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  • FIRST POST
    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,488Posts
    • 11,431Thanks
    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 45
    • hiddenshadow
    • By hiddenshadow 7th Jul 18, 1:06 PM
    • 2,488 Posts
    • 11,431 Thanks
    hiddenshadow
    Many thanks to pawlala for helping out with the thread.

    I'm currently dealing with health/energy issues which were/are limiting my after-work computer time, so it's super nice/helpful to have pawlala able to help keep the thread/spreadsheet updated.

    Hoping to still pop in and update (especially now that the backlog is gone - that was a bit overwhelming!), but even if I can't I'm thinking about this thread and cheering you all on.
    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%
    • A Frayed Knot
    • By A Frayed Knot 7th Jul 18, 10:33 PM
    • 2,519 Posts
    • 11,252 Thanks
    A Frayed Knot
    hiddenshadow - We are all thinking of you and sending you our best wishes, good health and a speedy recovery. x
    Always have 00.00 at the end of your mortgage and one day it will all be 0's
    Target 12 months 12/24 (missing out no.13)
    MFMarch 30 Re/M Oct 23 Target -Dec 19
    O/P's 2014/£4000, 2015/£6294.69, 2016/£3186.80, 2017 £4068.97

    • julicorn
    • By julicorn 8th Jul 18, 7:46 AM
    • 389 Posts
    • 1,430 Thanks
    julicorn
    Nice to hear from you hiddenshadow! Hope you're ok, and wishing you a speedy recovery
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £189,100
    • Cherryfudge
    • By Cherryfudge 9th Jul 18, 11:56 PM
    • 2,069 Posts
    • 12,019 Thanks
    Cherryfudge
    Thanks for popping in Hiddenshadow, the important thing is for you to not to be over-faced, so just look after yourself. Hope you are soon feeling a lot better.
    MFW #30 Paid off £3,535.94/£3000 as of 6/11/18
    • Roxie
    • By Roxie 10th Jul 18, 2:25 AM
    • 572 Posts
    • 451 Thanks
    Roxie
    No: 78 with a July OP £380.00, total so far this year £2700.00.

    hiddenshadow - sorry to hear you aren't feeling 100% at the moment, hope you feel better soon.

    pawlala - thank you for keeping us all up to date.
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2018 no: 78 £4650/£5000
    • Lomcevak
    • By Lomcevak 10th Jul 18, 6:17 AM
    • 743 Posts
    • 4,365 Thanks
    Lomcevak
    pawlala, thanks for helping out, and hiddenshadow, I hope you're recovering


    Please could I increase my target to £15,000 - thank you!
    MFiT-T4#126, £135k to 60k: £70,651/£75,000 (94.22%), 2018 MFW#11 £14,607.55/£15,000 (97.38%)
    £30k-in-í18#11 £42,830.91/£30,000 (142.77%)
    • Simon1999
    • By Simon1999 10th Jul 18, 7:06 AM
    • 12 Posts
    • 82 Thanks
    Simon1999
    #13 OP for JULY 2018
    £653.67

    Hugely appreciated Hiddenshadow and Pawlala.
    • erin_transport
    • By erin_transport 12th Jul 18, 11:21 AM
    • 685 Posts
    • 2,855 Thanks
    erin_transport
    Morning!
    2018 MFW #138
    £150 payment today 12/07/18
    Total to date £3087/£6500 = 47.49%
    On a mission!

    2018 MFW #138
    • Brambleberry
    • By Brambleberry 13th Jul 18, 6:34 AM
    • 247 Posts
    • 1,302 Thanks
    Brambleberry
    Isn't it lovely when an unexpected little bonus comes along?

    Pleased to report an extra £300 for July, making the total £700 this month.

    The MF goal is getting so close I can taste it! I have to restrain myself from just trying to throw my emergency fund at it and being almost done, but that could expose me to bigger and more expensive debt in a catastrophe - slow and steady wins the race after all.

    Hope you are on the mend hiddenshadow, lovely to see you pop by

    Thanks to pawlala.

