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  • FIRST POST
    • julicorn
    • By julicorn 28th Nov 19, 11:45 PM
    • 1,017Posts
    • 4,496Thanks
    julicorn
    2020 Mortgage-Free Wannabes
    • #1
    • 28th Nov 19, 11:45 PM
    2020 Mortgage-Free Wannabes 28th Nov 19 at 11:45 PM
    Welcome to the Mortgage Free Wannabe 2020 thread!

    Over the last few years, this challenge has been providing support for everyone who wants to overpay their mortgage, whether it is by a big or small amount. Every little helps, and together we have been overpaying around a million pounds every year over the last few years!
    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 2020, and you can join or change your target at any time up until December 31st 2020. 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 2020 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 December 2019 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. One tiny tweak from the previous years - I'm only including numbers up to 150, unless we end up having more people sign up of course.

    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 2020 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 MFW2020 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 at all.

    Updates also don't have to be limited to just your stats - a bit of chat and encouragement can be hugely motivating.

    Finally: 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 for the spreadsheet, let me know, and I'll see what can be done.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £148,780
Page 17
    • BVic28
    • By BVic28 12th Jan 20, 8:09 PM
    • 91 Posts
    • 167 Thanks
    BVic28
    #35 - another OP of 19.62 made (TT and Shoppix payout) bringing this month’s total so far to £22.40
    Mortgage balance as of end of Dec 19 - £120,675
    MFW 2020 challenge #35 £22.40/£750; Jan running total - £22.40
    Save 12k in 2020 challenge #34 £115.33/£6000; Jan running total - £115.23
    • julicorn
    • By julicorn 13th Jan 20, 9:30 AM
    • 1,017 Posts
    • 4,496 Thanks
    julicorn
    Hello everyone!
    2019 number #129 here.
    Could I join this years?

    Overpayment goal for 2020: £2500
    Any number welcome.
    Thanks again Julicorn.
    Originally posted by Stimson_180
    Welcome back! I've moved you up to #107 if that's ok
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £148,780
    • giggleyay
    • By giggleyay 13th Jan 20, 10:17 AM
    • 21 Posts
    • 139 Thanks
    giggleyay
    Hi there,

    Could I join in please?

    Overpayment goal for 2020: £12,000

    Thanks Julicorn for organising
    MFW:
    01/2020: 137,900
    • kevdawn
    • By kevdawn 13th Jan 20, 2:07 PM
    • 2 Posts
    • 18 Thanks
    kevdawn
    Hi All,

    #89 - my overpayment for January is £1000

    Current mortgage balance £42905
    Aim to be mortgage free by Dec 21

    Thank you!
    D
    • charlie792
    • By charlie792 13th Jan 20, 3:29 PM
    • 1,715 Posts
    • 5,432 Thanks
    charlie792
    Hi everyone

    # 111

    First payment of the year - thankfully OH tax bill was lower than expected so moving the remaining amount to the mortgage instead £4250 so far this month.

    Hoping we might have an extra £1k or so to put to the mortgage after I get paid but I'll update in due course.


    This year is mega push year so target is £24600 - if we hit it, then only 4 payment to make next year and we're done
    Last edited by charlie792; 13-01-2020 at 3:33 PM.
    MFW 2020 #111 Offset Balance £51,022.99/ £78,714.01
    2020 Target £4,250/ £24,600
    Aug 2014 £114,750 -35 yrs (2049)
    Sept 2016 £104,800
    Nov 2018 £82,500 -24 yrs (2042)

    Aim Mortgage Free by March 2021
    • julicorn
    • By julicorn 13th Jan 20, 7:20 PM
    • 1,017 Posts
    • 4,496 Thanks
    julicorn
    Hi there,

    Could I join in please?

