02. 06. 2014

Mortgage Freedom


Original Mortgage: £138,485 (April 2006)
Original term: 300 months (March 2031)
Balance last month: £69,406.88
New Balance: £68,915.24
Paid off to date: £69,569.76
Actual payments left: 193
(Original) Months until goal date: 42 (31st Dec 2017)

50.23% of mortgage debt repaid! Woo!!

If all goes to plan with our house move then this should be my penultimate mortgage report. We’re perhaps, by downsizing, cheating a little to achieve mortgage freedom, but it feels like the right thing to do.



In 2014 my husband & I downsized our home to speed up our quest for Financial Freedom. We swapped our large three bed house, for a small two bed apartment to clear our mortgage and give us enough budget freedom to travel and still save for the future. Our dream, after achieving Financial Freedom, is to spend part of every year living abroad.

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18 Responses to “Mortgage Freedom: June 2014 Report”

  1. Gill says:

    Well done you on achieving the 50%. Downsizing is not a bad thing it is a good thing and if it means you will be mortgage free then all the better.


  2. living cheap in London says:

    I’m sure it’s going to feel pretty special to get that “no mortgage” feeling. Ours is a few years away yet, but I can sense it coming onto the horizon.

    Will you have the opportunity to extend your new home in the future if you need more space? We needed more room when kids came along & thankfully were able to push into the loft for an extra room rather than hand hard earned £’s to the tax man in the form of stamp duty to get a new home.

    Just a thought. LCIL

    • Laura says:

      Hi LCIL

      No there’s no way at all to increase the size as we’re moving into an apartment. My kids are all in their twenties now and we’re at the other end of needing more space…hopefully ;)

      Our current home had the potential to add a loft space, we just never needed to do it. If we’d had needed more space we would definitely of started there before paying for a move.

      Thanks for stopping by :)

      • living cheap in London says:

        That makes a lot of sense then. I have a friend who’s parents have done similar – sold the larger home & now live in a flat in close to the centre of Bristol. They certainly have an enviable lifestyle compared to many retirees i think.

        I wonder at what age my kids will “fly the nest”….. at least 15 yrs away though, but thankfully mortgage free well before that!

  3. Lena says:

    Wohoo! Over 50%. How exciting!!

  4. 50% is a great stopping point, Laura! Enough that you can be proud of reaching a really significant goal.

  5. Amanda says:

    I don’t think it’s cheating at all! It’s just another part of the strategy :)

  6. Fiona says:

    How exciting and what an achievement!!! I feel like there should be some kind of blog-party to celebrate such a huge milestone!

    • Laura says:

      Thanks Fiona! It feels a little strange knowing we’ll be a zero very soon. Things have changed so much for me since 2005, that I can’t quite believe it. I wouldn’t have been able to do it without the support of my lovely blogging friends.

  7. I don’t think its cheating at all, its just a savvy move on your behalf! If you can kick that mortgage to the kerb then it doesn’t matter how you have done it.

  8. Nice going! I, too, love milestones. Every 5k is pretty nice. I’m looking forward to sub $100k very soon. Stop by and check out the accelerated payoff of my three remaining rentals. Love to share a cup of tea! Earl Grey if you please. Will be in your neck of the woods in August for the first time. Wife and I are very excited about our U.K trip. Nice going!

    • Laura says:

      Hi Curtis!
      You’re making great progress with your rental payoff. Confession. I lurk on your site as you’re one of the few who’s aiming for mortgage freedom on rentals and I think that’s what I would do..although it’s probably not the best way to do it here in the UK.

      Your trip sounds fun. Are you heading to London, or other parts?

  9. Wow Laura, that’s great! 50% gone must be a great feeling. I intend to tackle my mortgage after my consumer debt is gone. It’s a bit complicated though because my mortgaged property is rented out and I’m currently renting due to a relocation. So I guess I’ll be getting another mortgage to buy somewhere and then making it a priority to pay that off.