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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 59
    • kerry90
    • By kerry90 8th Oct 18, 10:37 AM
    • 23 Posts
    • 110 Thanks
    kerry90
    #51 reporting a £518 OP for month October
    Thanks!
    Last edited by kerry90; 08-10-2018 at 10:40 AM. Reason: signature needs updating
    Starting mortgage (Sep 2016): £314,124.00
    Current balance (Oct 2018): £268,200.00
    2018 OP so far: £13233.27/£10,000 £14,000
    • utopiah
    • By utopiah 8th Oct 18, 3:14 PM
    • 275 Posts
    • 978 Thanks
    utopiah
    #43 Just realised that I forgot to update for September!!!
    So payment for September was £1150
    October payment £1100
    Mortgage Jan 2015 £66,737.98 Now £14,800
    MFW 2018 target £15000/£13,369

    MFD was JUNE 2028 now January 2021
    • chocoholic_chick
    • By chocoholic_chick 9th Oct 18, 9:29 AM
    • 632 Posts
    • 3,163 Thanks
    chocoholic_chick
    No 112 checking in with an OP of £999 for October


    Thanks!
    New House... New Mortgage! February 2017: £144,000
    Current Mortgage Balance: £118,477.65
    2017 OP's:£5,935 2018 OP's: £9,958
    Total Debt £29,209 £0 Debt free 6/8/16
    • Miss D Meanour
    • By Miss D Meanour 10th Oct 18, 8:20 AM
    • 121 Posts
    • 846 Thanks
    Miss D Meanour
    Hi there

    #02 Checking back in after a few months absence, so have 3 months over payments to report:

    Aug O/P = £709.81
    Sep O/P = £687.81
    Oct O/P = £1,277.81 (woohoo)
    Total = £2,675.43
    Bringing total repayments for this year to: £6,944.10 / £8,000

    Take care
    Miss DM
    LBM- June 2009 - 15 year plan started, Dec 2016 - half way there
    SPC - 11 #574 - £500 ........ Xmas 2018 - #11: £304 / £365.
    CCCC 2018 #14 - £0 / £140 ....... PAYDBX 2018 #23: £5,783.12 / £7,000
    Frugal Living - #37 .......... MFW2018 - #2: £6,944.10 / £8,000

    No matter how far you go, you always take yourself with you
    • Youthgonewild
    • By Youthgonewild 10th Oct 18, 10:47 AM
    • 83 Posts
    • 155 Thanks
    Youthgonewild
    Can you add me for 2019?
    Hi, I realise itís probably too late in the year to be added to this, so I was wondering if you could add me if you make a new one for 2019? I would love to see the progress

    Many many thanks x
    Mortgage balance October 2015: £99875
    Mortgage balance November 2017: £97583

    Mortgage balance July 2018: £94217
    Mortgage balance August 2018: £93472.10
    Mortgage balance September 2018: £91825.09
    Mortgage balance October 2018: £91076.41
    • beanielou
    • By beanielou 10th Oct 18, 12:12 PM
    • 57,415 Posts
    • 235,027 Thanks
    beanielou
    Hi, I realise itís probably too late in the year to be added to this, so I was wondering if you could add me if you make a new one for 2019? I would love to see the progress

    Many many thanks x
    Originally posted by Youthgonewild
    Not too late if you want to be added.

    The 2019 thread wont go up until December most likely.
    Keep your eyes peeled
    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
    • pawlala
    • By pawlala 10th Oct 18, 8:21 PM
    • 1,286 Posts
    • 3,644 Thanks
    pawlala
    #6 with a final OP total for September of £268.83 bringing my total for the year to £4306.58

    Thanks
    Originally posted by icklehelen
    Just check your line again, the spreadsheet makes that £4,282.43 total not £4306.58
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • pawlala
    • By pawlala 10th Oct 18, 8:25 PM
    • 1,286 Posts
    • 3,644 Thanks
    pawlala
    Hi, I realise itís probably too late in the year to be added to this, so I was wondering if you could add me if you make a new one for 2019? I would love to see the progress

    Many many thanks x
    Originally posted by Youthgonewild
    There'll be a new thread on this soon
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • beanielou
    • By beanielou 10th Oct 18, 10:27 PM
    • 57,415 Posts
    • 235,027 Thanks
    beanielou
    Another 7 today.
    So 11 in total 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
    • beanielou
    • By beanielou 10th Oct 18, 10:31 PM
    • 57,415 Posts
    • 235,027 Thanks
    beanielou
    I can no longer see the spreadsheet as my Excel subsciption has expired.

    I am no 144.
    Can someone kindly check & tell me my total to date?
    Big thanks
    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
    • Dobbibill
    • By Dobbibill 10th Oct 18, 10:44 PM
    • 3,376 Posts
    • 4,317 Thanks
    Dobbibill
    i can no longer see the spreadsheet as my excel subsciption has expired.