    Overpayment goal for 2020: £12,000

    Thanks Julicorn for organising
    Originally posted by giggleyay
    Of course, and welcome to the challenge! I've given you #108.
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £148,780
    • julicorn
    • By julicorn 13th Jan 20, 7:22 PM
    • 1,017 Posts
    • 4,496 Thanks
    julicorn
    Just a quick update to say we've increased our collective target to over £700k now, and have overpaid over £50k so far - great work everyone!
    Original mortgage: December 2017, £203,495
    MFW start: April 2018, £201,800
    Current: £148,780
    • Bake-a-Cake
    • By Bake-a-Cake 14th Jan 20, 7:15 AM
    • 17 Posts
    • 172 Thanks
    Bake-a-Cake
    #46. I`ve managed to overpay another £185 so my January total so far is £500.
    2020 Annual Grocery Challenge £5200.00/Jan £266.69
    2020 NSD Groceries 04
    MFW 2020 #46 £7000 = Jan£500 Feb£000 Mar£000 Apr£000 May£000 Jun£000 Jul£000 Aug£000 Sept£000 Oct£000 Nov£000 Dec£000 .
    • OhtobeMortgageFree
    • By OhtobeMortgageFree 14th Jan 20, 9:22 AM
    • 169 Posts
    • 503 Thanks
    OhtobeMortgageFree
    #93 checking in with another £10 overpayment to take me up to £40 so far for January. Not much I know, but will all hopefully make a difference! 🙂
    Original mortgage total: £140,000.00 (July 2015) Original mortgage end date: June 2040
    Mortgage free start date: 16th October 2018 Mortgage total at this point: £132,829.12
    Current mortgage total: £124,315.99 Current mortgage end date: June 2038
    Total overpayments so far: £1585
    MFW 2020: £60 / £5000
    Daily interest: £7.59 > £7.13
    • fruitloop04
    • By fruitloop04 14th Jan 20, 10:30 AM
    • 262 Posts
    • 765 Thanks
    fruitloop04
    #52 with another OP of £6.09 (from reward card!)
    Total for Jan so far - £840.43

    Thanks Julicorn!
    01.05.2019 - Re-Mortgage - £142,000 Total overpaid to date: £7462.28. Mortgage amount 31/12/19 £132746.32

    MFW #52 £874.958/£12000
    Make £2020 in 2020 #60 - £231.44/£2020
    • Runders
    • By Runders 14th Jan 20, 1:47 PM
    • 272 Posts
    • 845 Thanks
    Runders
    HI all,

    I had some work expenses about that I had forgotten about, so I have sent half to the mortgage and half to my holiday fund.

    So another Jan OP of £58.85, taking my total for Jan to £172.14

    Thanks
    MFW Start: Sep 2014 - £110,844, July 2019 New Home £190,995
    Current: £82,999.69 £190,972.18 £188,091.57
    2020MFW #97 OP Goal £172.14/£3000
    2019MFW #109 OP Goal £1024.99/£1000
    • fruitloop04
    • By fruitloop04 14th Jan 20, 6:40 PM
    • 262 Posts
    • 765 Thanks
    fruitloop04
    #52 updating again today!

    Another £5 OP from a survey payout

    Total for Jan - £845.43
    01.05.2019 - Re-Mortgage - £142,000 Total overpaid to date: £7462.28. Mortgage amount 31/12/19 £132746.32

    MFW #52 £874.958/£12000
    Make £2020 in 2020 #60 - £231.44/£2020
    • Suffolk lass
    • By Suffolk lass 15th Jan 20, 8:20 AM
    • 3,571 Posts
    • 30,967 Thanks
    Suffolk lass
    #37 here - made a cheeky additional OP so my total for January is now £293.23 please
    Save £12k in 2019 - #68 £9.396.36/£7,000 134.23% total
    Save £12k in 2020 - #20
    OS Grocery Challenge 2020 target £0/£3k 0% so far
    Mortgage Free Wannabes 2020 #37
    MFIT T5 No 2 £42,188/£59,998 or 70.32% paid after Q3
    My DFD is here
    • teameffort
    • By teameffort 15th Jan 20, 7:58 PM
    • 123 Posts
    • 596 Thanks
    teameffort
    Happy Jan all

    #14 checking in with the first O/P of the year for £720.00

    We'll see if we can add to this by the end of the month.

    Thanks Julicorn

    Teameffort
    Emergency fund saved, we did it!!

    2020 #140 MFW £729.00/£9,500.00
    2019 #490 MFW £9,964.78/£9,600.00
    2018 #143 MFW £6,903.63/£6,500.00
    MFW balance as at 31 Dec 19 77,875.00. Original end date 2043 goal 2023
    • miss undastood
    • By miss undastood 15th Jan 20, 10:08 PM
    • 177 Posts
    • 469 Thanks
    miss undastood
    Happy new year everyone. Let’s all reduce our mortgages.

