R
rotate
Guest
Age self: 27
Age Spouse: 29
Annual gross income self: 5k part time
Spouse: €390p/wk disability benefit
child benefit €332 p/mth
Mortgage interest relief application been processed
In general spending more than income
Mortgage
Value of property: 470k peak, maybe 300k now?
Mortgage balance: 320k
Interest rates: 2.69% variable
Currently mthly repayments: 1250
Other borrowings
Credits cards 10.5k
car loans nil
friends/family 10k
Only managing to pay minium off cr. cards
Savings
20k
Investments
property- purchased with intention to downsize ppr
mortgage amt 128k
Current value: getting valued tomorrow, in neg equity
interest rate 2.35% variable
monthly repayments 580
pensions? no
life insurance? basic mortgage policys
children? 2
2.5yrs
11mths
Specific questions
We found out a earlier in the yr that my husband has cancer. As a result he closed his business which up to 2 yrs ago was giving him a very high wage €100k+. I have not been in paid employment for 2yrs due to children. I am currently gone back working p/t which doesnt effect sw.
We made the purchase of 2nd property last yr in the hope to trade down due to business slowing up. Now i feel we are in neg. equity in both places.
We have everyday costs down to a minium. i understand that it is crazy having 20k savings and lrg cr card debt. we hope to address this once we can get a plan together.
my husband is having a lot of treatment/hospital stays so we are very tied at present in regard to find work etc. i am currently studying p/t also which in 18mths should result in a good wage.
Having spent so much of the last 6mths in hospitals and not addressing our finances we have worked up debt and we would now like to deal with it.
i feel that we should try and sell off both properties and rent for the next 5yrs. It would give us a chance to save and get our house in order with out much pressure, the kids would be a bit older and i'd be in f/t employment.
The 2nd property is in need of renovation of 20-30k. Due to its distance from hospital it wouldnt suit our current situation.It would be possible to rent as a holiday let, except for the renovation work required!
Any advice appreicated, thanks
Age Spouse: 29
Annual gross income self: 5k part time
Spouse: €390p/wk disability benefit
child benefit €332 p/mth
Mortgage interest relief application been processed
In general spending more than income
Mortgage
Value of property: 470k peak, maybe 300k now?
Mortgage balance: 320k
Interest rates: 2.69% variable
Currently mthly repayments: 1250
Other borrowings
Credits cards 10.5k
car loans nil
friends/family 10k
Only managing to pay minium off cr. cards
Savings
20k
Investments
property- purchased with intention to downsize ppr
mortgage amt 128k
Current value: getting valued tomorrow, in neg equity
interest rate 2.35% variable
monthly repayments 580
pensions? no
life insurance? basic mortgage policys
children? 2
2.5yrs
11mths
Specific questions
We found out a earlier in the yr that my husband has cancer. As a result he closed his business which up to 2 yrs ago was giving him a very high wage €100k+. I have not been in paid employment for 2yrs due to children. I am currently gone back working p/t which doesnt effect sw.
We made the purchase of 2nd property last yr in the hope to trade down due to business slowing up. Now i feel we are in neg. equity in both places.
We have everyday costs down to a minium. i understand that it is crazy having 20k savings and lrg cr card debt. we hope to address this once we can get a plan together.
my husband is having a lot of treatment/hospital stays so we are very tied at present in regard to find work etc. i am currently studying p/t also which in 18mths should result in a good wage.
Having spent so much of the last 6mths in hospitals and not addressing our finances we have worked up debt and we would now like to deal with it.
i feel that we should try and sell off both properties and rent for the next 5yrs. It would give us a chance to save and get our house in order with out much pressure, the kids would be a bit older and i'd be in f/t employment.
The 2nd property is in need of renovation of 20-30k. Due to its distance from hospital it wouldnt suit our current situation.It would be possible to rent as a holiday let, except for the renovation work required!
Any advice appreicated, thanks