Age: 27
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: E43,000 + E3,600 rent a room scheme
Annual gross income of spouse:
Type of employment: Private sector
In general are you:
(b) saving - minimum E600 per month
Rough estimate of value of home E200,000 - E220,000
Amount outstanding on your mortgage: E240,000
What interest rate are you paying? 2.1% AIB tracker
Other borrowings – no other borrowings
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
6,000 Anglo Irish regular saver
1,000 credit union
2,000 First Active e-savings
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: With mortgage
What specific question do you have or what issues are of concern to you?
I bought my house 16 months ago (92% mortgage) when prices were beginning to come down and remain happy with my decision despite negative equity and I have spent the last 16 months re-building my savings.
I now don't know what financial goals to have in place - should I overpay my mortgage or begin my pension or look to investments?
How much money should I keep on deposit as a safety fund?
My car may need changing in the next 1-2 years which is why I have E1,000 in the credit union as I doubt a bank would lend to me due to my negative equity.
I am also studying a different career area at the moment (all fees paid) and may change career and take a salary cut of approx €15,000 initially (salary gradually increasing to current amount over 3-4 year period and hopefully continuing to increase).
What goal would you work towards in my position?
Thanks in advance for your words of wisdom!
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: E43,000 + E3,600 rent a room scheme
Annual gross income of spouse:
Type of employment: Private sector
In general are you:
(b) saving - minimum E600 per month
Rough estimate of value of home E200,000 - E220,000
Amount outstanding on your mortgage: E240,000
What interest rate are you paying? 2.1% AIB tracker
Other borrowings – no other borrowings
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
6,000 Anglo Irish regular saver
1,000 credit union
2,000 First Active e-savings
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: With mortgage
What specific question do you have or what issues are of concern to you?
I bought my house 16 months ago (92% mortgage) when prices were beginning to come down and remain happy with my decision despite negative equity and I have spent the last 16 months re-building my savings.
I now don't know what financial goals to have in place - should I overpay my mortgage or begin my pension or look to investments?
How much money should I keep on deposit as a safety fund?
My car may need changing in the next 1-2 years which is why I have E1,000 in the credit union as I doubt a bank would lend to me due to my negative equity.
I am also studying a different career area at the moment (all fees paid) and may change career and take a salary cut of approx €15,000 initially (salary gradually increasing to current amount over 3-4 year period and hopefully continuing to increase).
What goal would you work towards in my position?
Thanks in advance for your words of wisdom!