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    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,489Posts
    • 11,434Thanks
    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 £95,804 (Nov '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
Page 63
    • winnalot
    • By winnalot 3rd Nov 18, 5:54 PM
    • 7 Posts
    • 36 Thanks
    I am late to the party but could I be allocated a number please? I have a a large interest only mortgage (£202,123) which has to be repaid in 58 months. I have just started a new job and will be pulling out ALL the stops to get this done. Aim to save 75% of my salary from January and live on DH salary. I'll be doing some other money making stuff. My goal for the rest of 2018 is £2,000.

    I'm on this!!!
    £12,000 in 2012 - £258.91/£12,000
    Make £10 a day - March 258.91
    Comptitions - March - hamper of Fairtrade goodies, DVD
    • beanielou
    • By beanielou 3rd Nov 18, 7:57 PM
    • 58,653 Posts
    • 243,034 Thanks
    Another £4.
    So £8 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. ***Be the difference.***
    • pinkfluffybabe
    • By pinkfluffybabe 3rd Nov 18, 9:42 PM
    • 2,548 Posts
    • 8,125 Thanks
    #180 reporting £45 for October.
    Not buying unnecessary toiletries 2018 - 73/162 UU, 42 IN
    Mortgage Free Wannabe 2018 No.180 £810/£2000
    1% challenge No.15 - 18% £2 savers No.12 - £100 5p Savers No.3 - £4.75
    Virtual Sealed Pot No.12 - £150/£150 1p a day Challenge £617.26/£667.95
    • cod3
    • By cod3 4th Nov 18, 10:21 AM
    • 655 Posts
    • 2,092 Thanks
    #53 Kicking off November with a TT of £76.61 bringing my mortgage balance down to £20,000 on the nose. Shall I pay a penny? Nah!

    Expensive month ahead with a few events including DD's graduation.

    Got my quarterly Clubcard vouchers through the post yesterday. For a second I was disappointed that it was only £10, but then realised that it is because I am spending so much less in Tesco now

    Have a great month everyone!
    • Kittenkirst
    • By Kittenkirst 4th Nov 18, 10:28 AM
    • 2,067 Posts
    • 11,299 Thanks
    Hi all,

    #20 kittenkirst £240.82 for October

    That brings the yearly total to £3251.70

    Pleased with progress, a few eBay sales last month and a few more finishing today alongside a nice prolific payout should help November be a good month
    2018 MFW #20 - OP £3846.60/ £3000 128%. Nov: £594.90

    Mortgage Oct '16 £170.995 LTV 90% end Nov 2041
    Overpayments 2016 £255.50 2017 £2600.40
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • lindez
    • By lindez 4th Nov 18, 11:02 AM
    • 394 Posts
    • 1,587 Thanks
    #44 checking in with
    £38.27 over payment to mortgage for November I think this may be the last one for this year since any more will take me over the 10% allowed and I don't want to be hit with charges. Thank you Hiddenshadow.
    Payment A Day Chapter 18:
    • Dobbibill
    • By Dobbibill 4th Nov 18, 11:06 AM
    • 3,417 Posts
    • 4,437 Thanks
    #45 checking in.

    A cheeky little £17.02 this morning just to make the numbers end in 00. Gonna try to do the rounding down along with my other OPs. Other November updates will be mid month but until then.....

    Nov - £17.02
    YTD - £942.02

    Thanks HS & pawlala
    • HLB10
    • By HLB10 4th Nov 18, 11:47 AM
    • 20 Posts
    • 90 Thanks
    Just popping back nearly a year later to say that despite my very small overpayments, I've still overpaid £564.30 this year (MFW #149).
    MFW #149 Target for 2018 £2000 / £564.3 overpaid

    Emergency fund challenge #269 £750 / £370
    • Raggle1
    • By Raggle1 4th Nov 18, 2:31 PM
    • 11 Posts
    • 58 Thanks
    Wow, what a great thread! Can i be allocated a number please?
    I have been a mortgage free wannabe for about a 18 months, although i didn't know the name until now...
    My story: I'm 37.I took on a joint mortgage in Nov 16 shortly before i got married. Hubby had the mortgage for a while already so at that stage we had an expected 12 years left to clear just shy of £60000. We took a 5 year fix at 2.19%. I began plotting mid 2017 to start overpaying with the help of hubby, actually started in Nov 2017, and am setting targets for 2019 now ...

    This is my history so far:
    2019= £0/ £10120
    2018= £2860 OP/£2400 (Jan-Sept £200pm, Oct-Nov £530pm)
    2017= £200 OP/no target
    2016= no overpayment/no target

    In an ideal world we would like to be paid off 7 years early by the end of the 5 year fix in 2021 but currently expect it will be sometime to 2022 assuming nothing significant changes for the better or worse. Now i have found this/these threads hopefully we will be able to achieve it. I think my husband while chuffed with the plans will appreciate the break from my plotting!
    • Roxie
    • By Roxie 4th Nov 18, 11:50 PM
    • 573 Posts
    • 461 Thanks
    no: 78 reporting Nov OP of £300, YTD £4650.

