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    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,488Posts
    • 11,431Thanks
    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 £98,229 (Aug '18)
    2018 MFW #56: £4,806/£105,000 4% / MFiT-T4 #15: £59,661/£90,000 66%
Page 64
    • julicorn
    • By julicorn 10th Nov 18, 9:17 AM
    • 388 Posts
    • 1,424 Thanks
    That's amazing kitjos, and foxholes as well! I can't wait for us to get under 100k, but we're still a fair few years away from that.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £189,100
    • michelle09
    • By michelle09 10th Nov 18, 9:58 AM
    • 825 Posts
    • 5,187 Thanks
    I've been a bit absent, but not forgotten completely!

    September - £200.00
    October - £117.64
    November - £526.00

    Getting there!
    • pawlala
    • By pawlala 10th Nov 18, 11:04 AM
    • 1,295 Posts
    • 3,677 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!!!
    Originally posted by winnalot
    welcome #61!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • pawlala
    • By pawlala 10th Nov 18, 11:08 AM
    • 1,295 Posts
    • 3,677 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!
    Originally posted by Raggle1
    Welcome #62!
    Mortgage free I: 8th December 2009!
    Mortgage free II: New Year's Eve 2013!
    Mortgage free III: Est. Dec 2019...
    • beanielou
    • By beanielou 10th Nov 18, 1:07 PM
    • 57,981 Posts
    • 238,540 Thanks
    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.
    Originally posted by f0xh0les
    You can do it
    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
    • Urbanshyne
    • By Urbanshyne 10th Nov 18, 8:55 PM
    • 62 Posts
    • 265 Thanks

    I'd like to make a small additional payment of £25 to November's total please.

    No. 171.

    Thank you
    Neither a borrower or lender be; for loan oft loses both itself and friend.
    • Lomcevak
    • By Lomcevak 11th Nov 18, 8:57 PM
    • 743 Posts
    • 4,362 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.
    Originally posted by Lomcevak

    Another OP of £689.69 for #11, making £1693.72 for November. I've done a bit better than i'd thought, so this one not only takes me under the £65k mark, but after a rummage around for a little spare cash it takes me to £63,999.99
    Last edited by Lomcevak; 11-11-2018 at 9:09 PM.
    MFiT-T4#126, £135k to 60k: £70,651/£75,000 (94.22%), 2018 MFW#11 £14,607.55/£15,000 (97.38%)
    £30k-in-í18#11 £42,830.91/£30,000 (142.77%)
    • Freysmum
    • By Freysmum 13th Nov 18, 7:56 PM
    • 202 Posts
    • 1,395 Thanks
    No 81 reporting in with a November OP of £1800 which means I am sub 20k (just) Iíve just agreed to work more hours in my 2nd job my friends think Iím mad but if it means more money towards mortgage, savings, daughters uni fund then call me mad lol
    Mortgage 11/2018 £19,999
    EF savings £28,300/£40,000 (70.75%)
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