Plan for a Sea View - Take 2

Sugarplump

So it seems a few years have passed since I updated my last thread about trying to clear my mortgage, so long in fact that my thread has been closed so I am starting a brand new one.
Who doesn't love a fresh start.

The aim is still the same, get this mortgage paid off ASAP to concentrate on life goals. Have been remembering to enjoy life along the way though. We've had a lovely new kitchen fitted during Covid and in a few weeks we are getting our garden some TLC, our fence has seen better days and our dearly departed doggies have not been too kind on our grass, so going for some stunning new paving. We have quite a large garden, the perks of buying an older house, so there will still be plenty of grass. We have a new cat now, a mischievous little man called Ludo, who I am sure will love some more places to sunbathe.

We also made the decision to use my last years Christmas bonus to treat ourselves so have been on our first ever cruise. This is definitely something we would like to repeat but with our eldest going into year 10 it means we'd likely have to go in school holidays and those prices are HUGE!!! This year we took them both out of school for 2 weeks and paid our fines.

Anyway back to the mortgage. Our current balance is £24,579 and our fix rate of 2.69% has just ended. We have taken the gamble of being on the SVR for a few months in the hope that rates fall rather than fixing on high rate. The current SVR with our lender is 7.59% but to be fair with our balance being quite low our payments haven't increased that much.

I am still over paying around £300 per month, but sending this to the mortgage every 2 months and requesting they reduce our term rather than our monthly payment. The aim is to have the mortgage clear by the time our eldest is 18 which is 2026, but I like a challenge so am seeing if we can get it clear by the time I am 43, which takes us down to 2025 so it might be a stretch but I'm willing to give it my all.

So here's to mortgage free by 43!