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    • 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 63
    • winnalot
    • By winnalot 3rd Nov 18, 5:54 PM
    • 8 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!!!
    • beanielou
    • By beanielou 3rd Nov 18, 7:57 PM
    • 61,210 Posts
    • 260,786 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
    • 2,582 Posts
    • 8,300 Thanks
    #180 reporting 45 for October.
    Not buying unnecessary toiletries 2019 9/146 UU
    Mortgage Free Wannabe 2019 No.64 128.52/1000
    Saving for Christmas 2019 No.13 62/365
    Penny a day 2019 No.8 57.12/667.95
    Virtual Sealed Pot Challenge 2019 No.12 16.81/150
    • cod3
    • By cod3 4th Nov 18, 10:21 AM
    • 691 Posts
    • 2,272 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
    • 2,105 Posts
    • 11,556 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
    2019 MFW #20639.69/4500 14%

    Mort- Oct16 170.995 (end Nov 2041) Dec18 152,838

    Overpayments 2016 255.50 2017 2600.40 2018 4500
    Referral codes= Prolific- 8JXN5BVG shopmium- ACEAHKFA Shoppix- 57VB13QH
    • lindez
    • By lindez 4th Nov 18, 11:02 AM
    • 474 Posts
    • 1,976 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
    • 3,556 Posts
    • 4,695 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
    • 21 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
    • 34 Posts
    • 184 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
    • 576 Posts
    • 485 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
    MFW 2019 no: 33 985/5000
    MFW 2018 5000/5000
    MFW 2017 3500/3500
    • NewMoneySaver13
    • By NewMoneySaver13 5th Nov 18, 8:03 AM
    • 94 Posts
    • 409 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.

    2019 MFW No.12
    OP Target 2019: 3600
    Monthly Total: 300
    Year To Date: 600
    • Miss Pinky
    • By Miss Pinky 5th Nov 18, 6:09 PM
    • 40 Posts
    • 211 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 2019 = 8072. Paid to date: Jan 1100. Feb 1400
    • Lomcevak
    • By Lomcevak 5th Nov 18, 7:09 PM
    • 794 Posts
    • 4,609 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-T5#6, 50k to zero: 2,232/49,907 (4.47%), 2019 MFW#8 13,208.06/30,000 (44.03%)
    50k-in-19#6 4128.95/50,000 (8.26%)
    • pinkypig
    • By pinkypig 6th Nov 18, 9:18 PM
    • 1,519 Posts
    • 11,771 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
    • 167 Posts
    • 627 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 #25 - 2019 - Aim to get mortgage to 100,000, Start - 108,460.35. Current - 107,860.00
    MFIT-5 #25 - Aim to get mortgage to 70,000 (or have savings to get to this amount)
    Save 12,000 in 2019 #38 - 550
    Make/Save 2,019 in 2019 - 78.28
    • Schoolworker
    • By Schoolworker 8th Nov 18, 5:49 PM
    • 316 Posts
    • 677 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
    • 197 Posts
    • 1,149 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. 98,500 currently / 30,000 goal
    • beanielou
    • By beanielou 9th Nov 18, 8:53 PM
    • 61,210 Posts
    • 260,786 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
    • 2,088 Posts
    • 18,555 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 START1/5/16 118,340 Oct17109,49 12/17 108,801/18 108,39 3/18 108,50 4/18108,10 5/18106,99 6/18105,99.7/18105,308/18103,99 9/18102,99 10/18101,999 11/18101,300 12/18100,700,1/19 99,999.99

    2/19 99,500 MFW 2019 #65
    Referal code-
    • kitjos
    • By kitjos 10th Nov 18, 8:43 AM
    • 197 Posts
    • 1,149 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. 98,500 currently / 30,000 goal
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