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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,482Posts
    • 11,362Thanks
    hiddenshadow
    2018 Mortgage-Free Wannabes
    • #1
    • 2nd Dec 17, 2:52 PM
    2018 Mortgage-Free Wannabes 2nd Dec 17 at 2:52 PM
    Welcome to the Mortgage Free Wannabe thread for 2018

    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 2018. 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 2018, 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 2018 spreadsheet HERE

    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 2018 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 MFW2018 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.
    MFW: 197,100 (2013) to 99,838 (June '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
Page 19
    • Roxie
    • By Roxie 9th Feb 18, 10:09 AM
    • 566 Posts
    • 398 Thanks
    Roxie
    Hello everyone,

    No: 78 with Feb overpayment of 325.00.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2018 no: 78 23205000
    • A Frayed Knot
    • By A Frayed Knot 9th Feb 18, 12:29 PM
    • 2,396 Posts
    • 10,731 Thanks
    A Frayed Knot
    No 27 with an o/p of 307.79

    Making Total so far 2352.38

    Council tax and making up my reduced mortgage payment back to original payment.
    Always have 00.00 at the end of your mortgage balance and one day it will all be 0's
    Target 18 months 6/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/4000, 2015/6294.69, 2016/3186.80, 2017 4068.97

    • Freysmum
    • By Freysmum 9th Feb 18, 1:54 PM
    • 193 Posts
    • 1,317 Thanks
    Freysmum
    No 81 checking in with an OP of 760

    Total so far this year 2760

    Thanks Hiddenshadow
    Mortgage 06/2018 26,500
    MFW #81 5400/8000
    EF savings 18,500/20,000
    DD's school trip 905/1175
    • twistedhazel
    • By twistedhazel 10th Feb 18, 11:08 AM
    • 214 Posts
    • 1,388 Thanks
    twistedhazel
    No 102 with an extra 27 for January making January's total 1380 plus 1353 for February please. Thanks
    • erin_transport
    • By erin_transport 10th Feb 18, 12:47 PM
    • 551 Posts
    • 2,466 Thanks
    erin_transport
    Hi
    2018 MFW #138
    150 payment today
    400 so far for Feb
    January total 600
    Total to date 1000
    On a mission!

    2018 MFW #138
    • hiddenshadow
    • By hiddenshadow 10th Feb 18, 2:21 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Hi Hiddenshadow.

    I'm new to the overpaying thread.
    I'd like to join in please.
    I plan to O/P 10K in 2018,

    Thanks

    O/P total for Jan 2018 877.51
    O/P total for Feb 2018 243.50
    Originally posted by Simon1999
    Welcome! You're #13.
    MFW: 197,100 (2013) to 99,838 (June '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
    • hiddenshadow
    • By hiddenshadow 10th Feb 18, 2:27 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Hi Hiddenshadow,
    I've just joined Forum and I'd like to join the Mortgage Free OP spreadsheet too.
    Can you advise me with a number and info to start please?
    Thanks
    Originally posted by Busyisy
    Welcome! You're #14.

    Just need to know how much you want to shoot for this year, and whatever progress you've made so far (January and/or February, unless you want to start tracking from March).
    MFW: 197,100 (2013) to 99,838 (June '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
    • hiddenshadow
    • By hiddenshadow 10th Feb 18, 2:29 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Hiddenshadow, 250 for January, please.
    Originally posted by AlexLK
    Got it Can you include your number (173) for future updates? Thanks!
    MFW: 197,100 (2013) to 99,838 (June '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
    • hiddenshadow
    • By hiddenshadow 10th Feb 18, 2:36 PM
    • 2,482 Posts
    • 11,362 Thanks
    hiddenshadow
    Originalmiscellany - 500 overpaid - total of 1k for 2018 to date.
    Originally posted by originalmiscellany
    Got it If you could include your MFW number (119) that would be helpful.
    MFW: 197,100 (2013) to 99,838 (June '18)
    2018 MFW #56: 4,806/105,000 4% / MFiT-T4 #15: 59,661/90,000 66%
    • HLB10
    • By HLB10 10th Feb 18, 5:14 PM
    • 17 Posts
    • 65 Thanks
    HLB10
    #149 Another 68 paid making this year's total 136. Frustrating as last year we were overpaying by 400pcm, but our situation has changed. We remortgage in a month or so as coming to the end of a fix. At least we are overpaying something, I suppose!
    • HLB10
    • By HLB10 10th Feb 18, 5:16 PM
    • 17 Posts
    • 65 Thanks
    HLB10
    I've reduced the goal from 5000 to 2000 to make it more realistic!
    MFW #149 Target for 2018 2000 / 136 overpaid

