Age: 45
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 85k (inc commission)
Annual gross income of spouse: 100k
Monthly take-home pay: approx. €2,600 me, €3,500 wife
Type of employment: work in IT for a US multinational
In general are you: Saving
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home: 800K
Amount outstanding on your mortgage: 290K
What interest rate are you paying? 2.75% (AIB)
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: 70K cash, 10K shares
Do you have a pension scheme? Yes - €175K DC. Contributions: 1K p/m.
Importantly - my wife is in a DB scheme and will be eligible to retire at 60 on full pension.
Do you own any investment or other property? No
Ages of children: 6 & 4
Life insurance: Both covered through work schemes
Biggest outgoings:
Mortgage repayment: 1,700 p/m
Childcare: 1,600 p/m
What specific question do you have or what issues are of concern to you?
I'm just looking to get some advice on what to do with the limp sum that I have. I was made redundant at the end of last year but will be starting a new job shortly so am in the lucky position of having up to €70k cash available. I'm not the type of person that would blow this on something stupid so I'm looking at using approx. €60k to pay off my mortgage so is this a good idea? We only own one property and moved into our house two years ago. Here are some specifics -
House value: 800k
Mortgage total: 310k
Current balance: 290k
Term: 20 years (from March 2016)
So, we basically have 18 years to go and I will be 63 at that point. Ideally we are aiming to retire at 60 so I'd like to bring the mortgage date down if possible. My wife has an excellent DB pension but will not receive a state pension. I'll have a DC pension and will receive the state pension.
Is my best option to re-mortgage over a term of 15 years? Or would I simply pay the lump into the mortgage account and the term would simply end quicker? I'm just not sure if I'd save on interest doing it this way??
Any advice on this or any other suggestions would be greatly appreciated. Thank you!!
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 85k (inc commission)
Annual gross income of spouse: 100k
Monthly take-home pay: approx. €2,600 me, €3,500 wife
Type of employment: work in IT for a US multinational
In general are you: Saving
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home: 800K
Amount outstanding on your mortgage: 290K
What interest rate are you paying? 2.75% (AIB)
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: 70K cash, 10K shares
Do you have a pension scheme? Yes - €175K DC. Contributions: 1K p/m.
Importantly - my wife is in a DB scheme and will be eligible to retire at 60 on full pension.
Do you own any investment or other property? No
Ages of children: 6 & 4
Life insurance: Both covered through work schemes
Biggest outgoings:
Mortgage repayment: 1,700 p/m
Childcare: 1,600 p/m
What specific question do you have or what issues are of concern to you?
I'm just looking to get some advice on what to do with the limp sum that I have. I was made redundant at the end of last year but will be starting a new job shortly so am in the lucky position of having up to €70k cash available. I'm not the type of person that would blow this on something stupid so I'm looking at using approx. €60k to pay off my mortgage so is this a good idea? We only own one property and moved into our house two years ago. Here are some specifics -
House value: 800k
Mortgage total: 310k
Current balance: 290k
Term: 20 years (from March 2016)
So, we basically have 18 years to go and I will be 63 at that point. Ideally we are aiming to retire at 60 so I'd like to bring the mortgage date down if possible. My wife has an excellent DB pension but will not receive a state pension. I'll have a DC pension and will receive the state pension.
Is my best option to re-mortgage over a term of 15 years? Or would I simply pay the lump into the mortgage account and the term would simply end quicker? I'm just not sure if I'd save on interest doing it this way??
Any advice on this or any other suggestions would be greatly appreciated. Thank you!!
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