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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 55
    • NewMoneySaver13
    • By NewMoneySaver13 10th Sep 18, 9:57 AM
    • 83 Posts
    • 362 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: 2600 /3750
    • kerry90
    • By kerry90 12th Sep 18, 5:54 PM
    • 22 Posts
    • 102 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 (Sep 2018): 269,800.00
    2018 OP so far: 12715.27/10,000 14,000
    • beanielou
    • By beanielou 12th Sep 18, 7:58 PM
    • 56,818 Posts
    • 231,279 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 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
    • squirrelgirl
    • By squirrelgirl 13th Sep 18, 10:40 AM
    • 245 Posts
    • 1,423 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 - 8066.43/25300; Mortgage - 528/17000 ;
    MFW No. 167 528/ 15000
    • Saving Glut
    • By Saving Glut 13th Sep 18, 5:24 PM
    • 18 Posts
    • 32 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.
    Car PCP 6,580 on 4th Aug 18. 0 on 18th Sept 18.
    IO BTL1 Mortgage was 97,963 in Aug 18. Now ~95,963.
    • wantabetterlife
    • By wantabetterlife 13th Sep 18, 9:48 PM
    • 1,233 Posts
    • 5,589 Thanks
    wantabetterlife
    No 26 with 425 for September
    Mortgage 177,750161215.88
    Overpayments 2016 2053.58 2017 #26 3417.70 2018 3797.21
    Daily interest 19.91 15.28 9.83
    BUY TO LET MORTGAGE 111408 109975 103395
    6.01% paid
    Saving 2520
    • pawlala
    • By pawlala 15th Sep 18, 9:24 AM
    • 1,267 Posts
    • 3,530 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
    • 1,663 Posts
    • 8,365 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
    • 3,312 Posts
    • 4,238 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
    • 9 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, whats others thoughts on a defensive position in this regard?

    Good luck to all 👍
    • f0xh0les
    • By f0xh0les 16th Sep 18, 9:52 AM
    • 1,705 Posts
    • 14,539 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 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
    • runninglea
    • By runninglea 16th Sep 18, 10:06 AM
    • 876 Posts
    • 1,311 Thanks
    runninglea
    Hi number 88 - reporting an overpayment of 1,700 for september
    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
    • Lexi-lu
    • By Lexi-lu 17th Sep 18, 5:42 PM
    • 161 Posts
    • 810 Thanks
    Lexi-lu
    Hello

    Number 58 September Mortgage payment 3,000

    Thank you

    LL
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