Age: 34
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: €90,000
Annual gross income of spouse: €70,000
Type of employment: Private (both)
In general are you:
(a) spending more than you earn, or
(b) saving?
(b) saving - apx €3,000/month.
Rough estimate of value of home €190,000
Amount outstanding on your mortgage: €300,000
What interest rate are you paying?
ECB plus 1.00% - 30 years left
Currently overpaying by €500/mth
Other borrowings – car loans/personal loans etc.
€4,000 (Car Loan) CU unsecured
Bills: Approximately €400/month
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €900
Savings and investments:
€50,000
€2,000 shares
Do you have a pension scheme?
Me - Yes: 9% non-contributory, 3% AVC
Children: Twins under 1 yr.
Life insurance: Mortgage cover
What specific question do you have or what issues are of concern to you?
We own a 2 bedroom apartment, bought approximately 6 years ago close to the height for €350,000. We are very happy in it, but we just had twins and we're tight for space. The current value of our apartment is apx. €190,000, significantly under the current mortgage. We have seen a house for €315,000 which we are interested in.
We are both in secure jobs, but my wife will be going back to four days a week once maternity ends, therefore there will be a reduction in income.
We have not gone to the bank yet but I would be interested in getting peoples opinions on the following options and whether either of the below would be considered viable by the Bank given our salary and future plans:
1. Selling apartment, taking the NE onto the new mortgage
2. Buying and holding onto apartment as rental investment (potentially losing the current interest rate).
Any thoughts welcome.
Thanks,
Jimmy
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: €90,000
Annual gross income of spouse: €70,000
Type of employment: Private (both)
In general are you:
(a) spending more than you earn, or
(b) saving?
(b) saving - apx €3,000/month.
Rough estimate of value of home €190,000
Amount outstanding on your mortgage: €300,000
What interest rate are you paying?
ECB plus 1.00% - 30 years left
Currently overpaying by €500/mth
Other borrowings – car loans/personal loans etc.
€4,000 (Car Loan) CU unsecured
Bills: Approximately €400/month
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €900
Savings and investments:
€50,000
€2,000 shares
Do you have a pension scheme?
Me - Yes: 9% non-contributory, 3% AVC
Children: Twins under 1 yr.
Life insurance: Mortgage cover
What specific question do you have or what issues are of concern to you?
We own a 2 bedroom apartment, bought approximately 6 years ago close to the height for €350,000. We are very happy in it, but we just had twins and we're tight for space. The current value of our apartment is apx. €190,000, significantly under the current mortgage. We have seen a house for €315,000 which we are interested in.
We are both in secure jobs, but my wife will be going back to four days a week once maternity ends, therefore there will be a reduction in income.
We have not gone to the bank yet but I would be interested in getting peoples opinions on the following options and whether either of the below would be considered viable by the Bank given our salary and future plans:
1. Selling apartment, taking the NE onto the new mortgage
2. Buying and holding onto apartment as rental investment (potentially losing the current interest rate).
Any thoughts welcome.
Thanks,
Jimmy