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  • FIRST POST
    • julicorn
    • By julicorn 7th Dec 18, 12:43 PM
    • 837Posts
    • 3,433Thanks
    julicorn
    2019 Mortgage-Free Wannabes
    • #1
    • 7th Dec 18, 12:43 PM
    2019 Mortgage-Free Wannabes 7th Dec 18 at 12:43 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 7:31 AM.
Page 51
    • ChipAway
    • By ChipAway 7th Jun 19, 12:57 PM
    • 24 Posts
    • 156 Thanks
    ChipAway
    #101 - 200 for June

    Slowly upping it again but I still need my spare cash for an unexpected life event. Also I've been piling more into my SIPP so I'm unlikely to get back up to levels I saw earlier in the year.
    • Nest
    • By Nest 7th Jun 19, 1:56 PM
    • 1 Posts
    • 11 Thanks
    Nest
    Hi Its June and i'm new here so need a number, and I'm wanting to start with a target of 4,000 for the remainder of the year, which is a bit of a stretch. I'm excited to have some accountability buddies. thanks for adding me, Nest
    • julicorn
    • By julicorn 7th Jun 19, 4:34 PM
    • 837 Posts
    • 3,433 Thanks
    julicorn
    Number 99 checking in with a total for May OPs of 4621.70. This should finally take me out of the "we're slipping!" category

    I set up my S&S ISA in May, which accounts for the vast majority of this OP - whilst interest rates are low, I am intending to invest the majority of the money available for "OPs" into a "mortgage neutral" investment pot instead. I am viewing this as being the same as overpaying my mortgage, with the additional hope that it will give a bigger return than overpaying my mortgage would. I am still making, and will continue to do so, little ad hoc overpayments from Tilly tidies, savings interest, TopCashBack payments etc.
    Originally posted by pinknsparkly
    Well done, and congratulations on your big overpayment! Would you like me to adjust your savings goal?
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 159,950
    • julicorn
    • By julicorn 7th Jun 19, 4:37 PM
    • 837 Posts
    • 3,433 Thanks
    julicorn
    Hi Its June and i'm new here so need a number, and I'm wanting to start with a target of 4,000 for the remainder of the year, which is a bit of a stretch. I'm excited to have some accountability buddies. thanks for adding me, Nest
    Originally posted by Nest
    Hi Nest, welcome to the challenge! You're our #102
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 159,950
    • Tartan Mum
    • By Tartan Mum 8th Jun 19, 10:21 AM
    • 143 Posts
    • 777 Thanks
    Tartan Mum
    Hello! June OP made for a total of 501.96 to end up with a round figure. My total 2019 OP are now 2,558.60
    I've already smashed my target for the year which I now see was too low.
    Juliecorn - would it mess things up if I up this year's OP target to 4100?
    This would take my balance down to the next 10 thousand.
    Feeling pretty motivated thanks to the accountability here and checking in on everyone else. Thanks Juliecorn for hosting!
    #68 MFW 2019 challenge
    3008.52/2400 4100 new target!
    • taka
    • By taka 8th Jun 19, 5:59 PM
    • 3,294 Posts
    • 17,636 Thanks
    taka
    Slight aside to our payments - has anyone on here considered how to reduce the redemption fee and admin fee when paying off your mortgage? We stayed with friends at the weekend who have left their mortgage to run its full course and pay 42p a month.
    Originally posted by Suffolk lass
    I'm with Nationwide and I'm on the BMR so no early repayment charge. Also as my mortgage is now within 10 years of the original end date so I'll have no mortgage exit admin fees to pay either. As I live in Scotland I think I need to get a solicitor involved to discharge the security charge on my property when my morgtage is done though - seems like 300+ is a likely cost. Joy...
    2019 MFW #51 1100.07/1997.77
    MFiT-5 no 45
    MF date Dec 27, Oct 25
    You can't fly with one foot on the ground!
    • lindez
    • By lindez 8th Jun 19, 7:44 PM
    • 550 Posts
    • 2,457 Thanks
    lindez
    Good evening all.
    #44 with over payment for June 261.00 will try and top up throughout the month.
    Thank you Julicorn.
    MFWB#44
    MFTT5 #28
    save 12k in 2019 #71
    • Cherryfudge
    • By Cherryfudge 10th Jun 19, 9:16 AM
    • 3,272 Posts
    • 21,110 Thanks
    Cherryfudge
    Number 30 with an initial June OP of 258.51, thanks Julicorn.

    Hoping to round that down at the end of the month as that would bring my mortgage under five and a half thousand.
    MFW #30 Overpaid by 4,100.58/3000 in 2018 Overpaid by 2877.91/2,880.00 to 04/09/19. Decluttered in 2019: 1,899/2,019 as of 11/10/19
    • MrsMouse
    • By MrsMouse 10th Jun 19, 1:02 PM
    • 34 Posts
    • 200 Thanks
    MrsMouse
    Number 47 checking in with an overpayment of 46.94 please, which should bring my total so far this year to 543.49
    MrsMouse

