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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,487Posts
    • 11,391Thanks
    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 31
    • juststuff123
    • By juststuff123 11th Apr 18, 7:26 AM
    • 221 Posts
    • 675 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
    • beanielou
    • By beanielou 11th Apr 18, 2:02 PM
    • 56,245 Posts
    • 227,402 Thanks
    beanielou
    No 144 with 40 for April
    Lou~ Debt free Wanabe No 55 DF 03/03/14.
    **Credit card debt free 30/06/10~** **Weight loss 2 stone 11 lbs **

    "A large income is the best recipe for happiness I ever heard of" Jane Austen in Mansfield Park.
    ***Fall down seven times,stand up eight*** ~~Japanese proverb.
    It starts with you, it starts from now. *** It is ok to be me.***
    ***Keep plodding***
    Out of debt, out of danger. MFW 2018. No 144
    • Darpett
    • By Darpett 11th Apr 18, 2:26 PM
    • 61 Posts
    • 403 Thanks
    Darpett
    #154 noticed my 124.46 for March is still not updated.

    Can you add please? Many thanks
    • denzal2k4
    • By denzal2k4 12th Apr 18, 3:50 PM
    • 9 Posts
    • 56 Thanks
    denzal2k4
    #177 with an op of 600 for april

    Thanks
    • selloptape
    • By selloptape 12th Apr 18, 11:02 PM
    • 462 Posts
    • 1,951 Thanks
    selloptape
    Hi HS! Thanks for keeping the sheet updated

    No 49 popping in with an OP of 300 to report for April x
    GC July 299.53/250 GC April240.65/300March 322.53/350
    2 Savers Club #59 58
    MFW 2018 #49 600/3,000
    MFiT T4 #21 - reduce mortgage by 20k over 3 years
    • Mortgage Minimiser
    • By Mortgage Minimiser 13th Apr 18, 8:08 AM
    • 71 Posts
    • 347 Thanks
    Mortgage Minimiser
    Hi

    #46 here. Another 100 payment for April, bringing a totally of 800 for this month and 3813.66 for the year so far.

    I doubt there will be much more if any this month. The extension starts in just under 2 weeks and I have also decided to start putting any extra (interest / free money etc) into savings for now, just to give me some options.

    I have however worked out that on current interest rates and OP limit if I OP by 2000 each month this mortgage will be gone by Jan 2024!!! I can secure the new mortgage in a few months and it comes into play Nov......off to take a look at rates as we could improve on this date possibly! Could start to get exciting

    Thanks Hidden

    MM
    x
    2016MFW#46 O'Pd-104%; 2017 MFW OP'd 7779.28
    MFiT-T4 # 59 - reduce mtg to 195,000 (60% LTV)
    Mortgage at start (01/2/2015) - 243,750.
    Mortgage at 31/12/15 - 235,906.71.
    Mortgage @ 31/12/16 - 224,120.98
    Mortgage @ 31/12/17 - 210,224.06 (now 197,525.11)
    • Lexi-lu
    • By Lexi-lu 13th Apr 18, 11:06 AM
    • 158 Posts
    • 794 Thanks
    Lexi-lu
    Hello hiddenshadow,

    Number 58 payment of 9,193 for April

    Thank you

    LL
    Mortgage Balance 8,000
    • Durban
    • By Durban 13th Apr 18, 3:42 PM
    • 91 Posts
    • 250 Thanks
    Durban
    #175 here with overpayment of 597 for April.
    Many thanks hiddenshadow
    Last edited by Durban; 13-04-2018 at 3:46 PM.
    Mortgage at highest start date - 25/9/2014 - 92000
    Mortgage now 13/4/2018 - 48,674
    MFD - October 2025 MF Goal Date 2021
    • utopiah
    • By utopiah 13th Apr 18, 8:45 PM
    • 273 Posts
    • 956 Thanks
    utopiah
    #43 OP of 1830 over half way now
    Mortgage Jan 2015 66,737.98 Now 21,905.97
    MFW 2018 target 10000/6945

    MFD was JUNE 2028 now Sept 2021
    • worklifebalance
    • By worklifebalance 13th Apr 18, 10:20 PM
    • 49 Posts
    • 395 Thanks
    worklifebalance
    #57

    Haven't been around much. Life has been getting in the way but still making overpayments

    Jan 755
    Feb 635
    March 534

    Thanks
    SPC #459 no 8 2015 203 2016 157 2017 70
    starting mortgage 120,000 June 2012
    OP 2015 5000, 2016 #57 28866/ 25000
    • Cherryfudge
    • By Cherryfudge 13th Apr 18, 11:26 PM
    • 1,922 Posts
    • 10,432 Thanks
    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.
    Originally posted by A Frayed Knot
    Ooh, sorry, missed this reply... thanks for this, yes all three sub-accounts have interest added and they're all the same rate. I had better keep an eye on the smallest subaccount just in case they keep treating it as payable once it's gone.

