Needtomove
Registered User
- Messages
- 23
Age: 40
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: €35K
Annual gross income of spouse: €34K
Monthly take-home pay: 4,200
Type of employment: e.g. Civil Servant, self-employed: PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Breaking even on take-home pay –no savings-
Rough estimate of value of home: €320K
Amount outstanding on your mortgage: €200K, 27 years remaining
What interest rate are you paying? 4.35%
Other borrowings – car loans/personal loans etc:
1. Credit union- owe €4, 500 – have €3000 in shares-obviously ca not touch due to loan
2. Home improvement loan - €4500
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €1200
Savings and investments: 3K credit union- but see above tied up with loan-
Do you have a pension scheme?
Yes, current fund value €55K
Do you own any investment or other property?
Yes, value €115K, outstanding mortgage €95K.
Rental income covers mortgage.
Ages of children: 4 and 3
Life insurance: Yes, on home mortgage, and through work scheme
What specific question do you have or what issues are of concern to you?
Main questions are on apartment-
apartment would sell for €115k at present.
Rent received= €850pm
Each month pay:
· Mortgage is €690pm month ( incl €50pm off arrears of €1900)
· Letting agent fee €84 ( don’t mind it being this high-very good agency- and is tax deductible)
· Management fees €50
· So, rent received covers all.
But, I must cover all problems/fixtures/issues with the apartment out of my own pocket, plus this €2k tax bill per year- and now there may be something wrong with the boiler there!
As you can see we are both on relatively low salaries and as well as usual bills and utilities to pay, as well as loans, there is also a €1050 childcare bill per month to pay. No continguency fund as no savings, so this apartment ( originally my family home- bought 10 years ago- 15 years left on the morthgage) is causing me untold stress.
It’s the usual……feeling that I will “let it go now and make nothing on it after 10 years – and plenty of my own money gone in to it”
I fully realise that I am lucky in that it would seem there is a chance I can sell now, whereas a lot of people would be in a lot of negative equity.
· Owe €95k on mortgage
· Would cost €2400 solicitor between gathering all documents etc- ie management company documents too-
· Agreed with letting agent a fee of 1% plus VAT
· Tax bill for 2014 after all expenses accounted for coming in at €2k, for 2015 would estimate to be similar , so another 2k
· Advertising cost to sell €700 due to estate agent
Overall by my calculations I would be left with €11k if I sold which be great for paying off my credit card/credit union, and household loan.
Judging by above figures, and yield etc. that you experts can work out a lot better than me!!! Would it seem advisable for me to sell now? One has just gone sale agreed for €118k but not on propertypriceregister yet.
In my mind I paid out- initial deposit/doing it up/further investment in furniture etc./taxes…..so not counting in the 7 years mortgage payments when it was home= €30k, or, is that silly to think that way?
Thanks
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: €35K
Annual gross income of spouse: €34K
Monthly take-home pay: 4,200
Type of employment: e.g. Civil Servant, self-employed: PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Breaking even on take-home pay –no savings-
Rough estimate of value of home: €320K
Amount outstanding on your mortgage: €200K, 27 years remaining
What interest rate are you paying? 4.35%
Other borrowings – car loans/personal loans etc:
1. Credit union- owe €4, 500 – have €3000 in shares-obviously ca not touch due to loan
2. Home improvement loan - €4500
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? €1200
Savings and investments: 3K credit union- but see above tied up with loan-
Do you have a pension scheme?
Yes, current fund value €55K
Do you own any investment or other property?
Yes, value €115K, outstanding mortgage €95K.
Rental income covers mortgage.
Ages of children: 4 and 3
Life insurance: Yes, on home mortgage, and through work scheme
What specific question do you have or what issues are of concern to you?
Main questions are on apartment-
apartment would sell for €115k at present.
Rent received= €850pm
Each month pay:
· Mortgage is €690pm month ( incl €50pm off arrears of €1900)
· Letting agent fee €84 ( don’t mind it being this high-very good agency- and is tax deductible)
· Management fees €50
· So, rent received covers all.
But, I must cover all problems/fixtures/issues with the apartment out of my own pocket, plus this €2k tax bill per year- and now there may be something wrong with the boiler there!
As you can see we are both on relatively low salaries and as well as usual bills and utilities to pay, as well as loans, there is also a €1050 childcare bill per month to pay. No continguency fund as no savings, so this apartment ( originally my family home- bought 10 years ago- 15 years left on the morthgage) is causing me untold stress.
It’s the usual……feeling that I will “let it go now and make nothing on it after 10 years – and plenty of my own money gone in to it”
I fully realise that I am lucky in that it would seem there is a chance I can sell now, whereas a lot of people would be in a lot of negative equity.
· Owe €95k on mortgage
· Would cost €2400 solicitor between gathering all documents etc- ie management company documents too-
· Agreed with letting agent a fee of 1% plus VAT
· Tax bill for 2014 after all expenses accounted for coming in at €2k, for 2015 would estimate to be similar , so another 2k
· Advertising cost to sell €700 due to estate agent
Overall by my calculations I would be left with €11k if I sold which be great for paying off my credit card/credit union, and household loan.
Judging by above figures, and yield etc. that you experts can work out a lot better than me!!! Would it seem advisable for me to sell now? One has just gone sale agreed for €118k but not on propertypriceregister yet.
In my mind I paid out- initial deposit/doing it up/further investment in furniture etc./taxes…..so not counting in the 7 years mortgage payments when it was home= €30k, or, is that silly to think that way?
Thanks