Sweetpeaches
New Member
- Messages
- 3
Money makeover
Age: 36
Spouse's age: 45
Number and age of children: 3 kids - under 5
Income and expenditure
Annual gross income from employment or profession: 45,000
Annual gross income of spouse/partner:
100,000
Monthly take-home pay: roughly 8k p/m
Type of employment - Employee .
Employer type: I'm public servant, partner private company.
In general are you:
Savers
Summary of Assets and Liabilities
Family home value: 900,000
Mortgage on family home: 410,000
Net equity: 490,000
Cash: 350,000
Defined Contribution pension fund: approx value 700,000
Company shares : valued at 1million
Buy to Let Property value: total 800,000
Buy to let Mortgage: 170,000
Total net assets: approx 3mil.
Family home mortgage information
Lender PTSB
Interest RATE 2.95
Type of interest rate: fixed.
If fixed, what is the term remaining of the fixed rate? Fixed term up in Oct 24
Remaining term: 22 years
Monthly repayment: 2100
Other borrowings – none
Do you pay off your full credit card balance each month? Don't have one
Pension information
Value of pension fund: 700,000
Buy to let properties
Value: 800,000
Rental income per year: 70k
Rough annual expenses other than mortgage interest : 8,000
Lender: ICS
Interest rate: 7.5 variable
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
Other information which might be relevant.
2 buy to let properties mortgage free.
1 property has a mortgage and yield isn't great. Current value at 400k, rental income 24k. Mortgage 170k. Interest 7.5%.
Life insurance: mortgage protection, income protection
What specific question do you have or what issues are of concern to you?
We know we are very fortunate.
We have €350,000 and trying to decide what to do with it. One other thing to factor in is the company shares are due to be realised in 2027 as it is being sold.
1. Buy a 3 bed semi d for approx 275-300k, rent it out, yield of 9/10%
2. Pay 300k off our mortgage on home house when fixed term is up. Even with increased interest rate repayments will fall to approx €600 pcm
3. Invest in a larger buy to let property (Pre '63/HMO or similar). Approx value €1mil. Rental income of €120,000 per annum. 12% yield
(a) personally, 300k in cash, 700k in mortgage approx rate with PTSB is 5.55%. Monthly repayment of approx €4,500 or interest only at €3,200.
(b) through a limited company (SPV). Deposit the 300k into the company and purchase through the limited company. Benefits of doing so is to set up a second pension fund and repay directors loan when financially viable.
4. Go for option 1 or 2, and when monies are realised through company sale, then do option 3(a) or (b) mortgage free.
Age: 36
Spouse's age: 45
Number and age of children: 3 kids - under 5
Income and expenditure
Annual gross income from employment or profession: 45,000
Annual gross income of spouse/partner:
100,000
Monthly take-home pay: roughly 8k p/m
Type of employment - Employee .
Employer type: I'm public servant, partner private company.
In general are you:
Savers
Summary of Assets and Liabilities
Family home value: 900,000
Mortgage on family home: 410,000
Net equity: 490,000
Cash: 350,000
Defined Contribution pension fund: approx value 700,000
Company shares : valued at 1million
Buy to Let Property value: total 800,000
Buy to let Mortgage: 170,000
Total net assets: approx 3mil.
Family home mortgage information
Lender PTSB
Interest RATE 2.95
Type of interest rate: fixed.
If fixed, what is the term remaining of the fixed rate? Fixed term up in Oct 24
Remaining term: 22 years
Monthly repayment: 2100
Other borrowings – none
Do you pay off your full credit card balance each month? Don't have one
Pension information
Value of pension fund: 700,000
Buy to let properties
Value: 800,000
Rental income per year: 70k
Rough annual expenses other than mortgage interest : 8,000
Lender: ICS
Interest rate: 7.5 variable
If fixed, what is the term remaining of the fixed rate?
Other savings and investments:
Other information which might be relevant.
2 buy to let properties mortgage free.
1 property has a mortgage and yield isn't great. Current value at 400k, rental income 24k. Mortgage 170k. Interest 7.5%.
Life insurance: mortgage protection, income protection
What specific question do you have or what issues are of concern to you?
We know we are very fortunate.
We have €350,000 and trying to decide what to do with it. One other thing to factor in is the company shares are due to be realised in 2027 as it is being sold.
1. Buy a 3 bed semi d for approx 275-300k, rent it out, yield of 9/10%
2. Pay 300k off our mortgage on home house when fixed term is up. Even with increased interest rate repayments will fall to approx €600 pcm
3. Invest in a larger buy to let property (Pre '63/HMO or similar). Approx value €1mil. Rental income of €120,000 per annum. 12% yield
(a) personally, 300k in cash, 700k in mortgage approx rate with PTSB is 5.55%. Monthly repayment of approx €4,500 or interest only at €3,200.
(b) through a limited company (SPV). Deposit the 300k into the company and purchase through the limited company. Benefits of doing so is to set up a second pension fund and repay directors loan when financially viable.
4. Go for option 1 or 2, and when monies are realised through company sale, then do option 3(a) or (b) mortgage free.