April 2027 here I come!

Tiglath

Hi all - just read through an old diary I kept on here in 2012 to 2014 to get debtfree (owed £97k mortgage + about £400k (yes really) on a secured loan, other loans, and numerous cards). Pleased to say we managed to pay it all off except the mortgage, and moved out of London to a smallholding in Kent. Currently selling my soul commuting 5 hours a day to the City, so I'm prioritising getting the mortgage paid off before my 60th birthday so I can just work locally until retirement at 65. My husband doesn't work - had a bit of a breakdown and left teaching, so now he is reclaiming the land and doing charity work.

Bought the smallholding for £550k in March 2018 (valued at roughly the same now on Zoopla), porting in part 1 below remaining mortgage from our London house. We took out an additional mortgage for renovations and owed £215,995 when we moved last year. Current outstanding mortgage is £195,527.66.

Part 1 £83,020.28. Fixed @2.53% till 30/9/2021. £632.60/month
Part 2 £112,507.38. Fixed @ 1.99% until 28/03/2023. £790.75/month

Total minimum repayment is £1423.35/month until April 2033, but I want it paid off by April 2027. I'm paying a total of £1900/month, with the extra £476.65/month being directed at Part 1 with the highest interest rate. Paying £22,800/year but approaching the 10% overpayment threshold at which point we would get charged interest, I think, at least in the early years of the mortgage.

So ... here's to the mortgage-free future

Moneyfordreams

Kent sounds idyllic but that commute :eek:
Have you a few years until you are 60?

FloraandFauna

The Tiglath? His Majesty Pileser? Welcome <bows to the floor>

Crikey, I thought my 4 hour commute was on the high side, so you have my sympathy! Same cause though - desire to live in rural peace and space trumps desire not to be on train.

Here's to your mortgage-free future! :T

savingholmes

Well done on what you have paid off. We would love a smallholding too. Good luck with your journey