Big mortgage - low income - what to do


Registered User
Age: 27
Spouse’s/Partner's age: 24

Annual gross income from employment or profession: 29,500 + Company vehicle/Tax/insurance
Annual gross income spouse: 25,000

Type of employment: e.g. IT Technician. Spouse is a shop assistant + I have my own part time business ( Partnership ) which earns us about 10-15K each extra a year

Expenditure pattern: In general are you spending more than you earn or are you saving? NO

Rough estimate of value of home €310K
Mortgage on home 280K ( €1,218 per month )
Mortgage provider: Irish nationwide
Type of mortgage: Fixed for 3 years
Interest rate 4.8, just finishing year 1 of 30

Other borrowings – 4K in credit union for spouse car 9K owed to my father which I will pay back next year

Do you pay off your full credit card balance each month? YES
If not, what is the balance on your credit card?

Savings and investments: 40K split among AIB online and credit union

Do you have a pension scheme? Barely! signed off on one a few years ago with Irish life for about €70 a month

Do you own any investment or other property? NO

Ages of children: N/A, Although its on the cards in the next couple of years

Life insurance: Basic mortgage protection

What specific question do you have or what issues are of concern to you?

I'm getting married within the next 6 months, and am trying to get things sorted. I hope to leave my full time employment within the next 18 months and go full time with my own business. (Only if the work is there of course)
Should I be investing my savings into something long term or pay a lump off my mortgage?
Should I pay into my pension fund




Registered User

It will be a small wedding and will be coming out of savings. Most family and friends know that we have had a house for a few years now and will be probably give cash instead of the usual cutlery set/Lamp etc