Jimmyjones
Registered User
- Messages
- 2
Age: 40
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: €90k
Annual gross income of spouse: €38k
Monthly take-home pay
€6000 approx (combined)
Type of employment: e.g. Civil Servant, self-employed
Me: Private Sector
Spouse: Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving more than we earn generally
Rough estimate of value of home: €310k
Amount outstanding on your mortgage: €245k
What interest rate are you paying? Currently paying €880/month (ECB +1.15 -Ulster Bank tracker rate with 25yrs remaining)....mortgage is in my name.
Other borrowings – car loans/personal loans etc PCP Car loan (5.59%) €290euro/month and €12,000 balloon payment remaining 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: €120k combined cash savings approx (mixture of short term deposits in banks and credit union)...all saved over the years. €10k in equities. Kids savings plan created (current value €10k)
Do you have a pension scheme? Yes. DC work scheme (5% me:10% Employer) for me plus AVC of €400/month contributions (€80k approx contributions to date), spouse has a public sector pension.
Do you own any investment or other property? No
Ages of children: 1yr and 3yrs
Life insurance: Yes (company death in service policy plus mortgage protection life cover policy)
What specific question do you have or what issues are of concern to you?
Our current home was purchased by me in 2007 and has only more recently thankfully moved out of negative equity territory. As we've now two small kids, we're looking to build a new house (€340k expected build cost) on a plot of land belonging to my spouse and this would become our new family home (or principal private residence).
Our current home would likely get approx €1500/month rent in the current market. Would we be better off just selling the house or does it make sense to rent it out...are there any key considerations to be aware of and are there other options? Would we be able to transfer our current tracker to the self-build for example? Should I alter my AVC contributions or are there any other pieces of advice for us in general?
One other consideration that we're mulling over at the moment is that my spouse may take a career break for while or go on reduced hours...would this be affordable if we rent or sell our current home while trying to build the new home and are there any watchouts we need to consider?
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: €90k
Annual gross income of spouse: €38k
Monthly take-home pay
€6000 approx (combined)
Type of employment: e.g. Civil Servant, self-employed
Me: Private Sector
Spouse: Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving more than we earn generally
Rough estimate of value of home: €310k
Amount outstanding on your mortgage: €245k
What interest rate are you paying? Currently paying €880/month (ECB +1.15 -Ulster Bank tracker rate with 25yrs remaining)....mortgage is in my name.
Other borrowings – car loans/personal loans etc PCP Car loan (5.59%) €290euro/month and €12,000 balloon payment remaining 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: €120k combined cash savings approx (mixture of short term deposits in banks and credit union)...all saved over the years. €10k in equities. Kids savings plan created (current value €10k)
Do you have a pension scheme? Yes. DC work scheme (5% me:10% Employer) for me plus AVC of €400/month contributions (€80k approx contributions to date), spouse has a public sector pension.
Do you own any investment or other property? No
Ages of children: 1yr and 3yrs
Life insurance: Yes (company death in service policy plus mortgage protection life cover policy)
What specific question do you have or what issues are of concern to you?
Our current home was purchased by me in 2007 and has only more recently thankfully moved out of negative equity territory. As we've now two small kids, we're looking to build a new house (€340k expected build cost) on a plot of land belonging to my spouse and this would become our new family home (or principal private residence).
Our current home would likely get approx €1500/month rent in the current market. Would we be better off just selling the house or does it make sense to rent it out...are there any key considerations to be aware of and are there other options? Would we be able to transfer our current tracker to the self-build for example? Should I alter my AVC contributions or are there any other pieces of advice for us in general?
One other consideration that we're mulling over at the moment is that my spouse may take a career break for while or go on reduced hours...would this be affordable if we rent or sell our current home while trying to build the new home and are there any watchouts we need to consider?