Unexpectedly (Almost) mortgage free!
BlobCore
Forumite 36 Posts
So excited just needed to share! 
We've been dreaming of a move to the country in our retirement, grow our own, keep chickens, the usual "Good Life" stuff. Then came pandemic which motivated us to think about it early... Don't see family enough at the best of times so now I can work anywhere with good internet why can't we be closer?
Inertia prevailed and we did nothing until last week. Last Thursday called estate agents, 6 days, 20 viewings and 4 offers later we've sold (STC) for £25k over asking price.
Yesterday had offer accepted on our dream new home! The speed of the market is insane!
Maths:
Sell Price South East Home - £525k
Outstanding Mortgage - £140k
Equity - £385k
Buy Price North Wales - £400k
mortgage required £15k Woo Hoo!
House is bigger, recently refurbished, massive garden / field. less than an hours drive from parents (close but not too close!)
Yes it's all STC, surveys etc. but both other parties are chain free. I enjoyed giving property developers offer the finger in favour of a newly married teacher and doctor as a bonus.
So all being equal I can clear that mortgage in under 2 years, a decade ahead of plan and have an extra grand a month for investing fun!
Happy Friday!
We've been dreaming of a move to the country in our retirement, grow our own, keep chickens, the usual "Good Life" stuff. Then came pandemic which motivated us to think about it early... Don't see family enough at the best of times so now I can work anywhere with good internet why can't we be closer?
Inertia prevailed and we did nothing until last week. Last Thursday called estate agents, 6 days, 20 viewings and 4 offers later we've sold (STC) for £25k over asking price.
Yesterday had offer accepted on our dream new home! The speed of the market is insane!
Maths:
Sell Price South East Home - £525k
Outstanding Mortgage - £140k
Equity - £385k
Buy Price North Wales - £400k
mortgage required £15k Woo Hoo!
House is bigger, recently refurbished, massive garden / field. less than an hours drive from parents (close but not too close!)
Yes it's all STC, surveys etc. but both other parties are chain free. I enjoyed giving property developers offer the finger in favour of a newly married teacher and doctor as a bonus.
So all being equal I can clear that mortgage in under 2 years, a decade ahead of plan and have an extra grand a month for investing fun!
Happy Friday!
7
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7 yr mortgage on 2 yr fix of 1.32%
Mortgage balance as of 21.7.22 - £??
o/p 2021/2022 = £6,313/£7,500
o/p so far 2022/2023 = £???/£5,950
Goal 1 - to be under 60k by 21.7.22✔️
Goal 2 - to be under 45k by 21.7.23
Goal 3 - to pay off mortgage by 30.6.2025
well done you. Enjoy.
Feb 2021 mortgage of £103000
May 2021 mortgage of £100000
July 2021 mortgage of £97000
November 2021 mortgage of £93000
So had to up our offer slightly and after detailed discussions with mortgage advisor have decided to keep the mortgage at £30k. Still that's a huge improvement down from £140k and should only take a couple of years to clear totally!
Have a great weekend!