feb 2018 237,821.60 Reduction 72,178.40
    MFW 2018 #42 788.90/3100
    End Oct Sept 2034 but I have a cunning plan...
    • icklehelen
    • By icklehelen 28th Dec 17, 7:48 PM
    • 288 Posts
    • 1,247 Thanks
    icklehelen
    Realised that I also haven't updated recently.....so after some end of year juggling and the help of a matured savings account that is no longer able to make more interest than the mortgage:

    Oct - 1157.14
    Nov - 1177.00
    Dec - 3757.66

    Making our total overpayment for 2017 an unbelievable 10068.90

    Thanks Hidden for the thread!!
    2012 6031.25/5250 2013 2799.40/3000 2014 5055.57/5000
    2015 1226.64
    /1200 2016 1775.50/1200 2017 10068.90/5500
    OP Target 2018 - 1631.28/2500
    MFiT-T4 #03 MFW2018 #6
    • newgirly
    • By newgirly 28th Dec 17, 9:36 PM
    • 6,224 Posts
    • 42,994 Thanks
    newgirly
    Hi, final update of 2017 for me please :

    Mfw 21 (newgirly)

    December overpayment 1,613

    Many thanks for all the hard work and a happy new year hidden shadow
    MFW 21
    Target for 2018 40k/9,626 paid so far

    Mortgage 39,159.44 -4yrs 2 mths left. Total owed 52,364 plan to clear in 14 months
    • froddington
    • By froddington 28th Dec 17, 10:53 PM
    • 6,628 Posts
    • 93,632 Thanks
    froddington
    No 3 - Final 2017 update from me

    November OP of 200

    December OP of 100


    Thanks for all your hard work hiddenshadow

    Happy New Year everyone
    "There's only one way of life - and that's your own"
    Depression is not a sign of weakness;
    it's a sign you have been strong for too long
    MFW No.3 Mortgage OPs 2018 100
    • cookie9
    • By cookie9 29th Dec 17, 8:57 PM
    • 742 Posts
    • 3,697 Thanks
    cookie9
    #91 with a 242 OP for December. Have been saving in a different account so planning a reasonable OP next year before my fixed period ends as can OP 30% then.
    MFW 91 op 2014 410/1000
    MFW 91 op 2015 4051/4000
    MFW 91 op 2016 4040/4000
    MFW 91 op 2017 812/4500
    • anna42hmr
    • By anna42hmr 31st Dec 17, 9:25 AM
    • 2,459 Posts
    • 1,065 Thanks
    anna42hmr
    Just been reading over everyone elses recent updates, well done to you all, its very motivating. See you guys over at the 2018 challenge.
    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 861.04 as at April
    • pavlovs_dog
    • By pavlovs_dog 31st Dec 17, 10:00 AM
    • 9,753 Posts
    • 23,656 Thanks
    pavlovs_dog
    #22 with a December OP of 458.93, bringing YTD total to 6800, 97% of target.

    Happy new year everyone
    know thyself

    MFW 2018 #22 - 1700.05 /6,000 (28%)
    MFi3 v4 #29 target 75,000

    Nid wy'n gofyn bywyd moethus...
    • shangaijimmy
    • By shangaijimmy 31st Dec 17, 10:19 AM
    • 2,602 Posts
    • 12,625 Thanks
    shangaijimmy
    #122 reporting in with a December OP total of 698.51.

    Bring on 2018 challenge!
    MFW: Turning June 2036 into March 2023... 37//120 Payments Challenge, Diary Reduction 39,897.62
    Aug 2009: 163,051 // Current: 96,102.38 // Avg Daily Interest 4.32
    MFiT-T4 #8 - 64.95% of 41,000
    • MissLemon
    • By MissLemon 31st Dec 17, 1:23 PM
    • 73 Posts
    • 426 Thanks
    MissLemon
    MFW #121 reporting for December

    Only 201.50 paid this month which means my 2017 OP total is 4816.35, just a little shy of my target of 5k but I'm really pleased with getting so close!
    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
    • haras_nosirrah
    • By haras_nosirrah 31st Dec 17, 1:36 PM
    • 1,419 Posts
    • 2,624 Thanks
    haras_nosirrah
    I would like to join

