Age: 40
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 130K
Annual gross income of spouse: 30K
Type of employment: Self Employed
In general are you. b) saving
Rough estimate of value of home: 250K
Amount outstanding on your mortgage: 95K
What interest rate are you paying 0.75%
Other borrowings – car loans/personal loans etc: Company Car being paid for by my company 500/Month
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: 300K
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: 8, 6
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We need to up-size our current home and have a quote for 130K to do so and planning has been approved etc. Just waiting to pull the trigger for a start next month.
We plan on using our savings to do this which will leave in savings approx. 150K - 160K. Im also tempted to pay off the mortgage in part or full. On the face of it, what we plan on doing is the obvious choice, wondering if there might be a better way of funding everything.
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 130K
Annual gross income of spouse: 30K
Type of employment: Self Employed
In general are you. b) saving
Rough estimate of value of home: 250K
Amount outstanding on your mortgage: 95K
What interest rate are you paying 0.75%
Other borrowings – car loans/personal loans etc: Company Car being paid for by my company 500/Month
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: 300K
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: 8, 6
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We need to up-size our current home and have a quote for 130K to do so and planning has been approved etc. Just waiting to pull the trigger for a start next month.
We plan on using our savings to do this which will leave in savings approx. 150K - 160K. Im also tempted to pay off the mortgage in part or full. On the face of it, what we plan on doing is the obvious choice, wondering if there might be a better way of funding everything.