    Bb x
    MFW 2018 #110 Mortgage 2004: £120k Mortgage Free Oct 2018
    Never underestimate the power of a beautiful spreadsheet.
    • Freysmum
    • By Freysmum 13th Jul 18, 7:32 PM
    • 202 Posts
    • 1,402 Thanks
    Freysmum
    Evening everyone

    No 81 checking in to report a July OP of £550

    Thanks HS for all your hard work keeping us updated and to PL for taking on the role, itís much appreciated
    Mortgage 11/2018 £19,999
    EF savings £28,300/£40,000 (70.75%)
    • starnac
    • By starnac 14th Jul 18, 8:31 AM
    • 5,344 Posts
    • 25,218 Thanks
    starnac
    Number #182 checking in with an overpayment of £200
    Savings £2235.59
    Overpayments #182 made £467.13/£1208.15
    Make £2018 in 2018 #70 £688.42/£2018
    • Urbanshyne
    • By Urbanshyne 14th Jul 18, 11:12 AM
    • 62 Posts
    • 266 Thanks
    Urbanshyne
    Hi,

    No.171 adding £25 to July bringing the total for the month to £1525.

    I've also overstated May's figure - the total should be £1268.47.

    Cheers,
    US
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • Durban
    • By Durban 14th Jul 18, 3:11 PM
    • 104 Posts
    • 286 Thanks
    Durban
    175 here with overpayment for July of £283.
    Many thanks hiddenshadow and pawlala.
    Mortgage at highest start date - 25/9/2014 - £92000
    Mortgage now 13/4/2018 - £48,674
    MFD - October 2025 MF Goal Date 2021
    • jenni_fer
    • By jenni_fer 14th Jul 18, 8:15 PM
    • 159 Posts
    • 728 Thanks
    jenni_fer
    #160 catching up, and in awe of hiddenshadow and pawala for keeping this going, well done and thank you both.
    I've made a total of £4,149.51 in overpayments since I last checked in. Almost 2/3 of the way there, and feeling hopeful.
    • pawlala
    • By pawlala 15th Jul 18, 8:55 AM
    • 1,295 Posts
    • 3,681 Thanks
    pawlala
    Morning!
    2018 MFW #138
    £150 payment today 12/07/18
    Total to date £3087/£6500 = 47.49%
    Originally posted by erin_transport
    Can you check your monthly totals on the spreadsheet, something doesn't add up. thanks
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • pawlala
    • By pawlala 15th Jul 18, 8:58 AM
    • 1,295 Posts
    • 3,681 Thanks
    pawlala
    Spreadsheet updated, please post any errors/omissions below.

    I made OPments of £19.90 and £20.18 this month, alas it was not to be
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • jenni_fer
    • By jenni_fer 15th Jul 18, 8:01 PM
    • 159 Posts
    • 728 Thanks
    jenni_fer
    Spreadsheet updated, please post any errors/omissions below.

    I made OPments of £19.90 and £20.18 this month, alas it was not to be
    Originally posted by pawlala
    took me a few seconds but love it!
    • beanielou
    • By beanielou 15th Jul 18, 8:43 PM
    • 58,062 Posts
    • 239,111 Thanks
    beanielou
    Spreadsheet updated, please post any errors/omissions below.

    I made OPments of £19.90 and £20.18 this month, alas it was not to be
    Originally posted by pawlala
    Took me more than a few seconds!!
    Very good
    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. MFW 2018. No 144
    • erin_transport
    • By erin_transport 16th Jul 18, 7:30 PM
    • 685 Posts
    • 2,855 Thanks
    erin_transport
    Hi
    2018 MFW #138
    £50 payment today 16/07/18
    Total to date £3,137/£6500 = 48.2%
    On a mission!

    2018 MFW #138
    • starnac
    • By starnac 17th Jul 18, 9:31 AM
    • 5,344 Posts
    • 25,218 Thanks
    starnac
    Morning all. Number 182 checking in. TCB paid out so it was moved over to the mortgage.

    #182
    £15.42 paid today
    £215.42 July total so far
    £415.42 Year to date total
    Savings £2235.59
    Overpayments #182 made £467.13/£1208.15
    Make £2018 in 2018 #70 £688.42/£2018
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