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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,492Posts
    • 11,467Thanks
    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 94,995 (Dec 2018)
    2018 MFW #56: 9,651/105,000 9% / MFiT-T4 #15: 64,505/90,000 71%
Page 35
    • teameffort
    • By teameffort 5th May 18, 11:05 PM
    • 95 Posts
    • 408 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 10,000/10,000 We did it!

    2019 #49 MFW 732.30/9,600.00
    2018 #143 MFW 6,903.63/6500.00
    MFW balance as at Dec 18 91,000.00. Original end date 2043 goal 2023
    • f0xh0les
    • By f0xh0les 6th May 18, 4:58 PM
    • 2,085 Posts
    • 18,541 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 START1/5/16 118,340 Oct17109,49 12/17 108,801/18 108,39 3/18 108,50 4/18108,10 5/18106,99 6/18105,99.7/18105,308/18103,99 9/18102,99 10/18101,999 11/18101,300 12/18100,700,1/19 99,999.99

    2/19 99,500 MFW 2019 #65
    Referal code- https://doblotto.com/r/1f87a3
    • teameffort
    • By teameffort 6th May 18, 7:08 PM
    • 95 Posts
    • 408 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 10,000/10,000 We did it!

    2019 #49 MFW 732.30/9,600.00
    2018 #143 MFW 6,903.63/6500.00
    MFW balance as at Dec 18 91,000.00. Original end date 2043 goal 2023
    • Freysmum
    • By Freysmum 6th May 18, 8:48 PM
    • 212 Posts
    • 1,463 Thanks
    Freysmum
    No 81 with an OP of 460 which takes my YTD OPs to a nice round figure of 5000

    Thanks HS
    Mortgage free wannabe no. 40
    02/2019 6,990
    EF savings 28,007.82
    • juststuff123
    • By juststuff123 7th May 18, 7:53 PM
    • 226 Posts
    • 689 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: 30000 / 50000
    CREDIT CARD: 5859 / 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
    • 282 Posts
    • 1,031 Thanks
    utopiah
    No 43 1450 overpayment for May
    Mortgage Jan 2015 66,737.98 Now 10,990.25
    MFW 2019 target 11,000/1560
    MFIT T5 TARGET CLEAR MORTGAGE 0.00/11,719.65
    MFIT T4 REDUCED MORTGAGE BY 54,968.33
    MFD JUNE 2028
    MFD TARGET DECEMBER 2019
    • newgirly
    • By newgirly 7th May 18, 8:31 PM
    • 6,628 Posts
    • 46,091 Thanks
    newgirly
    Mfw 21 with 1,466 for April please, thanks very much Hiddesnshadow
    MFW 21

    79,000 left, target 16k in 2019
    • Miss D Meanour
    • By Miss D Meanour 7th May 18, 9:26 PM
    • 146 Posts
    • 1,049 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 2018 - time to review & refocus
    SPC12 #33 .... Xmas 2019 - #15 31 / 365 ... PAYDBX 2019 #23: 0 / 3,400
    MFW2019 #2: 777.81 / 8,000 ... MFiT-T5 start 95,352.52 - target 40k

    No matter how far you go, you always take yourself with you
    • pinkypig
    • By pinkypig 7th May 18, 9:34 PM
    • 1,519 Posts
    • 11,771 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

    23,095.71/15,000
    • Roxie
    • By Roxie 8th May 18, 6:07 AM
    • 576 Posts
    • 485 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.
    MFW 2019 no: 33 985/5000
    MFW 2018 5000/5000
    MFW 2017 3500/3500
    • Aliliva
    • By Aliliva 8th May 18, 9:32 AM
    • 145 Posts
    • 431 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
    • 324 Posts
    • 1,425 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 2018 6904.52/2500
    OP Target 2019 - 252.83/5500
    MFiT-T4 #03 MFW2019 #6
    • beanielou
    • By beanielou 9th May 18, 11:13 AM
    • 61,166 Posts
    • 260,548 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 12 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. ***Be the difference.***
    • NewMoneySaver13
    • By NewMoneySaver13 9th May 18, 1:41 PM
    • 94 Posts
    • 409 Thanks
    NewMoneySaver13
    Hi hiddenshadow,

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

    Thanks
    2019 MFW No.12
    OP Target 2019: 3600
    Monthly Total: 300
    Year To Date: 600
    • bit by bit
    • By bit by bit 9th May 18, 7:29 PM
    • 216 Posts
    • 1,337 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- 24 months to go.
    Challenges 2019: MFW 2019 #164 334.25/3200 Make 2019 in 2019 #70 334.25/2019 Stash Busting 2019 2/12 projects A Clutter free Life 2019 18/60 bags and two large items.
    • runninglea
    • By runninglea 10th May 18, 11:59 AM
    • 885 Posts
    • 1,340 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 (13,600/17000mortgage repayment)Overall mortgage (69,700/165568) (43
    .0%) (41/100) payments made. Total paid 2018 year 13,600

    Total paid 2017 year 15,300Total paid 2018 year 13,600
    • icklehelen
    • By icklehelen 10th May 18, 5:21 PM
    • 324 Posts
    • 1,425 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 2018 6904.52/2500
    OP Target 2019 - 252.83/5500
    MFiT-T4 #03 MFW2019 #6
    • Mortgage Minimiser
    • By Mortgage Minimiser 11th May 18, 6:11 PM
    • 133 Posts
    • 599 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- 3641.26; 2017 MFW OP'd 7779.28 ; 2018 MFW OP'd 11,515.16
    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
    Mortgage @ 31/12/18 - 190,821.21
    Mortgage today 187,449.11
    • becky170
    • By becky170 12th May 18, 2:05 AM
    • 474 Posts
    • 4,104 Thanks
    becky170
    Hello. No. 7 here with an overpayment of 556 for April.

    Thanks!
    MFW 2019 #7 378/1615
    Grocery challenge Feb 368.63/450
    • Maybe_its_because
    • By Maybe_its_because 13th May 18, 7:57 AM
    • 400 Posts
    • 1,218 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
    MFW2019 #10 700/5000 Aim for MF-in-10 from 2015
    Sep'12 233,750 Jan'15 222,329 Jan '18 186,816 Jan'19 161,000
    MFiT T4 #24 48k/34k
    MFiT T5 #24 0/41k

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