    #47 - 2019 MFW (Target: 699.15/1000.00)
    #15 - 3/6 month Emergency Fund Challenge
    • julicorn
    • By julicorn 10th Jun 19, 2:16 PM
    • 837 Posts
    • 3,433 Thanks
    julicorn
    Number 47 checking in with an overpayment of 46.94 please, which should bring my total so far this year to 543.49
    Originally posted by MrsMouse
    All logged! I'm 'only' getting a YTD total of 542.59 though, just wanted to check if I'm missing any if your overpayments? It's just 90p, but just wanted to make sure it's all up to date
    Original mortgage: December 2017, 203,495
    MFW start: April 2018, 201,800
    Current: 159,950
    • MrsMouse
    • By MrsMouse 11th Jun 19, 11:55 AM
    • 34 Posts
    • 200 Thanks
    MrsMouse
    All logged! I'm 'only' getting a YTD total of 542.59 though, just wanted to check if I'm missing any if your overpayments? It's just 90p, but just wanted to make sure it's all up to date
    Originally posted by julicorn
    Probably my mistake. I've changed my signature of 542.59. Thank you
    MrsMouse

    #47 - 2019 MFW (Target: 699.15/1000.00)
    #15 - 3/6 month Emergency Fund Challenge
    • f0xh0les
    • By f0xh0les 11th Jun 19, 12:17 PM
    • 2,544 Posts
    • 23,506 Thanks
    f0xh0les
    Hoping to round that down at the end of the month as that would bring my mortgage under five and a half thousand.
    Originally posted by Cherryfudge

    How very jolly exciting!
    MFW5/16 118,340 10/17109,49 12/17 108,8 1/18 108,33/18 108,5 4/18108,1 5/18106,9 6/18105,9, 7/18105,3 8/18103,9 9/18102,9 10/18101,9 11/18101,3 12/18100,7 1/19 99,999 2/19 99,500 1/3 98,91/4 98,5 1/5 97,9 1/6 97,5 1/7 96,9. 1/8 96,500 1/9 95,970.00 1/10 95,500 MFW 2019 #65
    L&C Referal code- https://referme.to/GNNHtJo
    • Schoolworker
    • By Schoolworker 12th Jun 19, 6:36 AM
    • 358 Posts
    • 849 Thanks
    Schoolworker
    No 72 reporting in. I made an overpayment of 140 for June.
    • Rainbowsky
    • By Rainbowsky 12th Jun 19, 6:36 AM
    • 27 Posts
    • 209 Thanks
    Rainbowsky

    Hi
    #34 signing in with a further OP of 300 making a total for June of 1300. Well done everybody for June so far
    Thanks to Julicorn as always.
    MFW #34 2019 5230/5000
    • Suffolk lass
    • By Suffolk lass 12th Jun 19, 7:46 AM
    • 3,304 Posts
    • 29,377 Thanks
    Suffolk lass
    #37 here. Topping up my OP so 467.92 now 954.92 so far for June. This takes us under 32k left - regular steps.

    Well done everyone and thanks JC, your efforts are much appreciated
    Save 12k in 2019 - #68 target is 7k 8,766.30 after Sep
    OS Grocery Challenge 2019 target 3k - 57.28% spent after Sep
    Mortgage Free Wannabes 2019 #37 108.23% 43,292.24 including Sep - reducing now to avoid fees
    MFIT T5 target to clear our mortgage completely (59,998) Q2 30,085 or 50.14% paid
    My DFD is here
    • frugal_lass
    • By frugal_lass 14th Jun 19, 10:21 AM
    • 61 Posts
    • 684 Thanks
    frugal_lass
    #19 checking in with a payment of 198.46 for June ��
    MFW2019 #19 Target 2019 2074.75/2019
    Make 2019 in 2019 #43 2001.92/2019
    • YouWithTheSadEyes
    • By YouWithTheSadEyes 14th Jun 19, 1:10 PM
    • 16 Posts
    • 132 Thanks
    YouWithTheSadEyes
    #79
    60 sent over to the mortgage. First overpayment in a while to bring my total for the year to 380 so far.
    Thanks in advance for updating.
    MFW 2019 #79 570/2000
    Save 12k in 2019 #127 4750 / 4000
    • ilselm
    • By ilselm 14th Jun 19, 2:10 PM
    • 41 Posts
    • 322 Thanks
    ilselm
    #106 here with the quick update that a further 900 has been paid off the mortgage. Thanks,

    June total: 2,300
    2019 total: 9,903 / 20,000
    MFW 2019 #106: 25,923 / 28,000 | MFiT-T5 #4: 24,785 / 45,200 | Save 12k in 2019 #114: 91,482 / 100,000 | Mortgage: 250,000 (01/13) / 95,415 (10/19)
    • teameffort
    • By teameffort 14th Jun 19, 7:27 PM
    • 111 Posts
    • 517 Thanks
    teameffort
    Hi All

    #49. 720 overpaid today

    Its amazing to see how much has gone from the mortgage in the past year

    happy weekend all

    Teameffort
    Last edited by teameffort; 15-06-2019 at 8:16 AM.
    Emergency fund saved, we did it!!

    2019 #49 MFW 8,318.78/9,600.00
    2018 #143 MFW 6,903.63/6500.00
    MFW balance as at Dec 18 91,000.00. Original end date 2043 goal 2023
    • Hettyhound
    • By Hettyhound 14th Jun 19, 9:07 PM
    • 279 Posts
    • 1,608 Thanks
    Hettyhound
    Number 90 with a payment of 20; thanks Prolific! Total so far for June is at 220.
    SPC #120
    MFW #90 Mortgage start Dec 2015 79,950; October 2019 59,439.51; 2019 OP 1392.75/1500
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