Have to decide what to do soon...
Have rental property with mortgage on it of 310K costing 1200 per month, rent covering the whole lot.
Have Princeipal residence worth 700K with mortgage of only 325K on it costing 1750 per month. So both nortgages worth 635K
Rental property is worth 425K and have just got PP for plot beside it which we reckon is worth 200K.
*Plan A :
sell both rental property and the land for 625K, lose about 30K to CGT and have mortgage on our own house of only 10Kish!!! Fab!!! but are we mad getting out of rental property market and losing a house that daughter could have in years to come??? This is my one big worry that she ends up living miles way down the country( we live in Dublin beside all out relatives)
*PLan B:
Sell rental and keep land for when baby grows up in 20 years!!! Left with money from sale of 115K and pay off some of own mortgage reducing it to 220K
*Plan C:
Sell land for 200K, lose CGT proportion and pay of own mortgage reducing it to 125K approx which would give us small mortgage.
Anyone any other ideas???
Am planning to go part time in work whch would give wage net of approx 1500 and hubby have net wage 2500. No loans and one 4 month old baby.
Here I go with the form:
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 45K
Annual gross income spouse:45K
Type of employment: e.g. Medical
Expenditure pattern: In general are you spending more than you earn or are you saving? No as manage to save about 600 a month between CU and AIB
Rough estimate of value of home: 700K
Mortgage on home: 325K
Mortgage provider:ICS
Type of mortgage: Tracker, interest only, fixed rate: Tracker variable
Interest rate: 4.8%
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? SDont have one... cant be trusted to not buy loads over the web...
If not, what is the balance on your credit card?
Savings and investments:about 5000 in CU, 1000 in AIB
Do you have a pension scheme? yes and an AVC of 100 per month
Do you own any investment or other property? yes
Ages of children: 4 months
Life insurance: yes for ourpose of mortage on own house.
What specific question do you have or what issues are of concern to you?
What to do with the above house and site etc for the best outcome for the future???