Joint monthly take home pay: €4,800
What is the best strategy here, a top up loan from bank or a separate self build loan?
Once the house is built should we sell our existing house and pay off the build and remaining loans or rent out old house and live in new house, current rental market rate of €3200 pcm.
Thanks Brendan.It's essential to sell your Bitcoin immediately.
1) It's the right thing to do anyway as it's worth nothing and will fall to zero in time.
2) AIB might well look askance at your gambling habits.
3) The existence of other borrowings may limit what you can borrow.
4) It's better to have plenty of cash available to meet the initial costs such as planning , architects, etc.
So sell the Bitcoin. Don't pay off your credit card as the interest rate is 0%. You don't want to pay it off and then find you need to borrow to get the building underway.
Brendan
Fair comment. ThanksSell the bitcoin and pay off the credit card debt to start with.
If you have any debt at all you aren't wealthy enough to be playing around with cryptos.
Again could you please explain take home pay of only 4800 Euro?Him: 51, HSE staff, 20 years service, Death in service benefit
Her: 41, HSE staff, 22 years service, Death in service benefit
Children: 2, ages 12 & 18
Annual Gross Income Him: €70,000
Annual Gross Income Her: €45,000
Joint monthly take home pay: €4,800
Other Income: €650 pcm Rent a Room Scheme.
Child Benefit: €140 per month
Investment: €22k in Bitcoin
Investment: €25k in pension AVC contributing €500 per month, to buy HSE notional service on retirement.
Savings: Credit Union €1200
Value of Home with site FFP: €750,000
Amount Outstanding on Mortgage: €169,000 @ 2.75 AIB, €1,190 per month, 14 years remaining
Other Borrowings: €11k on credit card 0% interest for next 14 months. Current repayment €120 per month.
My first question is, we have recently married, are we better off being income tax assessed jointly?
Also, we are planning to build a house on our site next door in Dublin 9.
What is the best strategy here, a top up loan from bank or a separate self build loan?
Once the house is built should we sell our existing house and pay off the build and remaining loans or rent out old house and live in new house, current rental market rate of €3200 pcm.
We are just a little lost on best strategy around this. Any advice and observations most welcome.
Many Thanks in advance.
Again could you explain why take home pay is only 4800pm.?Him: 51, HSE staff, 20 years service, Death in service benefit
Her: 41, HSE staff, 22 years service, Death in service benefit
Children: 2, ages 12 & 18
Annual Gross Income Him: €70,000
Annual Gross Income Her: €45,000
Joint monthly take home pay: €4,800
Other Income: €650 pcm Rent a Room Scheme.
Child Benefit: €140 per month
Investment: €22k in Bitcoin
Investment: €25k in pension AVC contributing €500 per month, to buy HSE notional service on retirement.
Savings: Credit Union €1200
Value of Home with site FFP: €750,000
Amount Outstanding on Mortgage: €169,000 @ 2.75 AIB, €1,190 per month, 14 years remaining
Other Borrowings: €11k on credit card 0% interest for next 14 months. Current repayment €120 per month.
My first question is, we have recently married, are we better off being income tax assessed jointly?
Also, we are planning to build a house on our site next door in Dublin 9.
What is the best strategy here, a top up loan from bank or a separate self build loan?
Once the house is built should we sell our existing house and pay off the build and remaining loans or rent out old house and live in new house, current rental market rate of €3200 pcm.
We are just a little lost on best strategy around this. Any advice and observations most welcome.
Many Thanks in advance.
then best solution is to build, sell existing house and get mortgage buy new rental and pay off the costs of the build.
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