    I am no 144.
    Can someone kindly check & tell me my total to date?
    Big thanks
    Originally posted by beanielou

    £892.00 :d
    Last edited by Dobbibill; 11-10-2018 at 9:26 PM.
    • beanielou
    • By beanielou 10th Oct 18, 10:49 PM
    • 57,415 Posts
    • 235,027 Thanks
    beanielou
    £892.00 :d
    Originally posted by Dobbibill
    Thank you
    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
    • Brambleberry
    • By Brambleberry 11th Oct 18, 10:30 PM
    • 239 Posts
    • 1,250 Thanks
    Brambleberry
    #110 reporting an extra £300 for October making it £500 in total this month. Thanks pawlala
    MFW 2018 #110 Mortgage 2004: £120k Mortgage Free Oct 2018
    Never underestimate the power of a beautiful spreadsheet.
    • mortgage_girl
    • By mortgage_girl 13th Oct 18, 7:33 PM
    • 856 Posts
    • 3,947 Thanks
    mortgage_girl
    Hello - long time no see.


    Number 77 checking in for the first time since February (it's been a manic year to say the least). I've added my monthly totals below:


    March: £664.15
    April: £1060.95
    May: £540.62
    June: £675.16
    July: £5465.13
    August: £9550.74
    September: £139.65


    Which makes a grand total of £18096.40, meaning I've smashed my target!


    Will try harder to keep my totals up to date for the rest of the year.


    MGx
    2018: £19410.25 / £9,300
    2017: £7646.64 / £11,000 2016: 4557.98 / £11,000 2015: £10,230.37 / £11,000 2014 =£6703.26 / £11,000 2013 = £4288.51 / £8000 2012 = £1600/£5000 2011 = £2579/£3000
    MF date was Nov 2041 - now mortgage neutral

    • Lexi-lu
    • By Lexi-lu 15th Oct 18, 4:09 PM
    • 164 Posts
    • 828 Thanks
    Lexi-lu
    Hello

    Number 58 October payment £3,003.69, target reached

    Thank you

    LL
    Mortgage Balance £0
    • anna42hmr
    • By anna42hmr 15th Oct 18, 4:17 PM
    • 2,481 Posts
    • 1,172 Thanks
    anna42hmr
    Hello

    Number 58 October payment £3,003.69, target reached

    Thank you

    LL
    Originally posted by Lexi-lu
    well done on reaching your target for the year!
    MFW # 105
    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500 / OP so far £2152.60 as at October
    Total OP since mortgage started in 2015 = £20,813.96
    • anna42hmr
    • By anna42hmr 15th Oct 18, 4:19 PM
    • 2,481 Posts
    • 1,172 Thanks
    anna42hmr
    Hello - long time no see.


    Number 77 checking in for the first time since February (it's been a manic year to say the least). I've added my monthly totals below:


    March: £664.15
    April: £1060.95
    May: £540.62
    June: £675.16
    July: £5465.13
    August: £9550.74
    September: £139.65


    Which makes a grand total of £18096.40, meaning I've smashed my target!


    Will try harder to keep my totals up to date for the rest of the year.


    MGx
    Originally posted by mortgage_girl
    congratulations for meeting your target for the year!!
    MFW # 105
    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500 / OP so far £2152.60 as at October
    Total OP since mortgage started in 2015 = £20,813.96
    • anna42hmr
    • By anna42hmr 15th Oct 18, 4:21 PM
    • 2,481 Posts
    • 1,172 Thanks
    anna42hmr
    Number 105 here with my regular monthly OP of £215.26 so that should take me to a year to date of £2152.60, so nearing this years 2.5k target.

    Looking forward to the 2019 challenge!

    well done everyone on your achievements so far.
    Last edited by anna42hmr; 15-10-2018 at 4:26 PM.
    MFW # 105
    2015 Target £7000/ Overpaid £8095
    2016 Target £6000 / Overpaid £6983.24
    2017 Target £3500 / Overpaid £3583.12
    2018 Target £2500 / OP so far £2152.60 as at October
    Total OP since mortgage started in 2015 = £20,813.96
    • clairebear_london
    • By clairebear_london 15th Oct 18, 6:53 PM
    • 8 Posts
    • 59 Thanks
    clairebear_london
    #161 here. Please update to reflect:
    OCT £475
    SEPT £10
    AUGUST £400

    Thanks!
    • teameffort
    • By teameffort 15th Oct 18, 7:17 PM
    • 82 Posts
    • 340 Thanks
    teameffort
    Well done everyone on the over payments so far and to those of you who have reached your target.

    Does anyone else look forward to payday so you can over pay or is that just me

    Counting down the days to pay day, but in a good way!

    Teameffort
    Debt Free
    and Saving like mad
    Emergency fund £10,000.00/£10,000 We did it!

    2018 #143 MFW £4,705.37/£6500.00
    MFW balance as at Dec 17 105,560.00. Original end date 2043 goal 2026
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