Age: 31
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 83k Base - 33k Bonus & 28k equity
Annual gross income of spouse: 12k
Monthly take-home pay : 5,100
Type of employment: Private sector analyst
In general are you:
(a) spending more than you earn, or
(b) saving? b saving
Rough estimate of value of home: 560k
Amount outstanding on your mortgage: 283k
What interest rate are you paying? 3.8%
Other borrowings – car loans/personal loans 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: 25k currently hopefully 60k by start of 2017
Do you have a pension scheme? Yes 7% of salary matched
Do you own any investment or other property? No
Ages of children: 1st on way
Life insurance: Yes
Hi
I am looking for some advice about an extension and changing mortgage provider.
Currently paying 3.8% in a 50%-60% LTV - however we are looking to extend hopefully in about a years time. The extension would cost roughly 120k and the plan would be to put 60k of investments towards extension and to get a top up mortgage of 60k for the remainder.
I think my issues will come when getting a mortgage for circa 350k as my base salary is 83.5 and my wife is currently self employed and will bring in roughly 12k - She will be looking after our imminent baby but will still be able to bring in circa 12k a year and avoid childcare costs. This leaves us below the 3.5 multiplier for 350k
Our current bank where very good at helping us take into account annual equity and bonus - however I feel the 3.8% is not the best value possible and would move - however I am unsure that any other bank would take into account bonus and equity.
I see it that we have three options
1. Stay with our current bank at 3.8% and get a new mortgage for 350k in 2017 to commence work on the extension and stay with current bank @ 3.8% into the future
2. Stay with current bank till we get 350k for the extension - then look to move to a bank with a cheaper interest rate
3. Change banks now to a lower interest rate and do my homework on what one is most likely to accept equity & bonus
Savings:
We can afford to live within our salary every month with bonus and equity go into savings - normally would be enough left over for 1k savings - my wife unfortunately isn't working currently due to a difficult pregnancy so haven't been saving as much
Any advice would be much appreciated
TS
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 83k Base - 33k Bonus & 28k equity
Annual gross income of spouse: 12k
Monthly take-home pay : 5,100
Type of employment: Private sector analyst
In general are you:
(a) spending more than you earn, or
(b) saving? b saving
Rough estimate of value of home: 560k
Amount outstanding on your mortgage: 283k
What interest rate are you paying? 3.8%
Other borrowings – car loans/personal loans 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: 25k currently hopefully 60k by start of 2017
Do you have a pension scheme? Yes 7% of salary matched
Do you own any investment or other property? No
Ages of children: 1st on way
Life insurance: Yes
Hi
I am looking for some advice about an extension and changing mortgage provider.
Currently paying 3.8% in a 50%-60% LTV - however we are looking to extend hopefully in about a years time. The extension would cost roughly 120k and the plan would be to put 60k of investments towards extension and to get a top up mortgage of 60k for the remainder.
I think my issues will come when getting a mortgage for circa 350k as my base salary is 83.5 and my wife is currently self employed and will bring in roughly 12k - She will be looking after our imminent baby but will still be able to bring in circa 12k a year and avoid childcare costs. This leaves us below the 3.5 multiplier for 350k
Our current bank where very good at helping us take into account annual equity and bonus - however I feel the 3.8% is not the best value possible and would move - however I am unsure that any other bank would take into account bonus and equity.
I see it that we have three options
1. Stay with our current bank at 3.8% and get a new mortgage for 350k in 2017 to commence work on the extension and stay with current bank @ 3.8% into the future
2. Stay with current bank till we get 350k for the extension - then look to move to a bank with a cheaper interest rate
3. Change banks now to a lower interest rate and do my homework on what one is most likely to accept equity & bonus
Savings:
We can afford to live within our salary every month with bonus and equity go into savings - normally would be enough left over for 1k savings - my wife unfortunately isn't working currently due to a difficult pregnancy so haven't been saving as much
Any advice would be much appreciated
TS