I will throw a suggestion out there...would it be an option to sell the house?
I would personally rather not have to worry about tenants and the possibility of not having an income. With the house sold and the money in the bank (assuming you own it outright) you would have a stress free travel and could spend as little or as much as you would like.
Drawbacks are obviously you lose your asset and cant travel indefinitely, but you could budget £1000 a month = £12000 a year, much more reasonable. 10 years travelling for £120k, now that's a long travel!
Unfortunately I'm 26 and have zero savings and zero assets so this is a long long way off for me
I am planning heading to NZ, buying a camper van and touring for long as I can with what i can save by Christmas, if i find somewhere I like I can try work to effectively live in that location for "free".
Dave
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