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Guest
Age: 36
Spouse’s: 36
Annual gross income from employment or profession: 65,000
Annual gross income spouse: 64,000
Type of employment: PAYE
Spouse: Teacher
Expenditure pattern: In general are you spending more than you earn or are you saving? No
Rough estimate of value of home 430,000
Mortgage on home 285,000
Mortgage provider: EBS
Type of mortgage: Fixed @1400 per month
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Bank, CU and EBS 14,000
Shared EBS 10,000
Spouse CU and EBS 14,000
Do you have a pension scheme? Previous employment 20,000
Current PRSA @550 per month value 17,000
Do you own any investment or other property? No
Ages of children: None (yet!)
What specific question do you have or what issues are of concern to you?
Our current plans are to start a family and to possibly move house within 5 years. This would also mean replacing one of the cars with a more child friendly one as required. So the question is what is the best option for our money?
Option 1; Release capital on existing house of 100,000 and purchase rental property for additional 270,000 with an interest only mortgage of 1,200 per month, leaving total mortgage of approx 3,200 per month. Rental property of approx 1,400 to 1,600 per month.
Option 2; Increase payments on top of existing mortgage to reduce interest and increase value when it comes to sell. EBS is willing to do this even though it is a fixed rate with no penalties. Also to put whatever is left over into a flexible savings/investment scheme (recommendations welcome).
Option 3; Take bulk of savings and lodge into a flexible savings/investment scheme, with an additional lodgement of approx 1,500 between us per month. Bear in mind that this would have to be flexible as our future plans aren’t written in stone yet.
Option 4: Any ideas???
Spouse’s: 36
Annual gross income from employment or profession: 65,000
Annual gross income spouse: 64,000
Type of employment: PAYE
Spouse: Teacher
Expenditure pattern: In general are you spending more than you earn or are you saving? No
Rough estimate of value of home 430,000
Mortgage on home 285,000
Mortgage provider: EBS
Type of mortgage: Fixed @1400 per month
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Bank, CU and EBS 14,000
Shared EBS 10,000
Spouse CU and EBS 14,000
Do you have a pension scheme? Previous employment 20,000
Current PRSA @550 per month value 17,000
Do you own any investment or other property? No
Ages of children: None (yet!)
What specific question do you have or what issues are of concern to you?
Our current plans are to start a family and to possibly move house within 5 years. This would also mean replacing one of the cars with a more child friendly one as required. So the question is what is the best option for our money?
Option 1; Release capital on existing house of 100,000 and purchase rental property for additional 270,000 with an interest only mortgage of 1,200 per month, leaving total mortgage of approx 3,200 per month. Rental property of approx 1,400 to 1,600 per month.
Option 2; Increase payments on top of existing mortgage to reduce interest and increase value when it comes to sell. EBS is willing to do this even though it is a fixed rate with no penalties. Also to put whatever is left over into a flexible savings/investment scheme (recommendations welcome).
Option 3; Take bulk of savings and lodge into a flexible savings/investment scheme, with an additional lodgement of approx 1,500 between us per month. Bear in mind that this would have to be flexible as our future plans aren’t written in stone yet.
Option 4: Any ideas???