HansGruber
Registered User
- Messages
- 6
Age: 42
Spouse’s/Partner's age: 42
Annual gross income from employment: 131k
Annual gross income of spouse: 32k (3 day week: 18k)
Monthly take-home pay:€7,289
Type of employment: Private sector (secure) & public sector (spouse)
In general - saving c.€1,800 per month
Rough estimate of value of home: €330k (cost €390k)
Amount outstanding on mortgage:€265k
What interest rate are you paying? €144k @ 3.15%, €121k @ 0.9%
Other borrowings – none
Do you pay off your full credit card balance each month? Yes
Savings: €120k on deposit
Do you have a pension scheme? Yes, c€200k, max AVC top-up for last 2 years
Do you own any investment or other property? No
Ages of children: 2 under 6
Life insurance: Yes
Questions
Am in the process of moving mortgage to LTV<80% rate of 2.95%. Also know I should pay a lump sum off the 3.15% mortgage rather than having it sitting on deposit. Questions are as follows;
Any advice on the above appreciated....
Spouse’s/Partner's age: 42
Annual gross income from employment: 131k
Annual gross income of spouse: 32k (3 day week: 18k)
Monthly take-home pay:€7,289
Type of employment: Private sector (secure) & public sector (spouse)
In general - saving c.€1,800 per month
Rough estimate of value of home: €330k (cost €390k)
Amount outstanding on mortgage:€265k
What interest rate are you paying? €144k @ 3.15%, €121k @ 0.9%
Other borrowings – none
Do you pay off your full credit card balance each month? Yes
Savings: €120k on deposit
Do you have a pension scheme? Yes, c€200k, max AVC top-up for last 2 years
Do you own any investment or other property? No
Ages of children: 2 under 6
Life insurance: Yes
Questions
Am in the process of moving mortgage to LTV<80% rate of 2.95%. Also know I should pay a lump sum off the 3.15% mortgage rather than having it sitting on deposit. Questions are as follows;
- How much should we look to pay off the mortgage in a lump sum?
- Presume we should reduce the term also?
- Should we look to overpay monthly also?
- Should we then prioritise savings for kids future education, paying down mortgage or maxing pension AVC top-ups each year, or a combination?
Any advice on the above appreciated....