Advice needed - do I need to change anything?

P

Poh38123

New Member
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3
Personal details

Age: 41

Single

No children.


Income and expenditure
Annual gross income from employment or profession: 185,000


Monthly take-home pay: 8400

Type of employment: e.g. Civil Servant, self-employed. Salaried employee

In general are you:
(a) spending more than you earn, or
(b) saving?

Sometimes both. More recently spending more than I earn.

Summary of Assets and Liabilities
Family home worth €759k with a €575k mortgage
Cash of €11k
Defined benefit pension fund.
Company shares : 28500

Buy to Let Property 1: worth €590k with mortgage of €116k. 2.9% Tracker. ECB +.9%
Gross income: 31,000
Monthly repayment 800

Buy to Let Property 2: worth €210k with zero mortgage.

Gross income 17400

Buy to Let Property 3 worth €467k with €94k mortgage. 2.49% fixed. Fixed rate ends in 5 years and 9 months.

Gross income 23256
Monthly repayment 1431






Family home mortgage information
Lender
Interest rate 1.16%
If fixed, what is the term remaining of the fixed rate? Fixed. 21 years left.

Other borrowings – car loans/personal loans etc

Do you pay off your full credit card balance each month? Yes


Other savings and investments:

Do you have a pension scheme? Yes, it's defined benefit and based on length of service

Do you own any investment or other property?

As indicated above +holiday home worth 110k no mortgage.

Other information which might be relevant

Life insurance:
Life assurance on home and one investment property. The buy to let with 94k has no life assurance

What specific question do you have or what issues are of concern to you?

I don't have alot of cash. I have been overpaying some of my buy-to-let properties as I want to be debt free as soon as possible. I would like to buy my forever home in a few years. It would mean buying one that is double the value of my current home. However, any views if I'm doing anything wrong or should change track on anything. Thank you.
 
Last edited:
Hey poo38123,

You say you are more recently spending more than you earn.

Could you break this down please?
 
Poh38123 said:
Family home mortgage information
Lender
Interest rate 1.16%
If fixed, what is the term remaining of the fixed rate? Fixed. 21 years left.
Click to expand...
Where and when did you get a 21-year fixed rate of 1.16%? I've never heard of this.


Poh38123 said:
. I would like to buy my forever home in a few years. It would mean buying one that is double the value of my current home.
Click to expand...
You are single with no dependents and you want a €1.5m home? That's a 4-bed house in a prestige Dublin address. Irrespective of means that seems like more house than you need.
 
nett worth excluding pension around €1.25 million. You are doing very well for a man of 41 years of age. Did you inherit these BTLs or the cash to buy them? Would be interested to hear your thoughts on staying in the BTL market if you are looking to purchase a family home of sum €1.6 million in years to come. You might consider selling one or more of them now, when you can do so.
 
Poh38123 said:
Personal details

Age: 41

Single

No children.


Income and expenditure
Annual gross income from employment or profession: 185,000


Monthly take-home pay: 8400

Type of employment: e.g. Civil Servant, self-employed. Salaried employee

In general are you:
(a) spending more than you earn, or
(b) saving?

Sometimes both. More recently spending more than I earn.

Summary of Assets and Liabilities
Family home worth €759k with a €575k mortgage
Cash of €11k
Defined benefit pension fund.
Company shares : 28500

Buy to Let Property 1: worth €590k with mortgage of €116k. 2.9% Tracker. ECB +.9%
Gross income: 31,000
Monthly repayment 800

Buy to Let Property 2: worth €210k with zero mortgage.

Gross income 17400

Buy to Let Property 3 worth €467k with €94k mortgage. 2.49% fixed. Fixed rate ends in 5 years and 9 months.

Gross income 23256
Monthly repayment 1431






Family home mortgage information
Lender
Interest rate 1.16%
If fixed, what is the term remaining of the fixed rate? Fixed. 21 years left.

Other borrowings – car loans/personal loans etc

Do you pay off your full credit card balance each month? Yes


Other savings and investments:

Do you have a pension scheme? Yes, it's defined benefit and based on length of service

Do you own any investment or other property?

As indicated above +holiday home worth 110k no mortgage.

Other information which might be relevant

Life insurance:
Life assurance on home and one investment property. The buy to let with 94k has no life assurance

What specific question do you have or what issues are of concern to you?

I don't have alot of cash. I have been overpaying some of my buy-to-let properties as I want to be debt free as soon as possible. I would like to buy my forever home in a few years. It would mean buying one that is double the value of my current home. However, any views if I'm doing anything wrong or should change track on anything. Thank you.
Click to expand...
Which is the holiday home property worth 110k?

This one? Buy to Let Property 2: worth €210k with zero mortgage

Do you plan to sell off some properties to purchase the home for 1.5m

In that case it should be achievable.

How much debt do you want to have age 50?

By the way ECB rate already 2.5 meaning your .9 tracker costs 3.4%

And that will go to 4.4% before June
 
PebbleBeach2020 said:
nett worth excluding pension around €1.25 million. You are doing very well for a man of 41 years of age. Did you inherit these BTLs or the cash to buy them? Would be interested to hear your thoughts on staying in the BTL market if you are looking to purchase a family home of sum €1.6 million in years to come. You might consider selling one or more of them now, when you can do so.
Click to expand...
yes, i received a gift of around 300K back in 2009 - that started me off. the problem with the BTLs is that i think i may have missed the boat to an extent in getting rid of the. It looks like the eviction bank that may become permanent.
 
PebbleBeach2020 said:
nett worth excluding pension around €1.25 million. You are doing very well for a man of 41 years of age. Did you inherit these BTLs or the cash to buy them? Would be interested to hear your thoughts on staying in the BTL market if you are looking to purchase a family home of sum €1.6 million in years to come. You might consider selling one or more of them now, when you can do so.
Click to expand...
It's actually €1.36m as holiday home of 110k is on top of figures quoted. Seriously impressive.
 
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