artvanderlay
New Member
- Messages
- 1
Hi all,
We have a bit of a lump sum, from a sale of a previous investment, that I'm keen to take off deposit.
I can see that the advice in similar cases is to lump it against the mortgage.
We're currently on a 2.35% fix though so I was wondering if that's still the best choice.
Many thanks
Personal details
Age: 41
Spouse’s/Partner's age: 40
Number and age of children: Two – 4 years old and 2 years old
Income and expenditure
Annual gross income from employment or profession: €80,000
Annual gross income of spouse: €45,000 (75% due to parental leave). Uncertain whether she'll ever return to full time
Monthly take-home pay:
- Unsure
Type of employment:
- Me: Private Sector
- Spouse: Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Relatively breakeven. A bit ahead during warmer months. A bit behind during colder months due to heating costs.
Summary of Assets and Liabilities
Family home worth: c. €700k with a €382k mortgage remaining.
Cash of €50k in current account
Pension:
- Me/Spouse: Both have DC pensions.
Family home mortgage information
Lender: PTSB
Interest rate 2.35% fixed Green <60% since June '22
If fixed, what is the term remaining of the fixed rate? 3.75
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?
Buy to let properties – N/A
Other savings and investments:
Do you have a pension scheme? Both DC
Do you own any investment or other property? No
Other information which might be relevant:
Life insurance: Mortgage Protection
Both kids in creche 3 days a week. That cost will drop off over coming years (and hopefully not be replaced!)
Main queries:
I have a few queries, apologies.
We have a bit of a lump sum, from a sale of a previous investment, that I'm keen to take off deposit.
I can see that the advice in similar cases is to lump it against the mortgage.
We're currently on a 2.35% fix though so I was wondering if that's still the best choice.
Many thanks
Personal details
Age: 41
Spouse’s/Partner's age: 40
Number and age of children: Two – 4 years old and 2 years old
Income and expenditure
Annual gross income from employment or profession: €80,000
Annual gross income of spouse: €45,000 (75% due to parental leave). Uncertain whether she'll ever return to full time
Monthly take-home pay:
- Unsure
Type of employment:
- Me: Private Sector
- Spouse: Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Relatively breakeven. A bit ahead during warmer months. A bit behind during colder months due to heating costs.
Summary of Assets and Liabilities
Family home worth: c. €700k with a €382k mortgage remaining.
Cash of €50k in current account
Pension:
- Me/Spouse: Both have DC pensions.
Family home mortgage information
Lender: PTSB
Interest rate 2.35% fixed Green <60% since June '22
If fixed, what is the term remaining of the fixed rate? 3.75
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?
Buy to let properties – N/A
Other savings and investments:
Do you have a pension scheme? Both DC
Do you own any investment or other property? No
Other information which might be relevant:
Life insurance: Mortgage Protection
Both kids in creche 3 days a week. That cost will drop off over coming years (and hopefully not be replaced!)
Main queries:
I have a few queries, apologies.
- How to best invest for children’s education etc. (Child Benefit is currently paid into joint account and is being spent as normal income)
- Should we overpay the mortgage? If so, should we put in a lump, or schedule over-payments.
- What should I do with the cash I currently have which is not performing. I could put a portion away for a longish period
- I feel like our energy bills disproportionately hurt us. Our house, a 1930's semi-D, was renovated in 2017. The builders weren't great. I wonder how well they insulated the non-adjoining side as that always feels colder. We have a B2 BER - but I'm not sure the assessor was very thorough. Could there be an angle of investing some of our cash in making it more energy efficient? I understand we mightn't be able to use solar panels as we have gas central heating.
Last edited: