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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,488Posts
    • 11,430Thanks
    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 £98,229 (Aug '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
Page 30
    • Blibble
    • By Blibble 4th Apr 18, 8:47 AM
    • 477 Posts
    • 828 Thanks
    Blibble
    #163 reporting a further OP of £207.00 this month

    £207.00 total for the month.
    Wedding fund - £4025.92 (£2127.07)
    OP fund - £1859.60 (£0)
    Emergency fund - £150.00
    • chocoholic_chick
    • By chocoholic_chick 4th Apr 18, 9:54 AM
    • 631 Posts
    • 3,155 Thanks
    chocoholic_chick
    #112 reporting in with the usual £995 OP for April.




    Thanks!
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £122,991.81
    2017 OP's:£5,935 2018 OP's: £8,959
    Total Debt £29,209 £0 Debt free 6/8/16
    • pinkypig
    • By pinkypig 4th Apr 18, 11:10 AM
    • 1,389 Posts
    • 10,883 Thanks
    pinkypig
    #157 . reporting capital reduction of £1844.11 for March
    • Rachiedabbler70
    • By Rachiedabbler70 4th Apr 18, 6:53 PM
    • 231 Posts
    • 2,091 Thanks
    Rachiedabbler70
    Hi All

    #169 reporting payment of £1,174.62 for April Total to date is £4,606.44/ £12,000.

    Well done everyone and thanks to Hiddenshadow for keeping everything up to date
    Blitz that mortgage
    Jun 2016 £152,000
    Sept 2018 £123,496.31 (18.75% paid)
    MFW 2018 #169 £12,033.78/£12,000 (100%)
    Sept GC £75/£300
    • originalmiscellany
    • By originalmiscellany 4th Apr 18, 10:48 PM
    • 1,609 Posts
    • 3,886 Thanks
    originalmiscellany
    119 - another £500 overpaid - total of £2k this year, with a max of 2 months overpayment in me! Then the rest of the year to overpay the final £500 to meet my target

    And thank you HiddenShadow for your hard work
    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
    • A Frayed Knot
    • By A Frayed Knot 4th Apr 18, 11:42 PM
    • 2,473 Posts
    • 10,939 Thanks
    A Frayed Knot
    No27 with an o/p of £107.41 for March

    Making Total so far £2875.64

    Thanks Hiddenshadow
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • A Frayed Knot
    • By A Frayed Knot 5th Apr 18, 7:31 AM
    • 2,473 Posts
    • 10,939 Thanks
    A Frayed Knot
    Hi, No. 30 with a rather late report of £500 for March. £10,724.48 plus interest still to go but under £400 left of the smallest subaccount. Maybe I'll be down to two subaccounts next time I post here?
    Originally posted by Cherryfudge

    Do all your accounts (sub) have interest added to them? I have 1 sub account left but no interest added, so that is staying as it is.
    Watch out though as I cleared off my other sub account that interest was added to each month as it was annoying only to find - (i'm sure they are still putting the amount I was paying to that account each month to that account when the balance is zero, as my two balances don't add up to my total balance mortgage. Hope that makes sense.
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • NewMoneySaver13
    • By NewMoneySaver13 5th Apr 18, 8:02 AM
    • 83 Posts
    • 362 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

    MFW No 86 reporting in with an OP of £325 for the month of April.

    Thanks
    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £2600 /3750
    • Lomcevak
    • By Lomcevak 5th Apr 18, 9:26 AM
    • 731 Posts
    • 4,313 Thanks
    Lomcevak
    #11 with an OP of £600 for April, £2,520 for the year so far.

    No mini-milestones this month, but next month I should go through the £80k barrier and down into the £70ks.
    MFiT-T4#126, £135k to 60k: £65,662/£75,000 (87.55%), 2018 MFW#11 £10,809.80/£15,000 (67.79%)
    £30k-in-’18#11 £29,548.64/£30,000 (98.50%)
    • f0xh0les
    • By f0xh0les 5th Apr 18, 5:25 PM
    • 1,722 Posts
    • 14,644 Thanks
    f0xh0les
    #161 checking in with the firtst overpayment of the year.

    Tidied it all down to £108,000 so can I please claim £118.40 for my shiny new mortgage for March please.

