S
Stone
Guest
Age: 30
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 77,000 + 10,000 bonus
Annual gross income of spouse: 60,000
Type of employment: Me: PAYE, Spouse: Self-employed
In general are you:
(b) saving
Rough estimate of value of home: 330000 (currently being valued for bank)
Amount outstanding on your mortgage: 277000
What interest rate are you paying? ECB + 0.85% tracker
Other borrowings – €9000 car loan, repayments 400 per month, two years remaining
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: Approx €10,000 in savings accounts, saving minimum €400 per month
Do you have a pension scheme?
Self: PRSA, contribute €300 per month
Spouse: company pension, makes annual contributions
Do you own any investment or other property? No
Ages of children: None
Life insurance: €95 per month
We bought our house in 2005 for €330000, borrowed €297000. We always planned to build an extension onto the house, not a huge one but important to improve the house.
We approached our lender, BOI, last week about borrowing €40000 over 15 years. From an affordability perspective there’s no problem. We would hope to make additional payments off the loan but would like to put it over 15 years in case there are any income problems in the future.
Our only other borrowing is a €9,000 car loan. I have just paid off another car loan from savings of €9000. We now plan to put additional repayments towards the second car loan.
We have always overpaid our mortgage by about €100 per month and currently save a minimum of €400 per month.
My husband was not working last year due to an accident and just started back at work in October. We managed to continue to repay all our loans and mortgage, and get married during this time.
He is currently due to become a PAYE worker again however the company he works in is heavily dependent on construction. They are still very busy now but not sure about the future.
We also plan on starting a family later this year or early next year (obviously it may take a while or even not happen). My job is secure until 2011 however if I go on maternity leave, I will not get my salary only the state maternity benefit.
We really want to build the extension as it would improve our home hugely. We don’t plan on moving any time soon, probably not for at least 10 years.
We probably won’t be offered the full amount as a mortgage from the bank due to our LTV. A valuation was carried out on the house yesterday so waiting to hear back. We could also get a personal loan or borrow from a family member.
Would we be mad to borrow more money (approx 40,000) when my husband’s job is not secure?
Any opinions on our finances in general?
Thanks, Stone
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 77,000 + 10,000 bonus
Annual gross income of spouse: 60,000
Type of employment: Me: PAYE, Spouse: Self-employed
In general are you:
(b) saving
Rough estimate of value of home: 330000 (currently being valued for bank)
Amount outstanding on your mortgage: 277000
What interest rate are you paying? ECB + 0.85% tracker
Other borrowings – €9000 car loan, repayments 400 per month, two years remaining
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: Approx €10,000 in savings accounts, saving minimum €400 per month
Do you have a pension scheme?
Self: PRSA, contribute €300 per month
Spouse: company pension, makes annual contributions
Do you own any investment or other property? No
Ages of children: None
Life insurance: €95 per month
We bought our house in 2005 for €330000, borrowed €297000. We always planned to build an extension onto the house, not a huge one but important to improve the house.
We approached our lender, BOI, last week about borrowing €40000 over 15 years. From an affordability perspective there’s no problem. We would hope to make additional payments off the loan but would like to put it over 15 years in case there are any income problems in the future.
Our only other borrowing is a €9,000 car loan. I have just paid off another car loan from savings of €9000. We now plan to put additional repayments towards the second car loan.
We have always overpaid our mortgage by about €100 per month and currently save a minimum of €400 per month.
My husband was not working last year due to an accident and just started back at work in October. We managed to continue to repay all our loans and mortgage, and get married during this time.
He is currently due to become a PAYE worker again however the company he works in is heavily dependent on construction. They are still very busy now but not sure about the future.
We also plan on starting a family later this year or early next year (obviously it may take a while or even not happen). My job is secure until 2011 however if I go on maternity leave, I will not get my salary only the state maternity benefit.
We really want to build the extension as it would improve our home hugely. We don’t plan on moving any time soon, probably not for at least 10 years.
We probably won’t be offered the full amount as a mortgage from the bank due to our LTV. A valuation was carried out on the house yesterday so waiting to hear back. We could also get a personal loan or borrow from a family member.
Would we be mad to borrow more money (approx 40,000) when my husband’s job is not secure?
Any opinions on our finances in general?
Thanks, Stone