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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 35
    • teameffort
    • By teameffort 5th May 18, 11:05 PM
    • 77 Posts
    • 317 Thanks
    teameffort
    #143 reporting in with April's over payments totalling £258.20.

    This brings our mortgage down to £99,000.00 and marks the end of what would have been our original mortgage (a 5 yr fix which we took out when we brought our home)

    We instead remortgaged 3 yrs in, took the ERC hit, and switched to a much cheaper deal and started overpaying.

    If we had stayed on the original deal and not overpaid, the balance would have been £105,721.

    As the LTV is really good we fixed for 5 yrs @ 1.94% and we'll kick it up a notch by aiming to pay off £1,000.00 off the capital balance each month

    Thanks everyone for keeping us motivated with all your stories and over payments
    Debt Free
    and Saving like mad
    Emergency fund £10,000.00/£10,000 We did it!

    2018 #143 MFW £3,965.79/£6500.00
    MFW balance as at Dec 17 105,560.00. Original end date 2043 goal 2026
    • f0xh0les
    • By f0xh0les 6th May 18, 4:58 PM
    • 1,713 Posts
    • 14,587 Thanks
    f0xh0les
    #143 reporting in with April's over payments totalling £258.20.

    This brings our mortgage down to £99,000.00
    :
    Originally posted by teameffort
    Double figures!! You will steam through the 90s
    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
    • teameffort
    • By teameffort 6th May 18, 7:08 PM
    • 77 Posts
    • 317 Thanks
    teameffort
    Double figures!! You will steam through the 90s
    Originally posted by f0xh0les
    I really hope so, excited to see the numbers fall
    Debt Free
    and Saving like mad
    Emergency fund £10,000.00/£10,000 We did it!

    2018 #143 MFW £3,965.79/£6500.00
    MFW balance as at Dec 17 105,560.00. Original end date 2043 goal 2026
    • Freysmum
    • By Freysmum 6th May 18, 8:48 PM
    • 200 Posts
    • 1,377 Thanks
    Freysmum
    No 81 with an OP of £460 which takes my YTD OPs to a nice round figure of £5000

    Thanks HS
    Mortgage 09/2018 £24,250
    EF savings £30,500/£40,000
    • juststuff123
    • By juststuff123 7th May 18, 7:53 PM
    • 225 Posts
    • 686 Thanks
    juststuff123
    Hi Hidden,
    #152 here. Since I'm so close, I've decided to just smash it this year. So I'd like to increase my target from £14,346 to £26,100 and completely pay it off!
    Is that ok?
    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
    • utopiah
    • By utopiah 7th May 18, 8:02 PM
    • 274 Posts
    • 969 Thanks
    utopiah
    No 43 £1450 overpayment for May
    Mortgage Jan 2015 £66,737.98 Now £17,244
    MFW 2018 target £10000/£11,119

    MFD was JUNE 2028 now March 2021
    • newgirly
    • By newgirly 7th May 18, 8:31 PM
    • 6,444 Posts
    • 44,833 Thanks
    newgirly
    Mfw 21 with £1,466 for April please, thanks very much Hiddesnshadow
    MFW 21
    Target for 2018 £40k/£13,632 paid so far

    Mortgage £36,193 3yrs 9 mths left. Total owed £47,059 plan to clear in 12 months
    • Miss D Meanour
    • By Miss D Meanour 7th May 18, 9:26 PM
    • 118 Posts
    • 833 Thanks
    Miss D Meanour
    Hi everyone
    Sorry I've been missing for a few months - the year has not gone according to plan and I admit to letting some stuff (including the forums) get pushed to the bottom of the pile. Thankfully I'd set my overpayments on to standing orders, so whilst I haven't been posting, I have kept going on the goals.

    It is great to come back and see all the work being done and all the goals being achieved. Congrats to you all. Your updates really remind me of what can be achieved with focus and support.

    Anyway down to the figures

    #2 confirming monthly O/Ps as follows:

    March - £609.81
    April - £609.81
    May - £609.81

    Running total for the year: £3,049.05

    Take care and have a great week
    MissDM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 11 #574 - £500 ........ Xmas 2018 - #11: £243 / £365.
    CCCC 2018 #14 - £0 / £140 ....... PAYDBX 2018 #23: £4,428.01 / £7,000
    Frugal Living - #37 .......... MFW2018 - #2: £4,268.67 / £8,000

    No matter how far you go, you always take yourself with you
    • pinkypig
    • By pinkypig 7th May 18, 9:34 PM
    • 1,387 Posts
    • 10,878 Thanks
    pinkypig
    # 157 declaring £2,595.04 capital reduction for April

    Thanks for running the thread Hiddenshadow it's a great way of keeping focused and motivated
    MFW 2018 #157 Target £15,000

    £14,689.68/£15,000
    • Roxie
    • By Roxie 8th May 18, 6:07 AM
    • 570 Posts
    • 430 Thanks
    Roxie
    Hi Everyone,

    Hope you all had a good bank holiday weekend.