    All kids residentials paid for, all the elderly relatives visited for Easter, kids accounts filled back up, so should be able to make regular payments from now!
    MFW START DATE May 16 £118,340 : Oct17 - £109,495.00Dec17 £108,800Jan 18 £108,392.98 March 18 £108,504.72April £108,099May £106,999June 105,999.99July 105,300.00
    Aug £103,999.99
    September £102,999.99
    NEXT GOAL is sub £100k before 2019Mortgage-free wannabe 2018 #65
    • Aliliva
    • By Aliliva 6th Apr 18, 1:50 PM
    • 145 Posts
    • 429 Thanks
    Aliliva
    Finally the weather has turned for the best and I can cycle to work. So my new mini-challenge is to cycle to work as many times a week as possible, and put 50% of the tickets money I save towards the mortgage. The rest will go as treat for myself, possibly in the form of a more substantial breakfast when I get to work
    MFW #34 £1423/£2000
    71.2%done, 28.8% to go

    Virgin CC to pay by 30 June 2018
    Barclaycard to clear by May 2018 done
    JL CC to pay by 1 Dec 2018
    • ajmoney
    • By ajmoney 7th Apr 18, 4:52 PM
    • 4,898 Posts
    • 55,727 Thanks
    ajmoney
    No 70 reporting an OP for April of £500, thanks for all you do on this thread
    2018 MFW No. 70 £5127.06/£6000
    MFiT-T4 No. 70 £31413.93/£29544 £35544.16
    Mortgage £106231.28 Savings £92341.79
    Total left to pay/save £13889.49
    • michelle09
    • By michelle09 7th Apr 18, 6:04 PM
    • 813 Posts
    • 4,754 Thanks
    michelle09
    #28 with an OP of £198.78

    Brings us to £20k knocked off the capital. Slowly but surely getting there!
    • juststuff123
    • By juststuff123 7th Apr 18, 9:17 PM
    • 225 Posts
    • 686 Thanks
    juststuff123
    #152 reporting in again for April (A spur of the moment payment) of £5000 this takes my April payment up to £5600
    NEW GOAL – Mortgage Balance £0k & £50k Savings by Feb 2020
    MORTGAGE: – £0 / £0
    SAVINGS: – £32936 / £50000
    CREDIT CARD: – £7980 / £0
    COMPLETE - MFW & DFW - Goal - Debt Neutral – COMPLETE
    2018 MFW #152: £26,100/£26,100 / MFiT-T4 #80: £45,232/£45,232
    • icklehelen
    • By icklehelen 9th Apr 18, 2:09 PM
    • 310 Posts
    • 1,356 Thanks
    icklehelen
    #6 (a little late) reporting in with a further £165 making a total of £335.54 for March
    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 - 4013.60/2500
    MFiT-T4 #03 MFW2018 #6
    • A Frayed Knot
    • By A Frayed Knot 9th Apr 18, 9:48 PM
    • 2,473 Posts
    • 10,939 Thanks
    A Frayed Knot
    No27 with an o/p of £500.00 for April

    Making Total so far £3375.64
    Thanks Hiddenshadow
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 14 months 10/24
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • f0xh0les
    • By f0xh0les 10th Apr 18, 7:18 AM
    • 1,722 Posts
    • 14,644 Thanks
    f0xh0les
    #161 checking in with April's first overpayment of £88.82 from tidying up (rounding down) account balances so they look neater.
    MFW START DATE May 16 £118,340 : Oct17 - £109,495.00Dec17 £108,800Jan 18 £108,392.98 March 18 £108,504.72April £108,099May £106,999June 105,999.99July 105,300.00
    Aug £103,999.99
    September £102,999.99
    NEXT GOAL is sub £100k before 2019Mortgage-free wannabe 2018 #65
    • Tahlullah
    • By Tahlullah 10th Apr 18, 7:45 AM
    • 873 Posts
    • 4,893 Thanks
    Tahlullah
    #135 reporting an overpayment of £100 for April.

    Thank you.
    Striving to be mortgage free.
    2018 MFW #135

    £600 of £2000
    • Schoolworker
    • By Schoolworker 10th Apr 18, 8:46 AM
    • 287 Posts
    • 610 Thanks
    Schoolworker
    No 72 reporting in to say that an overpayment of £80 was made last week for the month of April.

    Don't think I will make my goal since we are planning to buy a new car soon but will plod along and see how far I manage to get o my goal.
    • juststuff123
    • By juststuff123 11th Apr 18, 7:02 AM
    • 225 Posts
    • 686 Thanks
    juststuff123
    #152 - just checked the spreadsheet and my March update for £600 is missing. Can you add?
    Thanks
    NEW GOAL – Mortgage Balance £0k & £50k Savings by Feb 2020
    MORTGAGE: – £0 / £0
    SAVINGS: – £32936 / £50000
    CREDIT CARD: – £7980 / £0
    COMPLETE - MFW & DFW - Goal - Debt Neutral – COMPLETE
    2018 MFW #152: £26,100/£26,100 / MFiT-T4 #80: £45,232/£45,232
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