    BTW I made a March over-payment of 500 but I don't see it on the spreadsheet (no 30). Mind you I need a good night's sleep so this may be me missing something.
    MFW #30 Paid off 2,481.24/3770 as of 4/8/18
    • happytobehere
    • By happytobehere 15th Apr 18, 4:18 PM
    • 41 Posts
    • 49 Thanks
    happytobehere
    Hi, can I join in the fun?

    I am a long time lurker but hopefully will be paying our mortgage off in February 2019 if all goes to plan, but I would like us to push ourselves and try - try - to get it paid off by the end of the year.

    Our mortgage currently stands at 25,200. We are currently over paying by 1300 a month. This is a lot, I know, but it has taken us a long, long time to get to this position position.

    We have been married for 25 years and when our children were small we literally had to copper up to afford bread and milk. We have worked hard to pay off our debts and after reading that the best way to get a pay rise is to spend less, we have lowered our outgoings as much as possible and put 3/4 of my salary towards the mortgage.

    We used to overpay the mortgage directly but last year I was diagnosed with cancer so kept our savings in the bank building them up just in case we needed them. Thankfully I received 6 months full pay and am now on half pay with contribution based ESA. I recently finished chemotherapy and am shortly starting radiotherapy but feel I am getting out of the woods.

    We are both very interested in Fire (Financial Independence Retire Early) so once the mortgage is paid off, my entire salary will be put into investments.

    We currently have about 8500 saved up which will come off the mortgage when I return to work, just in case.

    I have been following this thread and have joined in order to focus my thoughts to this final leg.
    • f0xh0les
    • By f0xh0les 16th Apr 18, 7:07 AM
    • 1,593 Posts
    • 13,158 Thanks
    f0xh0les
    #161 reporting in a sneaky 38.70 overpayment.
    Total so far for April 127.52

    Thanks HS
    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
    August 103,999.99

    NEXT GOAL is sub 100k before 2019Mortgage-free wannabe 2018 #65
    • erin_transport
    • By erin_transport 16th Apr 18, 1:06 PM
    • 595 Posts
    • 2,626 Thanks
    erin_transport
    2018 MFW #138
    50 payment today
    Total to date 1890/6500 = 29.07%
    On a mission!

    2018 MFW #138
    • Aliliva
    • By Aliliva 16th Apr 18, 1:58 PM
    • 145 Posts
    • 418 Thanks
    Aliliva
    #34 reporting 313 over payment for April

    Apparently there was some miscalculation in the amount I paid to my solicitor at completion, and they returned me 600. So, half of it has already gone towards the mortgage, while the rest is set aside in the "I'll need a new boiler and a new kitchen soon" found.
    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
    • LadyGnome
    • By LadyGnome 17th Apr 18, 7:08 PM
    • 453 Posts
    • 1,680 Thanks
    LadyGnome
    Number 42 checking in with numbers for March

    OP in March 649.20
    YTD 1438.10
    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...
    • Cherryfudge
    • By Cherryfudge 18th Apr 18, 12:21 AM
    • 1,922 Posts
    • 10,432 Thanks
    Cherryfudge
    Just discovered my bank never implemented the DD I set up by phone in February, and the mortgage has been being paid by what I thought were my overpayments!!

    I do check my statements, honestly - but I got locked out of the relevant account for a short while when the March payment was due, then noticed April's payment hadn't gone out at the beginning of the month, but assumed it would go once the banks were open again. It didn't.

    I've been into the branch to complain and get a DD form - determined to have the evidence in my hands, though the assistant at the branch thinks there may be a recording of the phone conversation settling up the mortgage DD.

    The upshot of it all is that my overpayments are going to be short of what I expected but it's going to be a few days till I have time to sort through exactly what's what and post a revised figure.
    MFW #30 Paid off 2,481.24/3770 as of 4/8/18
    • Urbanshyne
    • By Urbanshyne 18th Apr 18, 11:56 AM
    • 51 Posts
    • 204 Thanks
    Urbanshyne
    Hi HS,

    No.171 adding a further 26.71 to April's over payment, bringing this month's total to 1276.71.

    Cheers.
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • ang4k
    • By ang4k 18th Apr 18, 9:24 PM
    • 51 Posts
    • 302 Thanks
    ang4k
    Hi

    Did you get my 2000 overpayment for March. No 17 ang4k here. Also the 72.30 on the spreadsheet isnt mine, must belong to someone else.

    Thank you
    2015 MFW no 17 : 2600/2000
    2016 MFW no 17: 4000/4000
    2017 MFW no 17: 400/8000
    MFiT-T4- reduce mortgage from 61000 to 40000
    2018 MFW no : 4500/7000
    • anna42hmr
    • By anna42hmr 20th Apr 18, 2:46 PM
    • 2,468 Posts
    • 1,101 Thanks
    anna42hmr
    Hi, number 105 here with Aprils OP, can you put me down for my regular monthly payment for april please (215.26) so that will be a year to date of 861.04.

    well done everyone on the op's so far, can't believe we are a third of a way through this years challenge already, wheres the time flying to!

    thanks again for running this 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 1506.82 as at July
    Total OP since mortgage started in 2015 = 20,168.18
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