Back to basics with pavlovs_dog: the £6k sprint

A new year offers the chance to refocus on goals. After a challenging 2013 saw us take our eye well and truly off the financial ball, I felt it best to retire the old diary and start afresh.

We bought our house in 2010 with a mortgage of £131k. Thanks to reasonably regular and disciplined OPs from the outset we've managed to reduced our balance to just a shade over £116k in 3 years. We're on a fairly humble budget, so there'll be no grand OPs here. We're long haulers chipping away at the beast £1k at a time.

Our five year fix expires in June 2015, and by that point we want to have a LTV of 60-65% to enable us to have the pick of the market when we re-mortgage. Whilst the long term MF aspiration is greater financial freedom (perhaps to move up the ladder, travel, retire before we're too decrepit to enjoy life etc) in the mid term a manageable mortgage debt will be key to making sprogletts a financial viability.

Through a combination of capital reduction and OPs we want to try and end 2014 with a balance as close to £110k as possible. This will keep up on target for our MFI3 aim of having a £106k balance by 2015, but will also let us build up a float in case we need to pay product arrangement fees to get the best deal when we remortgage. £6k is a healthy but achievable challenge if we maintain focus and discipline throughout the year.

How are we going to do it? Well by practising what I preach to the kids I teach... do the basics well and the results will follow.

We look forward to having you along for the ride :D
know thyself
Nid wy'n gofyn bywyd moethus...


  • edited 29 December 2013 at 9:40AM
    pavlovs_dogpavlovs_dog Forumite
    10.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    edited 29 December 2013 at 9:40AM
    The journey so far

    Year/Opening/Closing/capital reduction/OP/OP as % of CR /Daily interest

    2011 /£131,911.11 /£126,985.62 /£4925.49 /£1800 /36.5% /£14.81
    2012 /£126,985.62 /£120,984.06 /£6001.56 /£2014.82 /34% /£13.92
    2013 /£120,984.06 /£116,???.?? /£? /£? /?% /£13.36

    Mortgage free in three take 3 (MFi3 T3) - £106k by 2015

    MFW 2014 - OP £2000
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • AlchemillaAlchemilla Forumite
    6K Posts
    Ninth Anniversary 1,000 Posts Photogenic Name Dropper
    Lovely to see you back. Good luck.
  • slowlyfadingslowlyfading Forumite
    13.4K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    Nice to see you back on the boards :) Good luck!
    Be who you are and say what you feel because those who mind don't matter and those who matter don't mind.
    Personal Finance Blogger + YouTuber / In pursuit of FIRE
  • Looking forward to seeing the 2013 stats ;) Love me some number crunching :j
    a penny picker upper. every penny's a prisoner!
    £26.65 til OnePoll payout! Round six! | Save DID IT!/£15,000
    Normality is a paved road; it's comfortable to walk, but no flowers grow on it.
    Whatever you're meant to do, do it now. The conditions are always impossible.
    The only thing you absolutely have to know, is the location of the library.
  • pavlovs_dogpavlovs_dog Forumite
    10.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    hope everyone had a lovely Christmas. We were spoilt rotten. Don't think I'll need to buy toiletries until well into 2015! Lots of bits for the house too, 2014 will be the year we start putting our own stamp on the place.

    Plan today is for a lazy PJ day. Going to start finding a home for presents and make a list of things we need for Christmas 2014 (cards, wrap etc) to take advantage of the sales.
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • kansaskittykansaskitty Forumite
    137 Posts
    Tenth Anniversary Combo Breaker
    Well done on your mortgage capital reduction so far, that's fantastic! Your financial plans sound very sensible and hopefully achievable too. I didn't read your old diary but I shall follow this one with interest, thanks for sharing!

    I love your journey so far stats, I am at my in laws for Christmas but I will be home tomorrow and I will get our exact figures too, they look very motivating. I know them roughly but I will get exact.

    Merry Christmas to you! We also got some lovely presents (Dyson Animal ball vacuum cleaner, wahoo!) and I am also going to get cards, wrap etc tomorrow in the sales!

    What age kids do you teach? I teach reception and hubby teaches yr 5/6.

    Subscribing! KK xx
    :heartsmil Stay-at-home-mummy of two, pinching the pennies but loving it! :heartsmil
    :grin:Spreadsheeter, piggybanker, envelope-system user!:grin:
    :exclamati Debt £1400/£6500 21.5% :exclamati
    :question: Emergency Fund £0/£500 0% :question:
  • pavlovs_dogpavlovs_dog Forumite
    10.2K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I thought I'd add it as a reminder of how far we've come. Easy to lose sight of it really when the road ahead is still mind bogglingly long! I love watching the daily interest fall in particular. To think it was just shy of £15 a day when we first took out the mortgage :eek:

    I teach secondary languages. Couldn't imagine being mummy to 33 little ones (being mummy to 33 big ones is challenging enough, and they can blow their own noses... well, for the most part :D)

    Had a lovely, lazy boxing day. Fell asleep on the sofa watching films with OH at about 8pm and am now wide awake! So exhausted after last term that nanna naps have been an almost daily feature. OH back to work tomorrow, I may wander into town for a mooch at the sales. It is only a 10 minute stroll from the house so I can wait for the gales to subside, don't want to end up doing a Mary Poppins impersonation!!!
    know thyself
    Nid wy'n gofyn bywyd moethus...
  • CathTCathT Forumite
    7.1K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    Hi Pavlov's, think i'll join you on going back to basics. Hope you enjoy the rest of the holidays.
    Feb 2023 - part 1 - £40,464 part 2 - £27,583 Total - £68,047 57 months to go!
  • Good luck pd!!:D
    Mortgage 12.12.12 £55842 12.12.13 £42716 14.12.14 £28837 13.12.15 £25913
    Mortgage OP £50/£600 House Fund £420/£5000
  • gallygirlgallygirl Forumite
    17.2K Posts
    Part of the Furniture 10,000 Posts Name Dropper Mortgage-free Glee!
    Good Luck PD :j
    A positive attitude may not solve all your problems, but it will annoy enough people to make it worth the effort
    :) Mortgage Balance = £0 :)
    "Do what others won't early in life so you can do what others can't later in life"
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