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@.

Search
  • 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 55
    • NewMoneySaver13
    • By NewMoneySaver13 10th Sep 18, 9:57 AM
    • 90 Posts
    • 377 Thanks
    NewMoneySaver13
    Hi hiddenshadow,


    MFW No 86 reporting in with an OP of £325 for the months of August and September.

    Thanks
    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £3575 /3750
    • kerry90
    • By kerry90 12th Sep 18, 5:54 PM
    • 24 Posts
    • 120 Thanks
    kerry90
    #51 reporting in with £517.11 overpayment for September.
    The end of this month will be 2 years since we took out our mortgage!!
    Thank you.
    Starting mortgage (Sep 2016): £314,124.00
    Current balance (Oct 2018): £267,400.00
    2018 OP so far: £14233.27/£10,000 £14,000
    • beanielou
    • By beanielou 12th Sep 18, 7:58 PM
    • 57,981 Posts
    • 238,535 Thanks
    beanielou
    No 144 here with £11 for September.

    Some very awesome totals
    Originally posted by beanielou
    Another £11 for me.
    So £22 this month.
    No 144.
    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
    • squirrelgirl
    • By squirrelgirl 13th Sep 18, 10:40 AM
    • 314 Posts
    • 1,662 Thanks
    squirrelgirl
    I've been entirely absent...sorry!!

    Things have changed so much that we no longer have a OP target for this year....we made the decision that getting the house sorted was the best option so are ploughing all our cash into that

    For that reason, I am officially withdrawing from the 2018 challenge to make things easier for Pawlala & Hidden Shadow - however, I will be joining again in next year as my target is to pay for the house renovations and finish the mortgage by Dec 2019!

    I'll still be lurking though......everyone is doing so well!!
    15 Month Challenge: House - £13585.85/£25300; Mortgage - £1160/£17000 ;
    MFW No. 167
    • Saving Glut
    • By Saving Glut 13th Sep 18, 5:24 PM
    • 87 Posts
    • 612 Thanks
    Saving Glut
    Hello.

    Arriving late to the party, but I can confirm that I have made

    £1,322.32 OP in August &
    £2000 in September (so far!).

    Thanks for tracking!
    Last edited by Saving Glut; 13-09-2018 at 5:28 PM.
    IO BTL1 Mortgage was £97,963 on 09/08/18 and was £92,999 on 12/11/18.
    • wantabetterlife
    • By wantabetterlife 13th Sep 18, 9:48 PM
    • 1,235 Posts
    • 5,610 Thanks
    wantabetterlife
    No 26 with £425 for September
    Mortgage £177,750£160424.38
    Overpayments 2016 £2053.58 2017 #26 £3417.70 2018 £4660.46
    Daily interest £19.91 £15.28 £9.83
    BUY TO LET MORTGAGE £111408 £109975 £102545
    7.57% paid
    Saving £2520
    • pawlala
    • By pawlala 15th Sep 18, 9:24 AM
    • 1,295 Posts
    • 3,677 Thanks
    pawlala
    YTD £550346.17

    Which means we could have bought between us this quaint, but rather dated, detached property complete with mancave

    https://www.rightmove.co.uk/property-for-sale/property-67340134.html
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • wishingthemortgaheaway
    • By wishingthemortgaheaway 15th Sep 18, 9:42 AM
    • 1,742 Posts
    • 8,847 Thanks
    wishingthemortgaheaway
    YTD £550346.17

    Which means we could have bought between us this quaint, but rather dated, detached property complete with mancave

    https://www.rightmove.co.uk/property-for-sale/property-67340134.html
    Originally posted by pawlala
    I'd live there! (Although I may evict the fish from the swimming pool!)
    The 100 payment countdown (each payment = £400) 2018 Starts at 13/100 o/s £34,750.
    Jan 18 14/100 Feb 15/100 March 18/100 April 19/100 May 20/100 June 21/100
    Term Mortgage free date: October 2029 Current mortgage free date: April 2025 March 2024 Jan 2024
    MFW 2018 Challenge Member #162 £1600ish/£2,500
    • Dobbibill
    • By Dobbibill 15th Sep 18, 2:09 PM
    • 3,396 Posts
    • 4,370 Thanks
    Dobbibill
    Hi All,

    I've been lurking on this thread for over a month now and have just finished reading everyone's progress. It really is inspiring.

    Pawlala - Would I be able to join please?

    I've been overpaying a little for a few years but never made the commitment of joining a challenge.
    I'd like to set an annual target of £1000 - not alot compared to some I've seen but all relative. I guess the main thing is, overpaying something is always better than nothing.

    Thanks


    Dobbi
    • apache2020
    • By apache2020 16th Sep 18, 8:03 AM
    • 9 Posts
    • 12 Thanks
    apache2020
    New mfw number please
    Hi all,

    Be great to have a mfw number....

    Mortgage of £300k so seems like a long and winding road, add in childcare costs and I sometimes wonder whoI am actually working for🏦

    Anyway, I am starting small with OP of £150 pm as I also want to maintain a 6 month rainy day buffer. Calculations sho even this amount shaves 5-6 years off my mortgage

    Hopefully can improve on this but got to balance with other pulls on family finances. Our house is in need of modernisation too but holding off until post Brexit to see if this government manages to completely 🥗 lunch our economy, concerned that we are in the plateau of low interest rates and financing costs only go north from here, what’s others thoughts on a defensive position in this regard?

    Good luck to all 👍
    • f0xh0les
    • By f0xh0les 16th Sep 18, 9:52 AM
    • 1,872 Posts
    • 16,095 Thanks
    f0xh0les
    Dobbibill - I am making (to me) larger repayments, but only over a short term, I can't go on like this every month, but the challenge keeps me focussed. Every o/p counts, and can make a huge difference - it all depends how much you owe, over how long etc. £50 o/p a month on a smaller mortgage is just as effective as a £1000 overpayment on a much larger mortgage. It is all relative. Every payment brings your mortgage-free date closer.

