Hi I was looking for a bit of advice.
Myself and my wife are looking to trade up.
Current status:
Both relatively secure permanent private sector jobs three kids between 4 and 9. We are both 44 so pension is starting to become more a part of our thinking.
No childcare
No loans
I work shiftwork, my wife works one day a week, hence no childcare costs.
Current mortgage;
ECB +.51 with Pepper
Balance 101k
House value 180k (maybe less now?)
Bought for 215k
Repayments 500 pm for 17 years
Strong rental potential cork city area typical rent~1400pm Potential to rent under HAP as a family member has been given notice from landlord.
Cash savings of ~200k
Also shares ~20k
Proposed mortgage of 190 from KBC 2.25% repayments ~1000pm over 20yrs
To purchase property of ~330k we may take a smaller mortgage and use more cash to buy. Wife wants to push the boat out to 360k but I’m not so sure.
Pension ~100k to cover both of us as my wife has no pension
Earnings:
Main income in pharma sector 77k p.a. including 33%shift
Annual bonus 5-10% typically 7%
Wifes income 7k p.a.
Outgoings:
House insurance 400 p.a
Life assurance 240 p.a
Internet 800 p.a
Life and illness cover: 650 p.a
Thoughts that if we keep as rental, the future income can be used to top up our pension which is not great and with no potential future windfall we are where we are from here on.
I am currently working shift which in the medium term I would like to get out of but at some cost to my salary. On the flip side my wife may get another few days work. We are both in private sector but relatively secure industries.
We could try to sell before buying but this may be difficult in this market.
I have read some other scenarios on this site but everyone’s situation is slightly different.
Any advice is much appreciated as it seems a no brainer to rent but nothing is cut and dried when you dig into it as I have seen when reading other peoples stories.
Thanks
Staunton
Myself and my wife are looking to trade up.
Current status:
Both relatively secure permanent private sector jobs three kids between 4 and 9. We are both 44 so pension is starting to become more a part of our thinking.
No childcare
No loans
I work shiftwork, my wife works one day a week, hence no childcare costs.
Current mortgage;
ECB +.51 with Pepper
Balance 101k
House value 180k (maybe less now?)
Bought for 215k
Repayments 500 pm for 17 years
Strong rental potential cork city area typical rent~1400pm Potential to rent under HAP as a family member has been given notice from landlord.
Cash savings of ~200k
Also shares ~20k
Proposed mortgage of 190 from KBC 2.25% repayments ~1000pm over 20yrs
To purchase property of ~330k we may take a smaller mortgage and use more cash to buy. Wife wants to push the boat out to 360k but I’m not so sure.
Pension ~100k to cover both of us as my wife has no pension
Earnings:
Main income in pharma sector 77k p.a. including 33%shift
Annual bonus 5-10% typically 7%
Wifes income 7k p.a.
Outgoings:
House insurance 400 p.a
Life assurance 240 p.a
Internet 800 p.a
Life and illness cover: 650 p.a
Thoughts that if we keep as rental, the future income can be used to top up our pension which is not great and with no potential future windfall we are where we are from here on.
I am currently working shift which in the medium term I would like to get out of but at some cost to my salary. On the flip side my wife may get another few days work. We are both in private sector but relatively secure industries.
We could try to sell before buying but this may be difficult in this market.
I have read some other scenarios on this site but everyone’s situation is slightly different.
Any advice is much appreciated as it seems a no brainer to rent but nothing is cut and dried when you dig into it as I have seen when reading other peoples stories.
Thanks
Staunton