    Mortgage has dipped below £80,000 this month, now aiming for the next £10k milestone, there's just no let up in this mortgage game

    May OP £525, total for year £2070. Thanks HS.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2018 no: 78 £3830/£5000
    • Aliliva
    • By Aliliva 8th May 18, 9:32 AM
    • 145 Posts
    • 429 Thanks
    Aliliva
    @hidden, can you amend my total for April? I think I miss-typed last time (dyslexia my old friend), so it's £664.61, not £646.61

    I'll go through my finances again over the weekend and start tackling this month target...I hope I can get some £100 OP, but I'm also planning a big holiday and my boiler is about to die!
    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
    • icklehelen
    • By icklehelen 9th May 18, 10:11 AM
    • 310 Posts
    • 1,356 Thanks
    icklehelen
    #6 adding a small OP of £44.17 for May so far

    Thanks
    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
    • beanielou
    • By beanielou 9th May 18, 11:13 AM
    • 56,830 Posts
    • 231,414 Thanks
    beanielou
    No 144(I think!) with a wee OP of £33.

    So £44 this month
    Last edited by beanielou; 09-05-2018 at 11:15 AM.
    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
    • NewMoneySaver13
    • By NewMoneySaver13 9th May 18, 1:41 PM
    • 83 Posts
    • 362 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

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

    Thanks
    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £2600 /3750
    • bit by bit
    • By bit by bit 9th May 18, 7:29 PM
    • 158 Posts
    • 690 Thanks
    bit by bit
    #164 here. I have paid £203. 71 off this month which brings my total to £743.11 This has been a spendy few months as will be the next few months o I will just keep at it but won't pay massive amounts off for a little while.
    Wife, mother, gardener, nurse, cancer survivor. Aiming to retire at 55 in February 2021- 30 months to go.
    MFW 2018 #164 £858.51/£3200. Make 2018 in 2018 #30 £1234.53/£2018
    Stash Busting 2018 1 projects as yet No Clutter to be Seen in 2018 Challenge: 45/52 bags of stuff plus lots of other items.
    • runninglea
    • By runninglea 10th May 18, 11:59 AM
    • 876 Posts
    • 1,312 Thanks
    runninglea
    Hi number 88 - £1700 repayment for May - Thanks a lot

    Next month will be below the £100,000 - was tempted to try this month but no chance
    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
    • icklehelen
    • By icklehelen 10th May 18, 5:21 PM
    • 310 Posts
    • 1,356 Thanks
    icklehelen
    #6 with a further £40 taking May total so far to £84.17
    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
    • Mortgage Minimiser
    • By Mortgage Minimiser 11th May 18, 6:11 PM
    • 74 Posts
    • 387 Thanks
    Mortgage Minimiser
    #46
    Hi all,

    So, I said I wasn't going to be overpaying much now and watching all the spends on the extension, however I have just made another payment of £600.

    This brings this month's OP total to £2,162.62

    Next month I shall going below £200k for the first time since taking the mortgage out in Feb 2015.......it started at £243,750

    Quite happy with the progress being made, but it's a long old slog!

    Keep going everyone, and thanks HS!

    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 £194,556.14)
    • becky170
    • By becky170 12th May 18, 2:05 AM
    • 448 Posts
    • 3,864 Thanks
    becky170
    Hello. No. 7 here with an overpayment of £556 for April.

    Thanks!

    MFW 2018 #7 £2470/4500
    • Maybe_its_because
    • By Maybe_its_because 13th May 18, 7:57 AM
    • 395 Posts
    • 1,181 Thanks
    Maybe_its_because
    Morning,

    Reporting a 2nd payment for this month - a substantially bigger one as promised.
    £1006 plus the £143 already reported = £1149

    Thank you for the little push we needed to get back onto target

    MIB xx #10
    MFW2018 #10 £22,587/3000 Aim for MF-in-10 from 2015
    Sep'12 £233,750 Jan'15 £222,329 Jan '18 £186,816 Jul'18 £163,926
    MFiT T4 #24 £31,511/£35k

    £13,428 in 2012 Debt Free day 30th April 2014
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