Age: 31
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: €80,000
Annual gross income of spouse: €100,000
Monthly take-home pay: €7,700 approximately
Type of employment: Permanent, in large plc 4+ years and spouse in management in another large company for +10 years
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving:- Monthly costs (including mortgage and portion of annual costs) €2,800 approx. Saving at least half our take home pay.
Rough estimate of value of home: €400,000
Amount outstanding on your mortgage: €210,000 (30 year mortgage drawn 2015)
What interest rate are you paying? 3% (on 5 year fixed to July 2023)
Do you pay off your full credit card balance each month? Yes, rarely used.
If not, what is the balance on your credit card? n/a
Savings and investments: Approximately €110,000 in cash
Do you have a pension scheme? Yes both through work DC schemes (employer and employee contributions 5% + AVC approx. €1-2k of bonus each year)
Do you own any investment or other property? No.
Other borrowings – car loans/personal loans etc: Nil.
Children: None
Life insurance: Mortgage protection, income protection cover.
We are looking for advice on how much of a lump sum to put towards our mortgage and what to do with our savings. In the last two years we got married and renovated our house so until kids come along our savings are building up (only big spends are holidays!) and we’re not earning much return on deposit at the moment. We are trying to decide how much of a lump sum to throw at the mortgage (we’re also pricing around for better rates and might switch providers) and how much to put into a relatively safe investment. With potential maternity leave coming up (80% pay) in the next couple of years we would really appreciate any advice on how much to keep for a rainy day fund and what type of investment we should start with. Really appreciate any advice or tips!!!! Thanks in advance!!!!
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: €80,000
Annual gross income of spouse: €100,000
Monthly take-home pay: €7,700 approximately
Type of employment: Permanent, in large plc 4+ years and spouse in management in another large company for +10 years
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving:- Monthly costs (including mortgage and portion of annual costs) €2,800 approx. Saving at least half our take home pay.
Rough estimate of value of home: €400,000
Amount outstanding on your mortgage: €210,000 (30 year mortgage drawn 2015)
What interest rate are you paying? 3% (on 5 year fixed to July 2023)
Do you pay off your full credit card balance each month? Yes, rarely used.
If not, what is the balance on your credit card? n/a
Savings and investments: Approximately €110,000 in cash
Do you have a pension scheme? Yes both through work DC schemes (employer and employee contributions 5% + AVC approx. €1-2k of bonus each year)
Do you own any investment or other property? No.
Other borrowings – car loans/personal loans etc: Nil.
Children: None
Life insurance: Mortgage protection, income protection cover.
We are looking for advice on how much of a lump sum to put towards our mortgage and what to do with our savings. In the last two years we got married and renovated our house so until kids come along our savings are building up (only big spends are holidays!) and we’re not earning much return on deposit at the moment. We are trying to decide how much of a lump sum to throw at the mortgage (we’re also pricing around for better rates and might switch providers) and how much to put into a relatively safe investment. With potential maternity leave coming up (80% pay) in the next couple of years we would really appreciate any advice on how much to keep for a rainy day fund and what type of investment we should start with. Really appreciate any advice or tips!!!! Thanks in advance!!!!