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  • FIRST POST
    • julicorn
    • By julicorn 7th Dec 18, 1:43 PM
    • 636Posts
    • 2,711Thanks
    julicorn
    2019 Mortgage-Free Wannabes
    • #1
    • 7th Dec 18, 1:43 PM
    2019 Mortgage-Free Wannabes 7th Dec 18 at 1:43 PM
    Welcome to the Mortgage Free Wannabe 2019 thread!

    First of all, huge thanks to hiddenshadow for setting up and running the last few challenges, and also for pawlala for updating the spreadsheet last year. Without you, I doubt we would have been able to overpay anywhere near as much as we did.

    Because I don't think it can be said any better, here is the intro text from the previous years:

    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 2019. 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 January 1st-December 31st 2019, 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 2019 spreadsheet HERE

    Links to previous challenges are here:

    TO JOIN

    If you've participated in the last few years, please let me know by the end of January whether you want to take part again and what your goal is for this year. Please also let me know whether you would like to keep your number or whether you don't mind - I want to re-allocate some of the 'lower' numbers, so now is your chance to snap up one that isn't triple digits.

    For all the new participants, please post on the thread and I'll allocate you a number - numbers will be first come, first served.

    Bear in mind that the challenge runs for the 2019 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 MFW2019 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 also don't have to be limited to just your stats - a bit of chat and encouragement can be hugely motivating.

    Finally: It's a new spreadsheet, and (as much as I hope not!) it may have the odd teething problem to start with. If you spot any mistakes, let me know, and I'll try and fix them ASAP. Similarly, if you have any requests for additional stats/features, let me know, and I'll see what can be done.
    Last edited by julicorn; 05-01-2019 at 8:31 AM.
Page 16
    • julicorn
    • By julicorn 12th Jan 19, 7:09 PM
    • 636 Posts
    • 2,711 Thanks
    julicorn
    I have somehow missed this challenge even though I have been on the MFW bandwagon for a year. You are all so inspiring, some amazing targets have been set for all budgets. I need to up my game
    Originally posted by sofarbehind
    Never too late to join! I can add you if you let us know your target for this year
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £178,150
    • sofarbehind
    • By sofarbehind 12th Jan 19, 7:26 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    Never too late to join! I can add you if you let us know your target for this year
    Originally posted by julicorn
    Thanks I am going to go over my budget and think about how much I can increase my OPs....will let you know. I think I can do more than the £6500 I was aiming for but I need to build an emergency fund again.

    It's very motivating to see everyone else making so much progress.
    Mortgage overpayments 2018: £4602
    Mortgage overpayments 2019: £1741
    mortgage 2017 £145K, Feb 2019 £129.5k
    • julicorn
    • By julicorn 12th Jan 19, 8:03 PM
    • 636 Posts
    • 2,711 Thanks
    julicorn
    Thanks I am going to go over my budget and think about how much I can increase my OPs....will let you know. I think I can do more than the £6500 I was aiming for but I need to build an emergency fund again.

    It's very motivating to see everyone else making so much progress.
    Originally posted by sofarbehind
    Cool - I've added you as #145 with a placeholder goal of £6.5k, can always update that if you want to change it Welcome to the challenge!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £178,150
    • BookmobileBadGirl
    • By BookmobileBadGirl 12th Jan 19, 9:51 PM
    • 143 Posts
    • 195 Thanks
    BookmobileBadGirl
    #52

    Payment for January £500.08

    Little TT hence the extra 8p
    Currently (10/02/2019) £64,300 Aim (05/11/2021) £50,000

    Mortgage - Shared Ownership 25% £75,300 - MF December 2051 December 2046
    • worklifebalance
    • By worklifebalance 12th Jan 19, 11:49 PM
    • 59 Posts
    • 529 Thanks
    worklifebalance
    Can i please join in again this year? Was no 57 last year. Not really sure what this year brings as I'm hoping for voluntary redundancy but going to set a target of £12,000 based on our current situation!
    SPC #459 no 8 2015 £203 2016 £157 2017 £70
    starting mortgage £120,000 June 2012
    OP 2015 £5000, 2016 #57 £28866/ £25000
    • julicorn
    • By julicorn 13th Jan 19, 8:33 AM
    • 636 Posts
    • 2,711 Thanks
    julicorn
    Can i please join in again this year? Was no 57 last year. Not really sure what this year brings as I'm hoping for voluntary redundancy but going to set a target of £12,000 based on our current situation!
    Originally posted by worklifebalance
    Welcome back - #57 is all yours All the best for 2019!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £178,150
    • sofarbehind
    • By sofarbehind 13th Jan 19, 12:06 PM
    • 312 Posts
    • 1,338 Thanks
    sofarbehind
    Cool - I've added you as #145 with a placeholder goal of £6.5k, can always update that if you want to change it Welcome to the challenge!
    Originally posted by julicorn
    Brilliant! Thanks very much julicorn. That is perfect. I will work on the emergency fund and then review my target.
    Mortgage overpayments 2018: £4602
    Mortgage overpayments 2019: £1741
    mortgage 2017 £145K, Feb 2019 £129.5k
    • ang4k
    • By ang4k 14th Jan 19, 11:09 AM
    • 60 Posts
    • 369 Thanks
    ang4k
    Hi
    Well on the to target as mortgage overpayment for January is £2150.00. Will be slowing down for the next six months as only able to pay 10% off each year but a good start. Thank you Ang4k number 17
    Is anybody able to advise me why I can’t update signature please. It will edit but doesn’t come through when I post thank you
    MFiT-T4- reduce mortgage from 61000 to 40000
    2018 MFW no 17 : 8000/10100.00. 2019 MFW no 17: 2150/8000
    MFIT-T5-completely clear my £35000.00 mortgage
    • f0xh0les
    • By f0xh0les 14th Jan 19, 11:58 AM
    • 2,144 Posts
    • 19,155 Thanks
    f0xh0les
    Might be too long ang4k? Can't think of any other reason, try messing with font sizes/ merging or fewer lines - that is all I can think of, off the top of my head...
    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- https://doblotto.com/r/1f87a3
    • Dobbibill
    • By Dobbibill 14th Jan 19, 6:15 PM
    • 3,590 Posts
    • 4,764 Thanks
    Dobbibill
    it is character limited so too long could well be the case or clicking 'preview' rather than 'save' signature.
    • Dobbibill
    • By Dobbibill 15th Jan 19, 6:48 PM
    • 3,590 Posts
    • 4,764 Thanks
    Dobbibill
    Finally Mortgage OP time, feels like it's been ages.