    Have a good November everyone and see you all back here in a month for the final OP of 2018
    Whoever said 'nothing is impossible' never tried slamming a revolving door!
    MFW 2018 no: 78 £5000/£5000
    • NewMoneySaver13
    • By NewMoneySaver13 5th Nov 18, 8:03 AM
    • 90 Posts
    • 380 Thanks
    Hi hiddenshadow,

    MFW No 86 reporting in with an OP of £325 for the month of November.

    On a side note, looking at the spreadsheet, my February payment has been marked down wrong. It should be £325 as in keeping with all the other months.

    2017 MFW No.86
    OP Target 2018: £3750
    Monthly Total: £325
    Year To Date: £3575 /3750
    • Miss Pinky
    • By Miss Pinky 5th Nov 18, 6:09 PM
    • 36 Posts
    • 185 Thanks
    Miss Pinky
    #15 Checking in. Been slacking for a few months so thought I best recap and update for the whole year.
    Jan - Nil
    Feb - Nil
    March - 2071.40
    April - Nil
    May - Nil
    June - 1500
    July - 850
    Aug - 150
    Sept - 500
    Oct - Nil

    Total overpayments: £5071.40.

    I can pay a maximum of £8071.40 per 12 months which takes me up till March. Won't make my target of getting this paid by December which I am gutted about but it's been an expensive year!

    Miss Pinky
    MFW #15 Total aim in 2018 = £8072. Paid to date £4322
    • Lomcevak
    • By Lomcevak 5th Nov 18, 7:09 PM
    • 754 Posts
    • 4,415 Thanks
    #11 reporting in with an OP of £1004.03 for November, will add some more in a few days time when my monthly budget is done to take me to the next mini-milestone - getting under £65k. Just over at the moment.
    MFiT-T4#126, £135k to 60k: £72,863/£75,000 (97.17%), 2018 MFW#11 £16,211.58/£15,000 (108.08%)
    £30k-in-’18#11 £42,836.57/£30,000 (142.79%)
    • pinkypig
    • By pinkypig 6th Nov 18, 9:18 PM
    • 1,505 Posts
    • 11,565 Thanks
    Hi everyone .

    #157 reporting a capital reduction of £3449.97 for October
    MFW 2018 #157 Target £15,000

    • Poppycat1
    • By Poppycat1 7th Nov 18, 10:11 AM
    • 147 Posts
    • 553 Thanks
    Number 25 reporting an overpayment of £1000 for November.

    When is the cut off date to declare overpayments for the year? My year ends 04/02/18 but will try and get my overpayment in earlier.
    Last edited by Poppycat1; 07-11-2018 at 11:36 AM.
    MFW 2018 number 25
    10% Target for 2018 = £12,449.90
    Jan - £3,000, Feb - £1,449.90, March £350, April - £650, Oct - £2,500, Nov - £2250, Dec - £?
    Total = £10,199.90/£12,449.90 £2,250 left to overpay
    • Schoolworker
    • By Schoolworker 8th Nov 18, 5:49 PM
    • 302 Posts
    • 647 Thanks
    No 72 reporting made a small overpayment of £60 the other day. That's it for November I'm afraid.
    • kitjos
    • By kitjos 9th Nov 18, 1:48 PM
    • 192 Posts
    • 1,120 Thanks
    We did it!! Sent off OP today and now we are sub £100,000 . Looks soooo good to see 99,999 .

    #14 with OP of £900.

    Thank you xx
    "Don't underestimate the value of financial security"

    Wanting to be mortgage comfortable. £99,500 currently / £30,000 goal
    • beanielou
    • By beanielou 9th Nov 18, 8:53 PM
    • 58,653 Posts
    • 243,034 Thanks
    [quote=kitjos;75027144]we did it!! Sent off op today and now we are sub £100,000 . Looks soooo good to see 99,999 :d.

    #14 with op of £900.

    Thank you xx[/quote

    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.***
    • f0xh0les
    • By f0xh0les 10th Nov 18, 7:24 AM
    • 1,954 Posts
    • 17,015 Thanks
    We did it!! Sent off OP today and now we are sub £100,000 . Looks soooo good to see 99,999 .

    Thank you xx
    Originally posted by kitjos
    Congratulations and a massive well done

    I am right behind you - I am aiming for all the 9's in December.

    Nobody else understands

    Except on here

    Really happy for you.
    MFW STARTMay 16 £118,340 : Oct17 - £109,49Dec17 £108,80Jan 18 £108,39 Mar18 £108,50 Apr£108,10May£106,99Jun105,99.Jul105,30 Aug£103,99 Sep£102,999 Oct£101,999 Nov£101,300
    £100, 896.17 sub £100k by 2019Mortgage-free wannabe 2018 #65
    Referal code-
    • kitjos
    • By kitjos 10th Nov 18, 8:43 AM
    • 192 Posts
    • 1,120 Thanks
    Thank you beanilou & Foxholes! . Its a great achievement that i cant disc outside the forum but we're chuffed anyway! lol . Now to smash it to 89k!

    Keep pushing Foxholes, ill keep an eye out in December for your 99k post xx
    "Don't underestimate the value of financial security"

    Wanting to be mortgage comfortable. £99,500 currently / £30,000 goal
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