Age: 37
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 25k
Annual gross income of spouse: 46.5K
Type of employment: e.g. Civil Servant, self-employed: Both private sector.
In general are you:
(a) spending more than you earn, or
(b) saving?
Not spending more than we earn but not saving either.
Rough estimate of value of home: Not sure - €220k? Purchased 4 years ago for €288k
Amount outstanding on your mortgage: €250K
What interest rate are you paying? 3.25%
Other borrowings – car loans/personal loans etc: None
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: Credit Union €30k savings.
Do you have a pension scheme? Have paused it for the moment.
Do you own any investment or other property? Have just sold inherited property for €120k.
Ages of children: 19 month old daughter and baby no. 2 due in early June.
Life insurance:
What specific question do you have or what issues are of concern to you?
We are in the very fortunate position of having recently inherited a property in a midlands town and sold it for €120k and now need advice on how best to use this money.
Four years ago we bought a two bed apartment in a convenient location to Dublin city centre on the Northside hoping to trade up after a couple of years. We now have a 19 month old daughter and another baby due in early June and would love to buy a house with a garden as space/storage etc. are no longer enough in the apartment.
My questions are:
1.) Is it better to try and sell the apartment now albeit at a loss?
2.) If we do sell the apartment should we rent for a while first
before buying again?
3.) Do we rent out the apartment and rent a house for ourselves? If we
did this we'd have to top up the rental income by approx. €300 per
month to make up the mortgage.
4.) Rent out the apartment and look for another mortgage with the €120k
(this sounds like the riskiest option to me but just thought I put it out
there!).
Houses in the areas we'd be looking at are currently selling for between €250k - €300K.
I was hoping at some point down the line when the children are in school to stop working - maybe in 3 years time so this is also a factor to be considered.
We had thought about contacting an independent financial advisor but are they all affilliated to a pension/investment group?
I hope I've given enough information!
Thanks for any help.
H
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 25k
Annual gross income of spouse: 46.5K
Type of employment: e.g. Civil Servant, self-employed: Both private sector.
In general are you:
(a) spending more than you earn, or
(b) saving?
Not spending more than we earn but not saving either.
Rough estimate of value of home: Not sure - €220k? Purchased 4 years ago for €288k
Amount outstanding on your mortgage: €250K
What interest rate are you paying? 3.25%
Other borrowings – car loans/personal loans etc: None
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: Credit Union €30k savings.
Do you have a pension scheme? Have paused it for the moment.
Do you own any investment or other property? Have just sold inherited property for €120k.
Ages of children: 19 month old daughter and baby no. 2 due in early June.
Life insurance:
What specific question do you have or what issues are of concern to you?
We are in the very fortunate position of having recently inherited a property in a midlands town and sold it for €120k and now need advice on how best to use this money.
Four years ago we bought a two bed apartment in a convenient location to Dublin city centre on the Northside hoping to trade up after a couple of years. We now have a 19 month old daughter and another baby due in early June and would love to buy a house with a garden as space/storage etc. are no longer enough in the apartment.
My questions are:
1.) Is it better to try and sell the apartment now albeit at a loss?
2.) If we do sell the apartment should we rent for a while first
before buying again?
3.) Do we rent out the apartment and rent a house for ourselves? If we
did this we'd have to top up the rental income by approx. €300 per
month to make up the mortgage.
4.) Rent out the apartment and look for another mortgage with the €120k
(this sounds like the riskiest option to me but just thought I put it out
there!).
Houses in the areas we'd be looking at are currently selling for between €250k - €300K.
I was hoping at some point down the line when the children are in school to stop working - maybe in 3 years time so this is also a factor to be considered.
We had thought about contacting an independent financial advisor but are they all affilliated to a pension/investment group?
I hope I've given enough information!
Thanks for any help.
H