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.
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.