Pay off mortgage and start having fun!

Hi vix, not sure we have picked the right week, I m feeling rough still and heavy rain is forecast for saturday again, at least we can use the kagools we bought last time we went :rotfl:

Had a look at the mortgage spreadsheet last night, we have exactly 2 years 6 month left now and will be left with a balance of around £30k if we are pretty frugal and don’t book anymore holidays /cars. So we’d will need to remortgage really rather than get a loan out for the remainder to clear it, So en extra 21 months or so after we have finished to pay the remainder off. So a total of 53 months (bearing in mind the next two months are basically massively reduced due to paying for a trip and giving Dd a lump sum.)

The factory mortgage ends sept 2023 (current home mortgage April 2022) at which point we can redirect the rent after tax and Accountancy fees deduced and put £1400 pm into the the home mortgage for the last 12 months clearing it in Oct 2024 , so 60 months (starting properly jan 2020).

I’ve been not spoken to dh yet about this and we had decided to keep the business separate, but it would release a lot of pressure and uncertainty regarding the balance left at the end and how realistic it is to be frugal for a whole five years at this point in our lives.

It would reduce or payments by £5-600pm or so :eek: whilst only adding around 7 months to term. Obviously it’s a years less rent we would have to spend when the time comes. It still allows for plenty of extra ops to reduce that extra term a bit, but it seem so like a more even balanced approach.

I’ve been very hung up on being mf at April 2022 as when I joined mse in 2010 I remortgaged (£182 k odd I believe) from around 33 years to 12 and so it’s really been that end date for the whole journey But even if we didn’t eat for the next 2&1/2 years we couldn’t pay it off and take a small loan out for the balance so I need to probably let it go. We have had other big expenses along the way , like the new kitchen and loft conversion (around £47k).

I need to have a clear plan for 2020 onwards as everything has been so up in the air with spending this year, we still haven’t got a final bill from the builder!

Next year I want to be more focused and organised, being frugal as much as possible on the stuff that doesn’t matter and spending on having fun with the (big!) kids , dh, friends and family and also setting aside some money for when dd moves out /gets married to contribute a bit.

Phew, off to work now

Thanks everybody I’m sure people in the “real world” would think it’s a bit obsessive, being so hung up on paying the mortgage off by a certain date I’ve still not had a chance to talk to dh about it yet, he was late yesterday and will be super late tonight too, I’ll get him in the car on the way to York - a captive audience :rotfl:

Well done Radish for reaching your goal - ahead of target too :T

Hi debtfreeoneday, keep going at it we will get there eventually

Hi vix, weather does look rough! we had pouring rain all weekend in summer too

I went out for a few hours today, picked up currency ordered for Budapest and met up with ds2’s girlfriend for coffee. I may have ended up buying her, myself and dd matching red tartan pjs from primarni to wear at Xmas :xmassmile