Personal details
Age: 47
Spouse's age: n/a
Number and age of children:n/a
Income and expenditure
Annual gross income from employment or profession: €78,000
Annual gross income of spouse/partner: n/a
Monthly take-home pay: c.€3,500
Type of employment - Employee
Employer type: Public servant
In general are you:
(a) spending more than you earn, or (b) saving? Saving a little bit.
Summary of Assets and Liabilities
Family home value: €300,000
Mortgage on family home: €185,000
Net equity: €115,000
Cash: €30,000
Pension: PS pension w/ seven years contribs. PRSA c.€30,000
Company shares : n/a
Buy to Let Property value: Apartment worth c. €230,000
Net rental yield: €6,000
Any gain in property value above €250,000 subject to CGT.
Buy to let Mortgage: n/a
Total net assets: €405,000
Family home mortgage information
Lender:AIB
Interest rate: 2.45%
Type of interest rate: Fixed until Aug 2027
Remaining term: 18 yrs
Monthly repayment: €1,057
Other borrowings – car loans/personal loans etc
N/A
What specific question do you have or what issues are of concern to you?
Like a lot of people I lost the best part of a decade due to the financial crash and am playing catch-up, particularly with respect to pension.
My main question is should I sell the investment property to clear mortgage and use the extra cashflow to max pension contributions?
From my own calcs, I would be better off on paper to sell, but left without a cash-generating asset and one that I can't access until retirement.
Would be interested to get people's views...
Age: 47
Spouse's age: n/a
Number and age of children:n/a
Income and expenditure
Annual gross income from employment or profession: €78,000
Annual gross income of spouse/partner: n/a
Monthly take-home pay: c.€3,500
Type of employment - Employee
Employer type: Public servant
In general are you:
(a) spending more than you earn, or (b) saving? Saving a little bit.
Summary of Assets and Liabilities
Family home value: €300,000
Mortgage on family home: €185,000
Net equity: €115,000
Cash: €30,000
Pension: PS pension w/ seven years contribs. PRSA c.€30,000
Company shares : n/a
Buy to Let Property value: Apartment worth c. €230,000
Net rental yield: €6,000
Any gain in property value above €250,000 subject to CGT.
Buy to let Mortgage: n/a
Total net assets: €405,000
Family home mortgage information
Lender:AIB
Interest rate: 2.45%
Type of interest rate: Fixed until Aug 2027
Remaining term: 18 yrs
Monthly repayment: €1,057
Other borrowings – car loans/personal loans etc
N/A
What specific question do you have or what issues are of concern to you?
Like a lot of people I lost the best part of a decade due to the financial crash and am playing catch-up, particularly with respect to pension.
My main question is should I sell the investment property to clear mortgage and use the extra cashflow to max pension contributions?
From my own calcs, I would be better off on paper to sell, but left without a cash-generating asset and one that I can't access until retirement.
Would be interested to get people's views...
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