Age: 35
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: €24000 ( working 3 days per week )
Annual gross income of spouse:€30000
Monthly take-home pay €3840
Type of employment: e.g. Both employed in private sector
In general are you:
(a) spending more than you earn, or – Spending more or breaking even
(b) saving?
Rough estimate of value of home €350000 - €400000
Amount outstanding on your mortgage: €300000
What interest rate are you paying? .9% tracker
Other borrowings – car loans/personal loans etc Credit Union loan €8000
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €2500
Savings and investments: 0
Do you have a pension scheme? Yes but stopped paying into it due to childcare costs
Do you own any investment or other property? No
Ages of children: 4 & 2
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
When we took out our mortgage 8 years ago we were both earning much higher salaries which left us comfortable. Unfortunately both of us lost our jobs 4 years ago. We were lucky to find employment soon after but at much lower salaries. We have always met our repayments and have no arrears but in order to do this we have sacrificed living. Out of our net monthly income we have nothing left when we pay our mortgage, huge childcare costs, utilities, insurance, food, running cars etc. We don’t eat out, haven’t had a holiday in years, drive two old cars ( both over 10 years old – both cars are essential as we live in the country), both myself and my husband cant remember the last time we bought new clothes. If something comes out of the blue like a car repair or house repair we have to put it on the credit card because we don’t have any spare cash. What really gets me down is we cant afford activities for our children like swimming etc. – things kids should be doing. We just work to pay our bills. This miserable existence is really getting me down. I worry about the future and not been able to provide for our children.
I was wondering if our mortgage which has 27 years remaining could be recalculated over 35 years to free up some cash?
Would I lose tracker mortgage if this was done?
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: €24000 ( working 3 days per week )
Annual gross income of spouse:€30000
Monthly take-home pay €3840
Type of employment: e.g. Both employed in private sector
In general are you:
(a) spending more than you earn, or – Spending more or breaking even
(b) saving?
Rough estimate of value of home €350000 - €400000
Amount outstanding on your mortgage: €300000
What interest rate are you paying? .9% tracker
Other borrowings – car loans/personal loans etc Credit Union loan €8000
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €2500
Savings and investments: 0
Do you have a pension scheme? Yes but stopped paying into it due to childcare costs
Do you own any investment or other property? No
Ages of children: 4 & 2
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
When we took out our mortgage 8 years ago we were both earning much higher salaries which left us comfortable. Unfortunately both of us lost our jobs 4 years ago. We were lucky to find employment soon after but at much lower salaries. We have always met our repayments and have no arrears but in order to do this we have sacrificed living. Out of our net monthly income we have nothing left when we pay our mortgage, huge childcare costs, utilities, insurance, food, running cars etc. We don’t eat out, haven’t had a holiday in years, drive two old cars ( both over 10 years old – both cars are essential as we live in the country), both myself and my husband cant remember the last time we bought new clothes. If something comes out of the blue like a car repair or house repair we have to put it on the credit card because we don’t have any spare cash. What really gets me down is we cant afford activities for our children like swimming etc. – things kids should be doing. We just work to pay our bills. This miserable existence is really getting me down. I worry about the future and not been able to provide for our children.
I was wondering if our mortgage which has 27 years remaining could be recalculated over 35 years to free up some cash?
Would I lose tracker mortgage if this was done?