Age: 44
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 34000
Annual gross income of spouse: 60000
Monthly take-home pay
Type of employment: e.g. Civil Servant, self-employed : Both Civil Servants
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 360k
Amount outstanding on your mortgage: 160k
What interest rate are you paying? Tracker @ 0.75%.
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: Credit Union: 4k Bank Account 5k
Do you have a pension scheme? Yes - we both have civil service pension though I am working part time so not making full contributions to mine.
Do you own any investment or other property? No
Ages of children: 10, 7
Life insurance: Basic mortgage protection
What specific question do you have or what issues are of concern to you?
Firstly, based on what I've read here I've made some basic changes - we were overpaying our mortgage by almost 200 euros per month. I've reverted back to the basic and set up a direct debit to save the 200 instead. I've also just repaid a credit union loan and intend to try to stay debt free and increase savings over the next 6 months.
Secondly, due to downsizing my parents have 60k which they would like to give me. I have always been interested in investing in a buy to let property but am more than apprehensive having read many of the threads on this subject here on the site. My questions are:
- would property investment make sense based on the figures/position above?
- is it viable - would I get a lender to give me sufficient funds to buy (in Dublin outer suburbs)?
I hate the thought of this money sitting in an account with interest rates so bad so am keen to do more with it than that.
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 34000
Annual gross income of spouse: 60000
Monthly take-home pay
Type of employment: e.g. Civil Servant, self-employed : Both Civil Servants
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 360k
Amount outstanding on your mortgage: 160k
What interest rate are you paying? Tracker @ 0.75%.
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: Credit Union: 4k Bank Account 5k
Do you have a pension scheme? Yes - we both have civil service pension though I am working part time so not making full contributions to mine.
Do you own any investment or other property? No
Ages of children: 10, 7
Life insurance: Basic mortgage protection
What specific question do you have or what issues are of concern to you?
Firstly, based on what I've read here I've made some basic changes - we were overpaying our mortgage by almost 200 euros per month. I've reverted back to the basic and set up a direct debit to save the 200 instead. I've also just repaid a credit union loan and intend to try to stay debt free and increase savings over the next 6 months.
Secondly, due to downsizing my parents have 60k which they would like to give me. I have always been interested in investing in a buy to let property but am more than apprehensive having read many of the threads on this subject here on the site. My questions are:
- would property investment make sense based on the figures/position above?
- is it viable - would I get a lender to give me sufficient funds to buy (in Dublin outer suburbs)?
I hate the thought of this money sitting in an account with interest rates so bad so am keen to do more with it than that.