Unexpectedly (Almost) mortgage free!

BlobCoreBlobCore Forumite
36 Posts
Third Anniversary 10 Posts Name Dropper
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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!

Replies

  • Mickyh-sMickyh-s Forumite
    164 Posts
    Fifth Anniversary 100 Posts Photogenic Name Dropper
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    That's great [email protected]! 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 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
  • L9XSSL9XSS Forumite
    238 Posts
    100 Posts Second Anniversary Name Dropper
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    Wow,well done, so quickly too! Best of luck in your new endeavours, it sounds lovely.
    well done you. Enjoy.
  • savingholmessavingholmes Forumite
    19.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Forumite
    Sounds lovely. Good luck with the move.
    Target 1) Debt free April 22 Target 2) Lose weight & get fit (started) 3) Write regularly 41426/70000 words Book 2 4) Develop passive income streams 5) Get to £3K EF (at £2.2K June 22) 6) Declutter 7) MFW starting at £201999 Nov 21 with 264 257 payments to go. Now £196,869. 8) Mortgage neutral progress (via private pension starting value c£3643 Nov 21) extra payments £312 including tax relief
  • AgathaSquirrelAgathaSquirrel Forumite
    124 Posts
    100 Posts First Anniversary Name Dropper
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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
  • BlobCoreBlobCore Forumite
    36 Posts
    Third Anniversary 10 Posts Name Dropper
    Forumite
    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!
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