Hi,
Age: 27
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: 60,000
Annual gross income of spouse: 0
Monthly take-home pay:
3,300
Type of employment:
me: Private sector - full time, permanent
spouse: Stay at home Mam
In general are you:
Breaking even.
Rough estimate of value of home:
235K
Amount outstanding on your mortgage: €175,000
What interest rate are you paying? 3.6% (PTSB 2 year fix one year remaining)
Other borrowings:
20K personal loan. Interest 9%, Term 5 years with 4 years remaining
Have a 1K over draft that we dip into slightly every few months or so.
Do you pay off your full credit card balance each month?
Have struggled to pay it off fully the last year but now have cleared it fully and intend to keep it this way.
Savings and investments:
None
Do you have a pension scheme?
Yes, I contribute 5% + employer gives 5%. Current value is 8k
Do you own any investment or other property?
No
Children
Yes, one. Age 2.
Life + health insurance:
None other than Mortgage protection and serious illness cover.
What specific question do you have or what issues are of concern to you?
We’ve had a lot of changes in the last few years. I moved home from working abroad, had a child, bought our first home and got married. Money has been tight since we bought our house this time last year which I guess is pretty normal.
We were lucky to be given 20K towards our house from my parents but just a month after drawdown my parents ran into difficulty and had to recall the gift. They tried not to but they were really stuck and I couldn’t live with the guilt of not trying to give them their money back. I was afraid to go back to my bank where I’d got the mortgage from in case they considered it a breach of the loan so soon after drawdown. So I took out a personal loan of 20K over five years with my current account bank.
This loan I feel is a big weight over our shoulders. It’s effectively pushed us from an affordable mortgage of 750 a month to 1150 a month mortgage. I would like to get this paid off as soon as possible. With this loan I doubt we would be able to switch our mortgage. This time next year we would be free to switch and I would like to go to Ulster bank or KBC to avail of a much cheaper rate.
We seem to always be just scrapping by and every few months or so we have an unexpected expense, (spouse tipped a car €500, son had an operation €600)
I’m particularly worried about our lack of health insurance. My son’s operation was very minor (one day) and it cost €600. If I or my spouse got seriously sick I feel we would be in a lot of trouble. There has been rumours my work will start a scheme but I have my doubts this will be anytime soon.
We got married in February of this year (registry office) so I should take in an additional €280 Net per month from January 2019.
I’m expecting a promotion that will begin at the start of the year which should bring my gross income to €70K.
My wife should have her full license by then and will start minding two children for additional income.
Pleased to hear some valuable words of guidance/pointers of how to get some breathing space.
Age: 27
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: 60,000
Annual gross income of spouse: 0
Monthly take-home pay:
3,300
Type of employment:
me: Private sector - full time, permanent
spouse: Stay at home Mam
In general are you:
Breaking even.
Rough estimate of value of home:
235K
Amount outstanding on your mortgage: €175,000
What interest rate are you paying? 3.6% (PTSB 2 year fix one year remaining)
Other borrowings:
20K personal loan. Interest 9%, Term 5 years with 4 years remaining
Have a 1K over draft that we dip into slightly every few months or so.
Do you pay off your full credit card balance each month?
Have struggled to pay it off fully the last year but now have cleared it fully and intend to keep it this way.
Savings and investments:
None
Do you have a pension scheme?
Yes, I contribute 5% + employer gives 5%. Current value is 8k
Do you own any investment or other property?
No
Children
Yes, one. Age 2.
Life + health insurance:
None other than Mortgage protection and serious illness cover.
What specific question do you have or what issues are of concern to you?
We’ve had a lot of changes in the last few years. I moved home from working abroad, had a child, bought our first home and got married. Money has been tight since we bought our house this time last year which I guess is pretty normal.
We were lucky to be given 20K towards our house from my parents but just a month after drawdown my parents ran into difficulty and had to recall the gift. They tried not to but they were really stuck and I couldn’t live with the guilt of not trying to give them their money back. I was afraid to go back to my bank where I’d got the mortgage from in case they considered it a breach of the loan so soon after drawdown. So I took out a personal loan of 20K over five years with my current account bank.
This loan I feel is a big weight over our shoulders. It’s effectively pushed us from an affordable mortgage of 750 a month to 1150 a month mortgage. I would like to get this paid off as soon as possible. With this loan I doubt we would be able to switch our mortgage. This time next year we would be free to switch and I would like to go to Ulster bank or KBC to avail of a much cheaper rate.
We seem to always be just scrapping by and every few months or so we have an unexpected expense, (spouse tipped a car €500, son had an operation €600)
I’m particularly worried about our lack of health insurance. My son’s operation was very minor (one day) and it cost €600. If I or my spouse got seriously sick I feel we would be in a lot of trouble. There has been rumours my work will start a scheme but I have my doubts this will be anytime soon.
We got married in February of this year (registry office) so I should take in an additional €280 Net per month from January 2019.
I’m expecting a promotion that will begin at the start of the year which should bring my gross income to €70K.
My wife should have her full license by then and will start minding two children for additional income.
Pleased to hear some valuable words of guidance/pointers of how to get some breathing space.