Submitting planning application today to build a house on an acre, being gifted by parents. We currently have two tracker mortgages with BOI:
Mortgages: Rate Pay/month Remaining balance
Our home: 1.25% €731.31 €188K Rent capability: €850/month
Our rental: 1.1% €640.29 €124K Currently getting €720/month, inc to
€850 in Oct 2017
Current value of both houses about €125K.
Age: 40 Age of spouse: 38
Annual gross income: €60k for 5 days though currently taking a day parental leave a week
Type of employment: Public sector
Annual gross income of spouse: 80,000 +5k bonus
Type of employment spouse: Private sector
Current borrowings: Car loan from credit union: 6.9% Remaining: €12,500
No credit card
Savings and investments:
Savings: €80k, and projected €92k by December
Do you have a pension scheme: Yes, €164 paid in every two weeks from my salary to public pension
Spouse: Moved job 4 months ago, has pension from previous job and can start new one when made permanent in 2 months time
Ages of children: 7, 4 and 2 years
Life assurance: Both have
Question:
New house will cost about €340k to build from start to finish including transfer costs, professional fees etc
Should we sell a house and carry the tracker to a new mortgage or take out a third mortgage?
Mortgages: Rate Pay/month Remaining balance
Our home: 1.25% €731.31 €188K Rent capability: €850/month
Our rental: 1.1% €640.29 €124K Currently getting €720/month, inc to
€850 in Oct 2017
Current value of both houses about €125K.
Age: 40 Age of spouse: 38
Annual gross income: €60k for 5 days though currently taking a day parental leave a week
Type of employment: Public sector
Annual gross income of spouse: 80,000 +5k bonus
Type of employment spouse: Private sector
Current borrowings: Car loan from credit union: 6.9% Remaining: €12,500
No credit card
Savings and investments:
Savings: €80k, and projected €92k by December
Do you have a pension scheme: Yes, €164 paid in every two weeks from my salary to public pension
Spouse: Moved job 4 months ago, has pension from previous job and can start new one when made permanent in 2 months time
Ages of children: 7, 4 and 2 years
Life assurance: Both have
Question:
New house will cost about €340k to build from start to finish including transfer costs, professional fees etc
Should we sell a house and carry the tracker to a new mortgage or take out a third mortgage?