    I have 4 parts to my mortgage which are from moving twice and home improvements

    One part is at 11,500 so I would like to completely clear that mortgage this year (it is on svr)

    So overpayment target of 11,500
    Originally posted by haras_nosirrah
    didn't post through the year however did knock my mortgage balance down by 23,267 throughout the year. About 6,650 would have been normal mortgage balance reduction so I make that overpayments of around 16,600
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • MouseTheDog
    • By MouseTheDog 31st Dec 17, 2:09 PM
    • 30 Posts
    • 121 Thanks
    MouseTheDog
    No 37 reporting an additional OP for December of 155.07 which takes my 2017 total to 2647.97, 99.4% of target

    Thank you to hiddenshadow. Happy New Year to all MFWs and see you on the 2018 thread
    MFW #37 2018 788.92/2664 (29.6%) (2017 2647.97/2664 (99.4%)) Original End Date Dec 2038 Now November 2036
    • bunty109
    • By bunty109 31st Dec 17, 7:04 PM
    • 1,191 Posts
    • 2,890 Thanks
    bunty109
    #24 with 1036.61 for October
    Originally posted by bunty109
    Hi, think this was missed off of the spreadsheet for October. Thanks x
    MFW 2017#24 12107.18/8000
    MFW 2018#24 3707/15000
    MFi3 v4 #53 34898/39387
    • pawlala
    • By pawlala 31st Dec 17, 11:11 PM
    • 1,234 Posts
    • 3,305 Thanks
    pawlala
    #79 reporting total overpayments for December came to 40 (basically me not going out tonight to have any )

    Thanks and have a great new year everyone!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • mypegasus
    • By mypegasus 2nd Jan 18, 10:11 PM
    • 9 Posts
    • 29 Thanks
    mypegasus
    #126 reporting final repayments for year


    Add 24.10 to my overpayments in November taking November's total to 254.10


    Made overpayments in December of 245.11.


    Think in total I managed to overpay 1,252.88 in total from August to December.
    • mortgage_girl
    • By mortgage_girl 3rd Jan 18, 6:45 PM
    • 852 Posts
    • 3,911 Thanks
    mortgage_girl
    Happy New Year!

    Just stopping by with my final updates for 2017.

    November: 813.69
    December: 434.49

    That should bring my 2017 op total to 7646.64 - not quite hit my target but I'm happy with that.

    Big thanks to hidden for keeping this up to date for us all.

    Hope to see you all in next years challenge!

    MGx (#77)
    2018: 1313.85 / 9,300
    2017: 7646.64 / 11,000 2016: 4557.98 / 11,000 2015: 10,230.37 / 11,000 2014 =6703.26 / 11,000 2013 = 4288.51 / 8000 2012 = 1600/5000 2011 = 2579/3000
    MF date was Nov 2041 - now April 2022

    • worklifebalance
    • By worklifebalance 5th Jan 18, 7:07 PM
    • 41 Posts
    • 331 Thanks
    worklifebalance
    #57 with a December over payment of 4060 so I think we just scrape to our target!

    Thanks Hidden for running the challenge
    SPC #459 no 8 2015 203 2016 157 2017 70
    starting mortgage 120,000 June 2012
    OP 2015 5000, 2016 #57 28866/ 25000
    • HoplessCase
    • By HoplessCase 26th Jan 18, 1:39 PM
    • 65 Posts
    • 68 Thanks
    HoplessCase
    Final scores are in!
    #106 with 2017 update:

    Jan: 71
    Feb: 271
    March: 10,071
    April: 1,337.52
    May: 1,497.60
    June: 909.83
    July: 1,034.09
    August: 932.09
    September: 75.80
    October: 75.41
    November: 676.33
    December: 1071.00
    Total so far: 18,022.67 / 31,626.61
    It was always going to be a stretch goal but I'm glad we kept pushing and still made a massive ednt in teh mortgage! woo!
    On a mission to be mortgage free!
    MFW OP 2017 #106: 16,951.67 / 31, 626.61
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