Age: 43
Spouse’s/Partner's age: 41
Annual gross income from employment or profession: 159,500 plus 20-40% Bonus yearly +30-50k shares yearly
Annual gross income of spouse: 0
Monthly take-home pay 7333
Type of employment: employed by multinational
In general are you:
(a) spending more than you earn, or
(b) saving? Save currently 600-1000 monthly
Rough estimate of value of home 625,000
Amount outstanding on your mortgage: 400,000
What interest rate are you paying? 3.7% UB - Being investigated as part of the Tracker mortgage examination, have not been told am impacted as of yet
Other borrowings – car loans/personal loans etc :0
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
Savings and investments:20K savings Shares: 35K vested 135K to vest over next 4 years
Do you have a pension scheme? : Yes currently paying 5%, employer paying 7%
Do you own any investment or other property? Yes: Apartment worth 295K, Mortgage 260K on rate of 3.65% UB.
Ages of children: 6 & 8
Life insurance: Yes with work 4.5 times my salary plus pension for my partner. Partner has 300k life insurance
What specific question do you have or what issues are of concern to you: I would like to sell both properties and Trade up and move to another house, new build in an area I would like to bring up my kids. Current area is not ideal and we have had some problems here. The house I would like to move to is 825K, have currently been approved for 616k @ 2.95% (3,282 a month) but really do not want to take out such a big mortgage and would like to get a lower one of 580K where I would use equity from both places, savings and some shares. Am I taking on too much debt based on my current situation?
Spouse’s/Partner's age: 41
Annual gross income from employment or profession: 159,500 plus 20-40% Bonus yearly +30-50k shares yearly
Annual gross income of spouse: 0
Monthly take-home pay 7333
Type of employment: employed by multinational
In general are you:
(a) spending more than you earn, or
(b) saving? Save currently 600-1000 monthly
Rough estimate of value of home 625,000
Amount outstanding on your mortgage: 400,000
What interest rate are you paying? 3.7% UB - Being investigated as part of the Tracker mortgage examination, have not been told am impacted as of yet
Other borrowings – car loans/personal loans etc :0
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
Savings and investments:20K savings Shares: 35K vested 135K to vest over next 4 years
Do you have a pension scheme? : Yes currently paying 5%, employer paying 7%
Do you own any investment or other property? Yes: Apartment worth 295K, Mortgage 260K on rate of 3.65% UB.
Ages of children: 6 & 8
Life insurance: Yes with work 4.5 times my salary plus pension for my partner. Partner has 300k life insurance
What specific question do you have or what issues are of concern to you: I would like to sell both properties and Trade up and move to another house, new build in an area I would like to bring up my kids. Current area is not ideal and we have had some problems here. The house I would like to move to is 825K, have currently been approved for 616k @ 2.95% (3,282 a month) but really do not want to take out such a big mortgage and would like to get a lower one of 580K where I would use equity from both places, savings and some shares. Am I taking on too much debt based on my current situation?