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    • hiddenshadow
    • By hiddenshadow 2nd Dec 17, 2:52 PM
    • 2,492Posts
    • 11,468Thanks
    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 64
    • julicorn
    • By julicorn 10th Nov 18, 9:17 AM
    • 636 Posts
    • 2,713 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: £178,150
    • michelle09
    • By michelle09 10th Nov 18, 9:58 AM
    • 830 Posts
    • 5,298 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
    • 1,314 Posts
    • 3,803 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
    • 1,314 Posts
    • 3,803 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
    • 61,764 Posts
    • 264,641 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. ***Be the difference.***
    • Urbanshyne
    • By Urbanshyne 10th Nov 18, 8:55 PM
    • 73 Posts
    • 340 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
    • 797 Posts
    • 4,643 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-T5#6, £50k to zero: £4,467/£49,907 (8.95%), 2019 MFW#8 £14,812.09/£30,000 (49.37%)
    £50k-in-í19#6 £20,557.90/£50,000 (41.12%)
    • Freysmum
    • By Freysmum 13th Nov 18, 7:56 PM
    • 214 Posts
    • 1,489 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 free wannabe no. 40
    03/2019 £5,350.00
    EF savings £28,600.00
    • Miss D Meanour
    • By Miss D Meanour 15th Nov 18, 5:42 AM
    • 146 Posts
    • 1,049 Thanks
    Miss D Meanour
    Good morning

    Could you add another O/P for November for me?

    #02. O/P £700

    Thanks a mill
    LBM- June 2009 - 15 year plan started, Dec 2018 - time to review & refocus
    SPC12 #33 .... Xmas 2019 - #15 £31 / £365 ... PAYDBX 2019 #23: £0 / £3,400
    MFW2019 #2: £777.81 / £8,000 ... MFiT-T5 start £95,352.52 - target £40k

    No matter how far you go, you always take yourself with you
    • Dobbibill
    • By Dobbibill 15th Nov 18, 7:48 AM
    • 3,590 Posts
    • 4,764 Thanks
    #45 checking in
    Already did £17.02 rounding down at the beginning of the month
    Adding another £63.11 which is my regular SO OP
    and on top of that an additional £55.00


    • November OPs £135.13
    • YTD £1060.13
    Target smashed with a month to spare, let's see what we can do next month as a Merry Xmas to me

    Thanks HS & pawlala

    • Rachiedabbler70
    • By Rachiedabbler70 17th Nov 18, 10:35 AM
    • 248 Posts
    • 2,290 Thanks
    A lot of good achievements of milestones going on well done all

    I'm aiming to be sub £120000 going into 2019 which I will be proud to achieve. Couple of years before I'll be into 5 figures but it will come with patience and perseverance. Good luck all. It's very inspiring and motivating to be part of the forum
    Blitz that mortgage
    Jun 2016 £152,000
    Jan 2019 £119,187.35 (21.59% paid)
    MFW 2019 #169 £697.67/£8,000 (8.7%)
    Jan GC £7.85 left
    Mortgage neutral savings pot £8,518/£19,000 4.1.19
    • Poppycat1
    • By Poppycat1 21st Nov 18, 11:19 AM
    • 168 Posts
    • 629 Thanks
    Number 25 reporting an extra £1,100 overpayment for November, bringing total for November to £2,100. Keeping a MFW diary has really motivated me. £2,400 left to get to target.
    MFW #25 - 2019 - Aim to get mortgage to £100,000, Start - £108,460.35. Current - £106,958.64
    MFIT-5 #25 - Aim to get mortgage to £70,000 (or have savings to get to this amount)
    Save £12,000 in 2019 #38 - £2350.00
    Make/Save £2,019 in 2019 - £298.39
    • mortgage destroyers
    • By mortgage destroyers 23rd Nov 18, 10:58 AM
    • 4 Posts
    • 26 Thanks
    mortgage destroyers
    Hi Sorry for the late post please, No 100 Mortgage destroyer here please can you add £8,000 as an overpayment for me thanks
    • mortgage destroyers
    • By mortgage destroyers 23rd Nov 18, 11:01 AM
    • 4 Posts
    • 26 Thanks
    mortgage destroyers
    Not sure if there is a new thread for 2019 if so can I keep the same no for next year?
    • katsu
    • By katsu 23rd Nov 18, 7:10 PM
    • 4,408 Posts
    • 13,835 Thanks
    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
    Originally posted by cod3
    I feel very similar. I have my Tesco as AVIOS but they get very little as I shop there so rarely now. My nectar is basically only from eBay too. I get nearly everything from Lidl and Aldi. I find the mainstream supermarkets so dear and I feel that I get so little for my money!

