Age: 42
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: €75k (+ annual bonus of €6k - not guaranteed)
Annual gross income of spouse: €25k (part time)
Monthly take-home pay €5,400
Type of employment: e.g. Civil Servant, self-employed Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Generally savers
Rough estimate of value of home: 330k
Amount outstanding on your mortgage: 168k
What interest rate are you paying? 3.15% (SVR with AIB), 15 years remaining. Paying €1,150pm
Other borrowings – car loans/personal loans etc 2 car loans (partially borrowed for both)
Both 220 pm, 1st finishes Mar 2020, 2nd in Jun 2021. Used savings for both purchases and borrowed €8k over 3 years for balance.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: Approx €120k in savings - €65k in various state savings schemes, €35k in online accounts. Rest is in CU and current accounts.
Do you have a pension scheme? Me, yes - 7% company and 5% me. Made additional lump sums on AVC's of €5k per year for last 3 years.
Spouse has always been in work schemes but not currently contributing to one.
Do you own any investment or other property? No
Ages of children: 10, 7 and 3
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
Long term viewer and occasional poster. Have always thought I had an idea about finances but realise I am not really being smart with what we have.
From reading posts, I would think paying down a portion of the mortgage would be sensible but not sure what amount to commit(have previously made
a €20k lump sum - reduced repayment rather than term). Was considering just switching to LTV rate with AIB.
We are reasonably comfortable but feel like a mug paying interest on borrowings with the majority of our savings doing nothing for us. Plodding away fine
I think but stuck in a rut on actually doing something decisive. I would love to clear the mortgage as quickly as possible but spouse is against it so need a compromise.
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: €75k (+ annual bonus of €6k - not guaranteed)
Annual gross income of spouse: €25k (part time)
Monthly take-home pay €5,400
Type of employment: e.g. Civil Servant, self-employed Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Generally savers
Rough estimate of value of home: 330k
Amount outstanding on your mortgage: 168k
What interest rate are you paying? 3.15% (SVR with AIB), 15 years remaining. Paying €1,150pm
Other borrowings – car loans/personal loans etc 2 car loans (partially borrowed for both)
Both 220 pm, 1st finishes Mar 2020, 2nd in Jun 2021. Used savings for both purchases and borrowed €8k over 3 years for balance.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: Approx €120k in savings - €65k in various state savings schemes, €35k in online accounts. Rest is in CU and current accounts.
Do you have a pension scheme? Me, yes - 7% company and 5% me. Made additional lump sums on AVC's of €5k per year for last 3 years.
Spouse has always been in work schemes but not currently contributing to one.
Do you own any investment or other property? No
Ages of children: 10, 7 and 3
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
Long term viewer and occasional poster. Have always thought I had an idea about finances but realise I am not really being smart with what we have.
From reading posts, I would think paying down a portion of the mortgage would be sensible but not sure what amount to commit(have previously made
a €20k lump sum - reduced repayment rather than term). Was considering just switching to LTV rate with AIB.
We are reasonably comfortable but feel like a mug paying interest on borrowings with the majority of our savings doing nothing for us. Plodding away fine
I think but stuck in a rut on actually doing something decisive. I would love to clear the mortgage as quickly as possible but spouse is against it so need a compromise.