Unexpectedly (Almost) mortgage free!
BlobCore
Forumite Posts: 49
Forumite
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
Comments
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That's great news@BlobCore! How exciting!Mortgage balance as of 21.7.21 - £75,766. (7 yr mortgage on 2 yr fix of 1.32%)Mortgage balance as of 20.8.22 - £58,445.08o/p 2021/2022 = £6,313/£7,500o/p so far 2022/2023 = £5,997/£5,997 Goal 1 - to be under 60k by 20.7.22✔️Goal 2 - to op 10% of mortg by 31.12.22✔️Goal 3 - to pay off mortgage by 7.1.2023 (Subject to sale of btl property)✔️Goal 4 - to pay off cc by end of Jan 2023 - £260.64/£1500Goal 5 - to pay off car loan by 31.8.23 - £1722.39/£10,0001
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Wow,well done, so quickly too! Best of luck in your new endeavours, it sounds lovely.
well done you. Enjoy.1 -
Sounds lovely. Good luck with the move.Target 1) Prioritise health & social connection 2) Write regularly 51,745/70,000 words Book 2 and 10,787/70,000 Priestess book, 44,000/95000 Memoir Prep 3) Get to £10K EF/Savings Now £7,048) MFW starting at £201,999 Nov 21 with 264 242 payments to go. Now £187,692 5) Mortgage neutral progress via pension £5,487 invested since Nov 21 6) Declutter - done 7) Invest in fun and frolics - and not just future self! 8) CC Debt free April 22 (now stay that way!!)0
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Exciting news!2017 - mortgage of £140,000 and interest rate of £10 a day
Feb 2021 mortgage of £103000
May 2021 mortgage of £100000
July 2021 mortgage of £97000
November 2021 mortgage of £93000
July 2022 mortgage of £84000
December 2022 mortgage of £790000 -
Thanks for the thoughts everyone. Sorry I didn't respond earlier had a bit of a nightmare last minute gazumping attempt!
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!0
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