Age: 31
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 59k
Annual gross income of spouse: 30k
Type of employment: e.g. Civil Servant, self-employed: I am a permanent teacher, secondary school - employed at senior management level. He is a data analyst, and has recently been made permanent.
In general are you:
(a) spending more than you earn, or
(b) saving?
In general, managing ok. I have 9k of savings. He has no savings but we are not carrying any credit card debt.
Rough estimate of value of home Probably in and around the €290k mark
Amount outstanding on your mortgage: In 2003, we drew down €266,800. The amount outstanding is €213,507
What interest rate are you paying? Tracker variable - 2.3% with Bank of Ireland. We're paying €1216.26 each month.
Other borrowings – car loans/personal loans etc
I have a joint loan with my brother. He owns the house with me. This is €9000. We have it with the Credit Union and we're paying off €600 between us each month.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? My partner does not owe anything on his. I owe €600, but I'll shift this at the end of the month. I don't pay interest.
Savings and investments: €9000 in Credit Union.
Do you have a pension scheme? Yes, we both have. I also have an AVC.
Do you own any investment or other property? No
Ages of children: No
Life insurance: Yes, we both have.
What specific question do you have or what issues are of concern to you?
The house that my partner and I now live in, is one that I bought with my brother 7 years ago. My brother is a pharmacist, employed by the HSE and has a permanent, pensionable job with a salary of €60k, no debt (bar joint mortgage and joint home improvement loan, and no dependents). Neither my brother nor I wish to remain in the house for the rest of our lives, but it suits for the time being. We borrowed €16000 this time last year to make redo the house - plastering, rewiring etc. so it is in very good condition for renting out in the future. The house is a 10 minute bus journey from town, in a settled area, so it should hopefully be an ok prospect for renting. There's €9000 outstanding on this loan.
My partner and I would like to begin saving for our own house. Realistically, I suppose we would need to save about €40000 over the next 3 years. I don't know is this madness, or whether a bank would even consider us, given his relatively low salary, and my existing mortgage.
We have absolutely no desire to become overexposed to property. Our plan is to try and save enough money for the deposit on a second house - stay in our existing house for the next 3-4 years and try to sell up before buying a new property. My brother is quite happy with this time frame - he is unable to spend much time in Dublin due to work commitments but would like to have a base here for the foreseeable future.
As my post probably indicates, I'm not much good at this kind of thing. My question is really do people think this is a realistic plan for the future - to try and save €40,000, buy a slightly bigger - e.g. 4 bedroomed home in a slightly better area?
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 59k
Annual gross income of spouse: 30k
Type of employment: e.g. Civil Servant, self-employed: I am a permanent teacher, secondary school - employed at senior management level. He is a data analyst, and has recently been made permanent.
In general are you:
(a) spending more than you earn, or
(b) saving?
In general, managing ok. I have 9k of savings. He has no savings but we are not carrying any credit card debt.
Rough estimate of value of home Probably in and around the €290k mark
Amount outstanding on your mortgage: In 2003, we drew down €266,800. The amount outstanding is €213,507
What interest rate are you paying? Tracker variable - 2.3% with Bank of Ireland. We're paying €1216.26 each month.
Other borrowings – car loans/personal loans etc
I have a joint loan with my brother. He owns the house with me. This is €9000. We have it with the Credit Union and we're paying off €600 between us each month.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? My partner does not owe anything on his. I owe €600, but I'll shift this at the end of the month. I don't pay interest.
Savings and investments: €9000 in Credit Union.
Do you have a pension scheme? Yes, we both have. I also have an AVC.
Do you own any investment or other property? No
Ages of children: No
Life insurance: Yes, we both have.
What specific question do you have or what issues are of concern to you?
The house that my partner and I now live in, is one that I bought with my brother 7 years ago. My brother is a pharmacist, employed by the HSE and has a permanent, pensionable job with a salary of €60k, no debt (bar joint mortgage and joint home improvement loan, and no dependents). Neither my brother nor I wish to remain in the house for the rest of our lives, but it suits for the time being. We borrowed €16000 this time last year to make redo the house - plastering, rewiring etc. so it is in very good condition for renting out in the future. The house is a 10 minute bus journey from town, in a settled area, so it should hopefully be an ok prospect for renting. There's €9000 outstanding on this loan.
My partner and I would like to begin saving for our own house. Realistically, I suppose we would need to save about €40000 over the next 3 years. I don't know is this madness, or whether a bank would even consider us, given his relatively low salary, and my existing mortgage.
We have absolutely no desire to become overexposed to property. Our plan is to try and save enough money for the deposit on a second house - stay in our existing house for the next 3-4 years and try to sell up before buying a new property. My brother is quite happy with this time frame - he is unable to spend much time in Dublin due to work commitments but would like to have a base here for the foreseeable future.
As my post probably indicates, I'm not much good at this kind of thing. My question is really do people think this is a realistic plan for the future - to try and save €40,000, buy a slightly bigger - e.g. 4 bedroomed home in a slightly better area?
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