    Don't put down your overpayment! No o/p shaming here. The important thing is that you are making a difference to your mortgage.
    MFW START DATE May 16 £118,340 : Oct17 - £109,495.00Dec17 £108,800Jan 18 £108,392.98 Mar 18 £108,504.72Apr £108,099May £106,999Jun 105,999.Jul 105,300Aug £103,999 Sept £102,999 Oct 101,999November £101,300.00
    NEXT GOAL is sub £100k before 2019Mortgage-free wannabe 2018 #65
    • runninglea
    • By runninglea 16th Sep 18, 10:06 AM
    • 881 Posts
    • 1,330 Thanks
    runninglea
    Hi number 88 - reporting an overpayment of £1,700 for september
    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
    • Lexi-lu
    • By Lexi-lu 17th Sep 18, 5:42 PM
    • 165 Posts
    • 839 Thanks
    Lexi-lu
    Hello

    Number 58 September Mortgage payment £3,000

    Thank you

    LL
    • beanielou
    • By beanielou 22nd Sep 18, 9:01 PM
    • 57,981 Posts
    • 238,535 Thanks
    beanielou
    Another £11 for me.
    So £22 this month.
    No 144.
    Originally posted by beanielou
    Another £33.
    So £55 this month.
    No 144.
    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
    • pawlala
    • By pawlala 23rd Sep 18, 8:27 AM
    • 1,295 Posts
    • 3,677 Thanks
    pawlala
    Hi All,

    I've been lurking on this thread for over a month now and have just finished reading everyone's progress. It really is inspiring.

    Pawlala - Would I be able to join please?

    I've been overpaying a little for a few years but never made the commitment of joining a challenge.
    I'd like to set an annual target of £1000 - not alot compared to some I've seen but all relative. I guess the main thing is, overpaying something is always better than nothing.

    Thanks


    Dobbi
    Originally posted by Dobbibill
    Welcome #45

    I've decided to fill some of the old slots where #user from January has not even provided a yearly target. Unlikely to do so now at this late stage!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • pawlala
    • By pawlala 23rd Sep 18, 8:28 AM
    • 1,295 Posts
    • 3,677 Thanks
    pawlala
    Hi all,

    Be great to have a mfw number....

    Mortgage of £300k so seems like a long and winding road, add in childcare costs and I sometimes wonder whoI am actually working for��

    Anyway, I am starting small with OP of £150 pm as I also want to maintain a 6 month rainy day buffer. Calculations sho even this amount shaves 5-6 years off my mortgage

    Hopefully can improve on this but got to balance with other pulls on family finances. Our house is in need of modernisation too but holding off until post Brexit to see if this government manages to completely �� lunch our economy, concerned that we are in the plateau of low interest rates and financing costs only go north from here, what’s others thoughts on a defensive position in this regard?

    Good luck to all ��
    Originally posted by apache2020
    welcome #48! Do you have a target?
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • Dobbibill
    • By Dobbibill 23rd Sep 18, 9:29 AM
    • 3,396 Posts
    • 4,370 Thanks
    Dobbibill
    Welcome #45

    I've decided to fill some of the old slots where #user from January has not even provided a yearly target. Unlikely to do so now at this late stage!
    Originally posted by pawlala
    That's brilliant - thank you pawlala

    As I've set an annual target I'm going to provide all my updates from January that I was plodding along with before I joined.

    #45 update
    January £97.04
    February £223.82
    March £97.04
    April £94.88
    May £54.00
    June £54.00
    July £54.00
    August £54.00
    September £88.11

    Total YTD - £816.89

    Thanks
    Dobbi
    • teameffort
    • By teameffort 24th Sep 18, 11:07 PM
    • 87 Posts
    • 362 Thanks
    teameffort
    Hi All

    #143 reporting a total over payment for September of £739.58

    Thanks Pawlala
    Debt Free
    and Saving like mad
    Emergency fund £10,000/£10,000 We did it!

    2018 #143 MFW £5,438.30/£6500.00
    MFW balance as at Dec 17 105,560.00. Original end date 2043 goal 2023
    • michelle09
    • By michelle09 25th Sep 18, 9:04 AM
    • 825 Posts
    • 5,187 Thanks
    michelle09
    #28 with a £200 OP! Slowly but surely plodding our way along.
    • becky170
    • By becky170 25th Sep 18, 3:09 PM
    • 450 Posts
    • 3,885 Thanks
    becky170
    Hi All,

    #7 here with an overpayment of £320 for September.

    I've taken to reading MFW diaries when I am feeding my newborn in the night to keep me awake. It got me thinking about our mortgage and made me realise that in the 4.5 years we've been in our house our mortgage has gone from £200000 to £165000, which actually made me quite proud! With two kids and childcare to pay for our overpayments may go by the wayside for the next couple of years, but at least by overpaying now we've given ourselves some wiggle room if interest rates go up.

    MFW 2018 #7 £3238/4500
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

4,444Posts Today

4,565Users online

Martin's Twitter
  • I've just heard about the 8 month pregnant woman shot through the stomach by a crossbow. Its both evil and medie? https://t.co/hQTOxWiXhj

  • Major new guide... Brexit, what it means for you and your finances: M mortgages, savings, flights, consumer rights? https://t.co/SXCMG2qXwX

  • Have you haggled on the high street in the last year? If so who with and did you succeed? Please vote in this week? https://t.co/fdzmmFfA4u

  • Follow Martin