Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,492Posts
    • 11,467Thanks
    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.).

    See how we are all doing on the big MFW 2018 spreadsheet HERE

    Links to previous challenges are here

    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!

    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 45
    • hiddenshadow
    • By hiddenshadow 7th Jul 18, 1:06 PM
    • 2,492 Posts
    • 11,467 Thanks
    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 £94,995 (Dec 2018)
    2018 MFW #56: £9,651/£105,000 9% / MFiT-T4 #15: £64,505/£90,000 71%
    • A Frayed Knot
    • By A Frayed Knot 7th Jul 18, 10:33 PM
    • 2,677 Posts
    • 11,774 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
    Mortgage Free 21.12.18
    Just 11 Years 3 months early
    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
    • 604 Posts
    • 2,527 Thanks
    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: £180,600
    • Cherryfudge
    • By Cherryfudge 9th Jul 18, 11:56 PM
    • 2,449 Posts
    • 14,993 Thanks
    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 Overpaid by £4,100.58/£3000 in 2018
    Overpaid by £260.82/2,880.00 in 2019
    Decluttered in 2019: 255/2019 as of 20/2/19
    • Roxie
    • By Roxie 10th Jul 18, 2:25 AM
    • 576 Posts
    • 485 Thanks
    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.
    MFW 2019 no: 33 £985/£5000
    MFW 2018 £5000/£5000
    MFW 2017 £3500/£3500
    • Lomcevak
    • By Lomcevak 10th Jul 18, 6:17 AM
    • 794 Posts
    • 4,609 Thanks
    pawlala, thanks for helping out, and hiddenshadow, I hope you're recovering

    Please could I increase my target to £15,000 - thank you!
    MFiT-T5#6, £50k to zero: £2,232/£49,907 (4.47%), 2019 MFW#8 £13,208.06/£30,000 (44.03%)
    £50k-in-í19#6 £4128.95/£50,000 (8.26%)
    • Simon1999
    • By Simon1999 10th Jul 18, 7:06 AM
    • 14 Posts
    • 95 Thanks
    #13 OP for JULY 2018

    Hugely appreciated Hiddenshadow and Pawlala.
    • erin_transport
    • By erin_transport 12th Jul 18, 11:21 AM
    • 766 Posts
    • 3,123 Thanks
    2018 MFW #138
    £150 payment today 12/07/18
    Total to date £3087/£6500 = 47.49%
    On a mission!

    2018 & 2019 MFW #138
    • Brambleberry
    • By Brambleberry 13th Jul 18, 6:34 AM
    • 262 Posts
    • 1,359 Thanks
    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
    Mortgage Free Oct 2018
    Never underestimate the power of a beautiful spreadsheet.
    • Freysmum
    • By Freysmum 13th Jul 18, 7:32 PM
    • 212 Posts
    • 1,467 Thanks
    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 free wannabe no. 40
    02/2019 £6,950
    EF savings £28,027.82
    • starnac
    • By starnac 14th Jul 18, 8:31 AM
    • 5,366 Posts
    • 25,301 Thanks
    Number #182 checking in with an overpayment of £200
    Savings £200
    Overpayments made £0/£1208.15
    • Urbanshyne
    • By Urbanshyne 14th Jul 18, 11:12 AM
    • 72 Posts
    • 331 Thanks

    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.

    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • Durban
    • By Durban 14th Jul 18, 3:11 PM
    • 119 Posts
    • 297 Thanks
    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
    • 166 Posts
    • 754 Thanks
    #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
    • 1,311 Posts
    • 3,793 Thanks
    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
    • 1,311 Posts
    • 3,793 Thanks
    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
    • 166 Posts
    • 754 Thanks
    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
    • 61,223 Posts
    • 260,929 Thanks
    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. ***Be the difference.***
    • erin_transport
    • By erin_transport 16th Jul 18, 7:30 PM
    • 766 Posts
    • 3,123 Thanks
    2018 MFW #138
    £50 payment today 16/07/18
    Total to date £3,137/£6500 = 48.2%
    On a mission!

    2018 & 2019 MFW #138
    • starnac
    • By starnac 17th Jul 18, 9:31 AM
    • 5,366 Posts
    • 25,301 Thanks
    Morning all. Number 182 checking in. TCB paid out so it was moved over to the mortgage.

    £15.42 paid today
    £215.42 July total so far
    £415.42 Year to date total
    Savings £200
    Overpayments made £0/£1208.15
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

373Posts Today

4,786Users online

Martin's Twitter
  • RT @GaryDelaney: This is the cleanest portaloo ever! It?s like I was the first person ever to use it. Well done BBC Salford.

  • RT @JSchofieldTrust: Not long to go now until our 2019-20 mentoring schemes for early career and apprentice journalists open. Our mentoring?

  • Hi Amy I know you're no longer at school :) but actually many grown ups have found the new financial education text?

  • Follow Martin