Age: 32
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 65k
Annual gross income of spouse:30k
Monthly take-home pay:
Me: 3,050 after pension and health insurance
Wife: 1,800e
Type of employment: both private
In general are you:
Saving, although recently married so left with 10k savings between us.
Before the wedding we were saving approx 2k per month.
Rough estimate of value of home: we are currently renting the house we live in at 650€ per month. To be honest we are happy enough living in this house, nice neighbours, location etc.
However I have a mortgage on a house that is currently rented out (location not suitable for us now). This house is valued approx 180k. It is rented out by the same couple the past few years and they are great tenants so no rush to sell the house either as rent is pretty much covering the mortgage although I am Currently not paying tax on the rental income.
Amount outstanding on your mortgage: approx 145k.
What interest rate are you paying? 3.19%
Other borrowings – nothing
Do you pay off your full credit card balance each month?
Yes - don't use it too often. Just for flights etc.
Savings and investments: 10k savings in credit union between us both.
Do you have a pension scheme? I do, she doesn't. I am unsure of the scheme I am on in work.
Do you own any investment or other property? Yes the previous mentioned property.
Ages of children: 7 and 2
Life insurance: I have but not sure of the policy details.
What specific question do you have or what issues are of concern to you?
We currently use my wife's income for shopping, kids needs and savings for holidays etc and my income is used for rent, bills and savings.
At the end of the month we have approx 1500 that we can save toward the 20% deposit that will be needed to buy A home for us and the kids. I expect we will be looking at spending approx 250k on this home kdand so will be saving for another 3 or 4 years.
Are we better off saving this entire 1500 or perhaps just save 1000 and use the other 500 to over pay the existing mortgage? Or any other ideas? As I mentioned above we are in no real rush to move either but it is something we want to do in the future to have a family home.
Thanks
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 65k
Annual gross income of spouse:30k
Monthly take-home pay:
Me: 3,050 after pension and health insurance
Wife: 1,800e
Type of employment: both private
In general are you:
Saving, although recently married so left with 10k savings between us.
Before the wedding we were saving approx 2k per month.
Rough estimate of value of home: we are currently renting the house we live in at 650€ per month. To be honest we are happy enough living in this house, nice neighbours, location etc.
However I have a mortgage on a house that is currently rented out (location not suitable for us now). This house is valued approx 180k. It is rented out by the same couple the past few years and they are great tenants so no rush to sell the house either as rent is pretty much covering the mortgage although I am Currently not paying tax on the rental income.
Amount outstanding on your mortgage: approx 145k.
What interest rate are you paying? 3.19%
Other borrowings – nothing
Do you pay off your full credit card balance each month?
Yes - don't use it too often. Just for flights etc.
Savings and investments: 10k savings in credit union between us both.
Do you have a pension scheme? I do, she doesn't. I am unsure of the scheme I am on in work.
Do you own any investment or other property? Yes the previous mentioned property.
Ages of children: 7 and 2
Life insurance: I have but not sure of the policy details.
What specific question do you have or what issues are of concern to you?
We currently use my wife's income for shopping, kids needs and savings for holidays etc and my income is used for rent, bills and savings.
At the end of the month we have approx 1500 that we can save toward the 20% deposit that will be needed to buy A home for us and the kids. I expect we will be looking at spending approx 250k on this home kdand so will be saving for another 3 or 4 years.
Are we better off saving this entire 1500 or perhaps just save 1000 and use the other 500 to over pay the existing mortgage? Or any other ideas? As I mentioned above we are in no real rush to move either but it is something we want to do in the future to have a family home.
Thanks