Age:
41
Spouse’s/Partner's age:
41
Annual gross income from employment or profession:
100K
Annual gross income spouse:
78K
Type of employment:
Im employed in semi state wife is employed by foreign multi national.
Expenditure pattern:
i have approx 33K saved in cash and my wife has approx 10K in shares from the company she works for.
Rough estimate of value of home
750K
Mortgage on home
215K
Mortgage provider:
Avant
Type of mortgage: Tracker, interest only, fixed rate
7 year fixed- 4 years and 10 months approx left of the fixed and overall there's 25 years left on the mortgage. The repayment amount at the moment is €907.91
Interest rate
1.95%
Other borrowings – car loans/personal loans etc
credit union loan for 120K, the repayment of which is €1360.66 PM. This loan is at a rate of 6.5%
Do you pay off your full credit card balance each month?
no credit cards
Savings and investments:
i have approx 33K saved in cash and my wife has approx 10K in shares from the company she works for.
Do you have a pension scheme?
yes I have a DB scheme in work that myself and my employer have to pay into, and my wife has a DC scheme herself and her employer pay into
Do you own any investment or other property?
No.
Ages of children:
11, 8, 19 months.
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
We have just drawn down our credit union loan and have a builder lined up to build an extension and various other outstanding bits and pieces to the house. My question is are we better off overpaying the CU loan or the mortgage with any spare cash that we will have? Or what are peoples suggestions to do with spare cash that we will have?
I'm of the opinion that we should be looking to overpay the credit union loan with the extra money? Am I correct?
thanks folks.
41
Spouse’s/Partner's age:
41
Annual gross income from employment or profession:
100K
Annual gross income spouse:
78K
Type of employment:
Im employed in semi state wife is employed by foreign multi national.
Expenditure pattern:
i have approx 33K saved in cash and my wife has approx 10K in shares from the company she works for.
Rough estimate of value of home
750K
Mortgage on home
215K
Mortgage provider:
Avant
Type of mortgage: Tracker, interest only, fixed rate
7 year fixed- 4 years and 10 months approx left of the fixed and overall there's 25 years left on the mortgage. The repayment amount at the moment is €907.91
Interest rate
1.95%
Other borrowings – car loans/personal loans etc
credit union loan for 120K, the repayment of which is €1360.66 PM. This loan is at a rate of 6.5%
Do you pay off your full credit card balance each month?
no credit cards
Savings and investments:
i have approx 33K saved in cash and my wife has approx 10K in shares from the company she works for.
Do you have a pension scheme?
yes I have a DB scheme in work that myself and my employer have to pay into, and my wife has a DC scheme herself and her employer pay into
Do you own any investment or other property?
No.
Ages of children:
11, 8, 19 months.
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
We have just drawn down our credit union loan and have a builder lined up to build an extension and various other outstanding bits and pieces to the house. My question is are we better off overpaying the CU loan or the mortgage with any spare cash that we will have? Or what are peoples suggestions to do with spare cash that we will have?
I'm of the opinion that we should be looking to overpay the credit union loan with the extra money? Am I correct?
thanks folks.