    £63.11 added to round it up to a nice even number.
    £140 OP on top of that.
    £2.23 TT already added at the beginning of the month and posted here.


    January total - £205.34
    YTD - £205.34
    • Oliveroses
    • By Oliveroses 15th Jan 19, 10:10 PM
    • 11 Posts
    • 23 Thanks
    Oliveroses
    Hello! Can I join with a target of £600 for the year?
    I am new and have paid £50 for January (and ytd)
    X
    • ang4k
    • By ang4k 15th Jan 19, 10:47 PM
    • 60 Posts
    • 369 Thanks
    ang4k
    Thank you . I think too long is probably right so thank you for helping f0xh0les and dobbibill
    MFiT-T4- reduce mortgage from 61000 to 40000
    2018 MFW no 17 : 8000/10100.00. 2019 MFW no 17: 2150/8000
    MFIT-T5-completely clear my £35000.00 mortgage
    • julicorn
    • By julicorn 16th Jan 19, 8:38 AM
    • 636 Posts
    • 2,711 Thanks
    julicorn
    Hello! Can I join with a target of £600 for the year?
    I am new and have paid £50 for January (and ytd)
    X
    Originally posted by Oliveroses
    Hi Oliveroses, welcome to the challenge You're MFW number is 146.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £178,150
    • weenemo
    • By weenemo 16th Jan 19, 12:21 PM
    • 11 Posts
    • 32 Thanks
    weenemo
    Can I join please?
    In terms of the target is it how much I want to reduce the mortgage by, how much extra I plan to put in or total of usual payment plus extras?
    Not done this before, though have managed over payments since started the mortgage 18 months ago and have our own spread sheet and I'm hoping seeing other people doing well will urge me on.
    • julicorn
    • By julicorn 16th Jan 19, 12:59 PM
    • 636 Posts
    • 2,711 Thanks
    julicorn
    Can I join please?
    In terms of the target is it how much I want to reduce the mortgage by, how much extra I plan to put in or total of usual payment plus extras?
    Not done this before, though have managed over payments since started the mortgage 18 months ago and have our own spread sheet and I'm hoping seeing other people doing well will urge me on.
    Originally posted by weenemo
    Welcome, you're #150 now

    Most people tend to use how much they want to overpay (on top of their regular payments) as their goal, but other goals (e.g. balance reduction) are possible too. Amount overpaid is just quite a nice and easy one to track without having to keep an eye on interest
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £178,150
    • weenemo
    • By weenemo 16th Jan 19, 6:38 PM
    • 11 Posts
    • 32 Thanks
    weenemo
    No. 150

    Ok, Put me down for £12000. Also trying to build up savings a bit again as the car is now old enough to go to the pub without a responsible adult so need a wee bit of buffer too just in case it decides to pack it in.
    • Schoolworker
    • By Schoolworker 17th Jan 19, 6:16 PM
    • 320 Posts
    • 686 Thanks
    Schoolworker
    No 72 reporting in with a small overpayment of £50 for January.
    • Tartan Mum
    • By Tartan Mum 18th Jan 19, 10:29 AM
    • 134 Posts
    • 694 Thanks
    Tartan Mum
    #68 paid Jan OP of £230.93

    Yipee!
    #68 MFW 2019 challenge
    £1047.19/£2400
    • YouWithTheSadEyes
    • By YouWithTheSadEyes 18th Jan 19, 2:51 PM
    • 9 Posts
    • 68 Thanks
    YouWithTheSadEyes
    #122
    Just made my first overpayment. Sent over a test amount £20. Just got to wait up to 10 days (sigh) to see if itís worked.

    £20/£2000
    MFW 2019 #79 £265/£2000
    Save 12k in 2019 #127 £850 / £4000
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