    Made a £1,000 OP We have more money put aside but are doing major work on the house so it is best to keep a contingency fund for a few more weeks and then trickle it into the mortgage. DH and I are itching to pay some more so we might add a bit more over the weekend or next week once we can work out how much more we have to pay on the current works.

    MFW18 challenger 59 reporting £1,000 OP for November.
    Debt at highest: £8k Debt Free 31/12/2009 (nine years and counting ) Original MFD: May 2036. MF Dec 2018
    • f0xh0les
    • By f0xh0les 24th Nov 18, 8:02 AM
    • 2,145 Posts
    • 19,183 Thanks
    #65 reporting in.

    Something has gone wrong, and I am not going to make it to all the 9s in December.

    Unless I get lucky and win a load of competitions, Christmas has scuppered my plans, but I will get back on to it asap after the event. I have done really well, it was an ambitious first attempt at overpaying, and I can make up a shiny new 100 (k) square for 2019 - I will only be a month behind where I wanted to be.
    MFW START1/5/16 £118,340 Oct17£109,49 12/17 £108,801/18 £108,39 3/18 £108,50 4/18£108,10 5/18£106,99 6/18£105,99.7/18£105,308/18£103,99 9/18£102,99 10/18£101,999 11/18£101,300 12/18£100,700,1/19 £99,999.99 2/19 99,500 1/3 £98,999.99MFW 2019 #65
    Referal code-
    • anna42hmr
    • By anna42hmr 25th Nov 18, 9:36 PM
    • 2,488 Posts
    • 1,220 Thanks
    Hi, number 105 here with my monthly OP for November, my usual £215.26. This has taken me to a year to date of £2367.86, which will mean barring any problems I will be able to meet this years target in December.

    Well done everyone on the OP's and welcome to the newbies on here.

    Have also realised that this months OP has taken me to over £21K worth of overpayments since the mortgage was taken out in 2015.

    Looking forward to the 2019 challenge if it is run again, if so can i keep the number i have had for the past few years.

    Thanks again for running the challenge.
    MFW # 105
    2015 Overpaid £8095 / 2016 Overpaid £6983.24 / 2017 Overpaid £3583.12 / 2018 Overpaid £2583.12

    2019 Target £2500 / YTD total £430.52 (as at February)
    Total OP since mortgage started in 2015 = £21,675
    • Durban
    • By Durban 26th Nov 18, 3:17 PM
    • 130 Posts
    • 299 Thanks
    # 175 here with overpayment of £250 for November
    Thanks again
    Mortgage at highest start date - 25/9/2014 - £92000
    Mortgage now 13/4/2018 - £48,674
    MFD - October 2025 MF Goal Date 2021
    • teameffort
    • By teameffort 26th Nov 18, 10:15 PM
    • 97 Posts
    • 425 Thanks

    As I said previously I was planning to add most of my redundancy money to the mortgage over payment this month. However, my pay date has changed with my new job and will fall after the mortgage due date going forward so I won't be able to do this until the new year, when my pay day will change again.

    For now I will stick all of money in a savings account and get some of that nice interest on it

    Should the thread continue next year we plan on pushing the over payments even further, until then #143 reporting in with a total over payment of £736.28 for November.

    Bringing the 2018 over payments to date to £6174.58.

    Well done everyone, one more month to go!!!!
    Debt Free and Saving like mad
    Emergency fund £10,000/£10,000 We did it!

    2019 #49 MFW £2,176.80/£9,600.00
    2018 #143 MFW £6,903.63/£6500.00
    MFW balance as at Dec 18 91,000.00. Original end date 2043 goal 2023
    • Simon1999
    • By Simon1999 27th Nov 18, 7:50 AM
    • 14 Posts
    • 95 Thanks
    November 2018
    o/p £653.87
    Many thanks.
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