    Every overpayment big or small adds up.

    The change from lunch, Tilly tallies where you leave your current account to the nearest £1, £10 or £100, loose change at the end of the week. Whether it’s £1 or £100 it all adds up over the length of the mortgage.

    I’m #56 and I have made a January OP of £877.29, I have set up my regular OP monthly to be £828.21

    In the last few weeks I have made an exciting life choice. I have taken out a further advance and a BTL mortgage. Completed in early Jan and have a tenant moving in next week. It’s been a whirlwind - and another 2 mortgages to work on paying down! Feeling hugely in debt - all of my mortgages add up to around £460k and I work just 2 days a week! I have a plan, and I will get it to a manageable level in the next 10 years all being well. Anyway. Enough waffle from me.

    Good luck everyone and happy overpaying!
    • Jessy103
    • By Jessy103 16th Jan 20, 7:39 AM
    • 602 Posts
    • 2,435 Thanks
    Jessy103
    Hi Everyone! Hope you're all keeping well

    No.12 reporting a further payment for January of £200, bringing the total for January to £836.45.

    Thanks
    Jess
    Starting Mortgage Balance (June 2019) £72,000
    Mortgage Balance as of 31/12/19 £69,000
    2020 Overpayment Challenge: Jan £836.45
    • Bounty123
    • By Bounty123 16th Jan 20, 8:35 PM
    • 37 Posts
    • 205 Thanks
    Bounty123
    Hi everyone,

    No.23 stopping by. January overpayments of £182.

    Bounty
    1 debt vs 100 days chapter 34 No:2
    SPC 13 No:113
    2020 MFW No:23
    • Suffolk lass
    • By Suffolk lass 17th Jan 20, 8:59 AM
    • 3,571 Posts
    • 30,967 Thanks
    Suffolk lass
    Happy new year everyone. Letís all reduce our mortgages.

    Every overpayment big or small adds up.

    The change from lunch, Tilly tallies where you leave your current account to the nearest £1, £10 or £100, loose change at the end of the week. Whether itís £1 or £100 it all adds up over the length of the mortgage.

    Iím #56 and I have made a January OP of £877.29, I have set up my regular OP monthly to be £828.21

    In the last few weeks I have made an exciting life choice. I have taken out a further advance and a BTL mortgage. Completed in early Jan and have a tenant moving in next week. Itís been a whirlwind - and another 2 mortgages to work on paying down! Feeling hugely in debt - all of my mortgages add up to around £460k and I work just 2 days a week! I have a plan, and I will get it to a manageable level in the next 10 years all being well. Anyway. Enough waffle from me.

    Good luck everyone and happy overpaying!
    Originally posted by miss undastood
    Gosh you are brave! I know it is different times but we agonised before adding £90k to our mortgage and our experience with our 2nd house is that occupants have not always paid. I hope your plans run smoothly for you.
    Save £12k in 2019 - #68 £9.396.36/£7,000 134.23% total
    Save £12k in 2020 - #20
    OS Grocery Challenge 2020 target £0/£3k 0% so far
    Mortgage Free Wannabes 2020 #37
    MFIT T5 No 2 £42,188/£59,998 or 70.32% paid after Q3
    My DFD is here
    • bigbeff
    • By bigbeff 17th Jan 20, 7:46 PM
    • 537 Posts
    • 4,126 Thanks
    bigbeff
    #9 another £20 today making total paid this month £739.74
    #41 2020 £2 savers club £10/£200
    #52 Saving for Christmas 2020 - £1 a day challenge £86/£366
    #12 365 Day Penny Challenge 2020 £49.04/£671.71
    #9 Mortgage free wannabe £739.74/£8000
    1% mortgage club £190/£690 Debt free Sept 2027....
    • GlendaSugarbean
    • By GlendaSugarbean 18th Jan 20, 8:32 AM
    • 635 Posts
    • 4,609 Thanks
    GlendaSugarbean
    Hello - is it too late to join in again for 2020? No OPs so far this year but aiming for one when I'm paid later in the month.
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