BiddyMaggie
Registered User
- Messages
- 11
Age:
46
Spouse’s/Partner's age:
45
Annual gross income from employment or profession:
E70,000
Annual gross income spouse:
E300,0000
Type of employment:
Public and private sector employees
Expenditure pattern:
We are both generally 'savers'
Rough estimate of value of home
E500,000
Value of rental property
€350,000
Mortgage on PPD home
E280,000 5 yr fixed green with aib 2.15%
Overpay by €2.5k per month
6 years term left
Mortgage on rental property
€115k on tracker 4.5%
8 years term left
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
E200,000 savings. €100,000 shares
Saving €1500 p/m in Zurich funds for kid’s college expenses. Zurich funds at €20k presently.
Do you have a pension scheme?
Yes Defined Benefit with AVC top ups to offset tax bill from rental
Wife’s pension currently at €750,000
Do you own any investment or other property?
Yes rental 3 bed house
Ages of children:
14 & 12
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
Having nearly €200k cash at bank doing nothing only depreciates due to inflation which mortgage is better paying lump sum off. Waiting on AIB to respond if paying €100k off 5 yr fixed is allowed without breakage clause.
So should we make lump sum payment of €100k off PPD €280k @ 2.15% or
Rental property €100k off €115k @ 4.5%
We think we are saving enough to manage kids college expenses so where should we invest the other €100k cash at bank. I would be happy to invest in property a fixer upper for kids or cheap apartment for their college years but am cautious as market supply has property overpriced at the moment.
Should we invest €100k diversifying in shares/gold etc
Alternatively should we borrow on top of the €200k savings and buy another investment property as investment/ kids. Feel we could be crucified by Sinn Fein taxing investors if they get into power.
Both hoping to retire at 57-60 yrs or when youngest finishes college
46
Spouse’s/Partner's age:
45
Annual gross income from employment or profession:
E70,000
Annual gross income spouse:
E300,0000
Type of employment:
Public and private sector employees
Expenditure pattern:
We are both generally 'savers'
Rough estimate of value of home
E500,000
Value of rental property
€350,000
Mortgage on PPD home
E280,000 5 yr fixed green with aib 2.15%
Overpay by €2.5k per month
6 years term left
Mortgage on rental property
€115k on tracker 4.5%
8 years term left
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
E200,000 savings. €100,000 shares
Saving €1500 p/m in Zurich funds for kid’s college expenses. Zurich funds at €20k presently.
Do you have a pension scheme?
Yes Defined Benefit with AVC top ups to offset tax bill from rental
Wife’s pension currently at €750,000
Do you own any investment or other property?
Yes rental 3 bed house
Ages of children:
14 & 12
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
Having nearly €200k cash at bank doing nothing only depreciates due to inflation which mortgage is better paying lump sum off. Waiting on AIB to respond if paying €100k off 5 yr fixed is allowed without breakage clause.
So should we make lump sum payment of €100k off PPD €280k @ 2.15% or
Rental property €100k off €115k @ 4.5%
We think we are saving enough to manage kids college expenses so where should we invest the other €100k cash at bank. I would be happy to invest in property a fixer upper for kids or cheap apartment for their college years but am cautious as market supply has property overpriced at the moment.
Should we invest €100k diversifying in shares/gold etc
Alternatively should we borrow on top of the €200k savings and buy another investment property as investment/ kids. Feel we could be crucified by Sinn Fein taxing investors if they get into power.
Both hoping to retire at 57-60 yrs or when youngest finishes college