Age:
47
Spouse’s/Partner's age:
43
Annual gross income from employment or profession:
€70000
Annual gross income spouse:
€18000 (left job in March,now works 3 days a week)
Type of employment:
Both public sector
Expenditure pattern:
I tend to try to save while she is more of a spender
Rough estimate of value of home
€385000
Mortgage on home
€208,000
Mortgage provider:
Permanent TSB
Type of mortgage: Tracker, interest only, fixed rate
Took out 5 year fixed in Sept 2018 at 3.25%
Interest rate
3.25%.....enquired about break fee 2 months ago,was told it would be €0. Looking to switch when she gets this lump of roughly €45k from house sale
Other borrowings – car loans/personal loans etc
She has car loan of €10k
Do you pay off your full credit card balance each month?
I do,she owes about €3k
Savings and investments:
I've just recently cleared off 2 loans and am now saving about €150 a week
Do you have a pension scheme?
I have a primary teachers pension.
She had a very small one from previous employment,has only statred new part time job in March and is on another tiny pension.
Do you own any investment or other property?
No.
Ages of children:
9 and 7 (7 year old recently diagnosed with Autism,part of reason why she left previous job and started new one)
Life insurance:
To cover mortagage with Irish Life
What specific question do you have or what issues are of concern to you?
She is due to get about €45k from a house sale. Will obviously pay off loan and credit card,leaving her with about €30k.
I also might be getting about €50k later this year. She wants to do a few jobs around the house,go on holidays etc. She also wants to put some aside so to have quick access. So looking at about €50k to either pay off mortgage,invest or something.
Is paying a lump off mortgage the best option?We would possibly like to sell and move maybe in 5 or 6 years time but who knows what way the market will be then.
Her pension is extremely low so would that be a better option?She's more of a spender,I'm more of a saver.
Are Prize Bonds anyway decent? She likes an account that might pay interest on savings(of which there's probably no such thing) and we can access so thats why Prize Bonds may interest her.