Age: 38
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 56,500 approx
Annual gross income of spouse: stay-at-home mother
Monthly take-home pay = 3200 + 130 child benefit
Type of employment: public servant, no future increments
In general are you:
(a) spending more than you earn, or
(b) saving? Saving 800-1200pm.
Rough estimate of value of home: Paid 278k, spent about 40k on renovation, worth maybe 180k
Amount outstanding on your mortgage: 87,000
What interest rate are you paying?
Tracker mortgage, started in 2005, ECB + 0.5% = 1%
Other borrowings – car loans/personal loans etc
Interest-free family car loan 400pm recently paid off, allowing monthly savings to rise from 800pm to 1200pm
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: approx. 75k-80k on deposit, 5k in shares
Do you have a pension scheme? Yes, normal PS occupational pension scheme
Do you own any investment or other property? No.
Ages of children: 2
Life insurance: MPP costing 100pa, and joint life cover of 300k costing 520pa
What specific question do you have or what issues are of concern to you?
Job may move 150km away. Two options –
(1)sell house, take positive equity of 90k approx, buy house in new city with 80k savings + 90k equity + new mortgage
But, suffer a capital loss of (278 + 40 - 180) = 140k approx
(2) keep house and become a (reluctant) landlord, avoid 140k capital loss, but no positive equity to carry to new house
Get a bigger mortgage + savings to buy new house
Dilemma - I really, really don't want to crystalise a 140k capital loss, but I don't want the hassle of being a landlord. Has anybody any advice??
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 56,500 approx
Annual gross income of spouse: stay-at-home mother
Monthly take-home pay = 3200 + 130 child benefit
Type of employment: public servant, no future increments
In general are you:
(a) spending more than you earn, or
(b) saving? Saving 800-1200pm.
Rough estimate of value of home: Paid 278k, spent about 40k on renovation, worth maybe 180k
Amount outstanding on your mortgage: 87,000
What interest rate are you paying?
Tracker mortgage, started in 2005, ECB + 0.5% = 1%
Other borrowings – car loans/personal loans etc
Interest-free family car loan 400pm recently paid off, allowing monthly savings to rise from 800pm to 1200pm
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: approx. 75k-80k on deposit, 5k in shares
Do you have a pension scheme? Yes, normal PS occupational pension scheme
Do you own any investment or other property? No.
Ages of children: 2
Life insurance: MPP costing 100pa, and joint life cover of 300k costing 520pa
What specific question do you have or what issues are of concern to you?
Job may move 150km away. Two options –
(1)sell house, take positive equity of 90k approx, buy house in new city with 80k savings + 90k equity + new mortgage
But, suffer a capital loss of (278 + 40 - 180) = 140k approx
(2) keep house and become a (reluctant) landlord, avoid 140k capital loss, but no positive equity to carry to new house
Get a bigger mortgage + savings to buy new house
Dilemma - I really, really don't want to crystalise a 140k capital loss, but I don't want the hassle of being a landlord. Has anybody any advice??