J
jmurphy1999
Guest
Age: 40
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 58k
Annual gross income of spouse: redundant at moment, but around 30k
Type of employment: e.g. Civil Servant, self-employed: Public servant
In general are you:
(a) spending more than you earn, or
(b) saving? saving
Rough estimate of value of home - 290,000
Amount outstanding on your mortgage: 300,000
What interest rate are you paying? 1% above ECB
Other borrowings – car loans/personal loans etc - none
-
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card?
Savings and investments: 50k
Do you have a pension scheme? public sector one, partner doesn't
Do you own any investment or other property? Yes, current value 120k but owe 170k ovwe 16yrs. Get 550pm in rent but mortgage is 950pm
Ages of children: 1 baby and 1 2yr old
Life insurance: none
My mortgages are made up of a 1%above ECBtracker of 250k on my home plus a top up of 50k at 5.3% fixed which is due to expire in sept. Both of these have 26 yrs left on them.
I have a 170k 1% aboveECB tracker with 16 years left on a buy to let housewhich is currently worth around 120k. This was my first home which I used equity from to buy my new home when i moved to dublin for work. I tried to sell it a couple of years ago but couldn't afford to have it empty while paying the mortgage so I still have it rented out. I get 550pm in rent but the mortgage is 950 so pay 400pm on it. The mortgages on my home costs 950 for the main and 280 for the top up.
My question is. We are managing to pay all the morgages and keep her head above water even though my partner was made redundant. We have really cut back on our spending . I have 50k in savings which I could use in sept to pay off the 50k top up loan at 5.3%. Then the payout per month on mortgages would be only 900 on my home and 400 on the buy to let. Or should I invest the 50k. Really we need a bigger home with the 2 kids as it is about 80sq m and was never intended for a family but if I try to sell my home and buy to let now I would end up owing the banks money. Is it better to sit tight and pay off mortgage debt now ?
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 58k
Annual gross income of spouse: redundant at moment, but around 30k
Type of employment: e.g. Civil Servant, self-employed: Public servant
In general are you:
(a) spending more than you earn, or
(b) saving? saving
Rough estimate of value of home - 290,000
Amount outstanding on your mortgage: 300,000
What interest rate are you paying? 1% above ECB
Other borrowings – car loans/personal loans etc - none
-
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card?
Savings and investments: 50k
Do you have a pension scheme? public sector one, partner doesn't
Do you own any investment or other property? Yes, current value 120k but owe 170k ovwe 16yrs. Get 550pm in rent but mortgage is 950pm
Ages of children: 1 baby and 1 2yr old
Life insurance: none
My mortgages are made up of a 1%above ECBtracker of 250k on my home plus a top up of 50k at 5.3% fixed which is due to expire in sept. Both of these have 26 yrs left on them.
I have a 170k 1% aboveECB tracker with 16 years left on a buy to let housewhich is currently worth around 120k. This was my first home which I used equity from to buy my new home when i moved to dublin for work. I tried to sell it a couple of years ago but couldn't afford to have it empty while paying the mortgage so I still have it rented out. I get 550pm in rent but the mortgage is 950 so pay 400pm on it. The mortgages on my home costs 950 for the main and 280 for the top up.
My question is. We are managing to pay all the morgages and keep her head above water even though my partner was made redundant. We have really cut back on our spending . I have 50k in savings which I could use in sept to pay off the 50k top up loan at 5.3%. Then the payout per month on mortgages would be only 900 on my home and 400 on the buy to let. Or should I invest the 50k. Really we need a bigger home with the 2 kids as it is about 80sq m and was never intended for a family but if I try to sell my home and buy to let now I would end up owing the banks money. Is it better to sit tight and pay off mortgage debt now ?