Our road to mortgage freedom

I don't know how well I'll maintain this as a diary, but thought I'd share our story so far.
We bought our home back in January 2015, as we only had one earner to make it more affordable we took the mortgage of £107,200 out over a whopping 32 years. We started a two year fixed deal during which we only made 2 x £200 overpayments - balancing one wage and 3 children can be challenging at times.

When we came to remortgage our balance was down to around £102k, our objective was to knock a few years off, our broker assumed for a bit extra we could knock 2 years off, we did better 7 years off for an extra £50pm. Our ambition well my ambition remained to be MF by 50, and hoped future pay rises and an eventual 2nd wage once the youngest went to secondary school would help achieve this, then life took a turn...

3 years and 4 months into home ownership, my Husband suffered a massive heart attack, and turned our lives upside down, thankfully he continues to make a good recovery. There was a silver lining, when I recalled the life and critical illness policy I took out at the last remortgage, dealing with the stress of the situation I read the policy to say that we'd get £15k if it was a successful claim. Started the process and after a week or so and my brain started to function better and as I dreamt of how the £15k could improve my husband's life and maybe even pay for a holiday, it dawned on me I'd read the policy wrong, the critical illness matched our outstanding mortgage.
Well I was convinced it would never happen, that kind of thing doesn't happen to people like us. 3 months after his HA, our insurance company advised that our claim was Successful and £102k would be paid into our account within 5 working days!!

Our first thoughts had been to pay the mortgage off, using every single penny of it and we didn't really like the thought of that especially as the mortgage was so affordable.

At this point our o/s mortgage was £96k with £5k ERC, with my husband not fully compus mentus following his brush with death we decided not to rush into anything and in August we paid a full 10% over payment of £9,600 and have set aside the money to pay a further 10% for the remaining 3 years of our fixed mortgage.

At this point we estimate we'll owe £50k, but we'll have around £60-65k left in the bank (unless we have a big win on the premium bonds or an unexpected large bill or two)
We are undecided whether to pay off the mortgage or keep it going and really work at using our income to reduce the mortgage rather than our savings.

We aren't in our forever home, and anticipate moving in 7 years, but my aim remains to be MF in 13 years ready for my 50th birthday.

Would be interesting to hear others views on our methods to mortgage freedom,

If you made it to the end thank you for reading
Make £2023 in 2023 (#36) £133.49/£2023
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