Age: 37
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 135,000
Annual gross income of spouse: 55,000
Monthly take-home pay 8,600
Type of employment: one civil servant, one self-employed
In general are you:
saving
Rough estimate of value of home – 500,000
Amount outstanding on your mortgage: 308000
What interest rate are you paying? 3.3% variable
Other borrowings – car loans/personal loans etc - nil
Do you pay off your full credit card balance each month? Yes
Savings and investments: 12,000
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 7, 5, 1 (another due this year)
Life insurance: Term life linked to mortgage instead of mortgage protection.
Question: Would like to tidy up finances to try and be able to afford to put the children through college should they wish to go to college. Our current plan is to try and have the mortgage paid off in the next 13 years and then as a result free up cash to put the children through college. I think we need to switch our mortgage but am not sure whether to switch to AIB 2.95% variable which would allow us to overpay or KBC 5 year fixed at 2.65 % in view of the possibility that variable rates may start to rise in the next year. Generally looking for some advice on any changes I could make to improve our finances to plan for the future.
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 135,000
Annual gross income of spouse: 55,000
Monthly take-home pay 8,600
Type of employment: one civil servant, one self-employed
In general are you:
saving
Rough estimate of value of home – 500,000
Amount outstanding on your mortgage: 308000
What interest rate are you paying? 3.3% variable
Other borrowings – car loans/personal loans etc - nil
Do you pay off your full credit card balance each month? Yes
Savings and investments: 12,000
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 7, 5, 1 (another due this year)
Life insurance: Term life linked to mortgage instead of mortgage protection.
Question: Would like to tidy up finances to try and be able to afford to put the children through college should they wish to go to college. Our current plan is to try and have the mortgage paid off in the next 13 years and then as a result free up cash to put the children through college. I think we need to switch our mortgage but am not sure whether to switch to AIB 2.95% variable which would allow us to overpay or KBC 5 year fixed at 2.65 % in view of the possibility that variable rates may start to rise in the next year. Generally looking for some advice on any changes I could make to improve our finances to plan for the future.