    Emergency fund challenge #269 750 / 15.0 - spent 100 at the vet and another 80 on breakdown insurance
    • Tahlullah
    • By Tahlullah 12th Feb 18, 8:18 AM
    • 871 Posts
    • 4,877 Thanks
    Tahlullah
    #135. 100 payment for February, thanks.
    Striving to be mortgage free.
    2018 MFW #135

    600 of 2000
    • runninglea
    • By runninglea 12th Feb 18, 12:31 PM
    • 867 Posts
    • 1,285 Thanks
    runninglea
    Number 88 coming in with 1700 capital repayment for February

    Thanks Alot
    Year 2018 (8,500/17000mortgage repayment)Overall mortgage (64,600/165568) (39
    .0%) (38/100) payments made. Total paid 2018 year 8,500

    Total paid 2017 year 15,300Total paid 2018 year 8,500
    • lessavyfav
    • By lessavyfav 12th Feb 18, 7:32 PM
    • 198 Posts
    • 280 Thanks
    lessavyfav
    I'm 148, please could you add 150? behind by quite a bit but I think we can catch up!
    Giant London-sized mortgage (started July 2017) 489791.94/499,00.00 Current LTV 86%
    Overpayments 2210
    S&S ISA 1300.97
    Regular Saver (started August 2017) 2800
    Personal EF 255 / 1000
    • wantabetterlife
    • By wantabetterlife 12th Feb 18, 8:25 PM
    • 1,230 Posts
    • 5,557 Thanks
    wantabetterlife
    No 26 with Jan overpayment of 366.67
    Originally posted by wantabetterlife
    Sorry hidden..I think you forgot to include my update...post no 305. It's just mu overpayment isn't on the spreadsheet. Thanks
    Mortgage 177,750162948.74
    Overpayments 2016 2053.58 2017 #26 3417.70 2018 2527.21
    Daily interest 19.91 15.28 9.95
    BUY TO LET MORTGAGE 111408 109975 104101
    6.01% paid
    Saving 2520
    • SMM2018
    • By SMM2018 12th Feb 18, 8:52 PM
    • 8 Posts
    • 8 Thanks
    SMM2018
    Hi could I join please? I am in the final stages of buying my house which I expect to move into next month. As my first mortgage payment will be in April can I join from April onwards?

    Target for this year is 1,200

    Many thanks
    • Chutney86
    • By Chutney86 15th Feb 18, 6:20 AM
    • 277 Posts
    • 2,594 Thanks
    Chutney86
    #93 with an overpayment of 125, taking total overpayments for February to 350.18

    Thanks hiddenshadow
    SPC #23 - 2015 = 319.60 / 2016 = 315.50 / 2017 = 490.75
    MFW #93 - 2017 = 1942.84/1900 / 2018 = 1874.07/3000
    MFiT-T4 #28
    • denzal2k4
    • By denzal2k4 15th Feb 18, 11:14 AM
    • 8 Posts
    • 49 Thanks
    denzal2k4
    #177 600 Feb OP, stupid car issues prevented anymore
    Last edited by denzal2k4; 15-02-2018 at 11:20 AM.
    • Durban
    • By Durban 15th Feb 18, 1:35 PM
    • 88 Posts
    • 234 Thanks
    Durban
    #175 here with overpayment of 270 for February.
    Thanks again hiddenshadow
    Mortgage at highest start date - 25/9/2014 - 92000
    Mortgage now 13/4/2018 - 48,674
    MFD - October 2025 MF Goal Date 2021
    • Kittenkirst
    • By Kittenkirst 15th Feb 18, 9:19 PM
    • 1,899 Posts
    • 10,199 Thanks
    Kittenkirst
    Hi HiddenShadow & OPers!

    #20 Kittenkirst with a feb op of 252.18

    There may be some small tilly tidies to come but the bulk payments are done for this month.

    (Running total of 669.60 so far this year)
    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
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