Personal details
Age: 32
Spouse’s/Partner's age: 32
Number and age of children: 6 and 2
Income and expenditure
Annual gross income from employment or profession: €100k plus bonus 30k
Annual gross income of spouse: €0
Monthly take-home pay: €5,800
Type of employment: private-sector
Spouse: Stay at home mam (no childcare costs)
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving 1300 per month
Summary of Assets and Liabilities
Family home worth €300k with a €170k mortgage
Cash of €17k
Private Pension fund: €50k employer 5% and I match 5%
Family home mortgage information
Lender: AIB
Interest rate: 2.15%
Fixed until 2027
Other borrowings – car loans/personal loans etc
No other borrowings.
Rarely use credit card and always pay off in full
Other savings and investments:
No other investments.
What specific question do you have or what issues are of concern to you?
We want to move home, easiest thing to do is probably sell our current home and buy the new one.
We are wondering could we rent it out instead and still move to the new home.
New house would be around 500k so we would need a mortgage of 450k
If our current home became a buy to let
Rental income per year: Expect ~€20,400
Would estimate interest to be approx 6%
Rough annual expenses other than mortgage interest : Expect €1000
Since my wife doesn't work understand we can put the income in her name and believe interest relief is now 100%.
We would continue saving until we have enough deposit to move without needing to sell so approx 50k
Do you think we can afford to do this?
Age: 32
Spouse’s/Partner's age: 32
Number and age of children: 6 and 2
Income and expenditure
Annual gross income from employment or profession: €100k plus bonus 30k
Annual gross income of spouse: €0
Monthly take-home pay: €5,800
Type of employment: private-sector
Spouse: Stay at home mam (no childcare costs)
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving 1300 per month
Summary of Assets and Liabilities
Family home worth €300k with a €170k mortgage
Cash of €17k
Private Pension fund: €50k employer 5% and I match 5%
Family home mortgage information
Lender: AIB
Interest rate: 2.15%
Fixed until 2027
Other borrowings – car loans/personal loans etc
No other borrowings.
Rarely use credit card and always pay off in full
Other savings and investments:
No other investments.
What specific question do you have or what issues are of concern to you?
We want to move home, easiest thing to do is probably sell our current home and buy the new one.
We are wondering could we rent it out instead and still move to the new home.
New house would be around 500k so we would need a mortgage of 450k
If our current home became a buy to let
Rental income per year: Expect ~€20,400
Would estimate interest to be approx 6%
Rough annual expenses other than mortgage interest : Expect €1000
Since my wife doesn't work understand we can put the income in her name and believe interest relief is now 100%.
We would continue saving until we have enough deposit to move without needing to sell so approx 50k
Do you think we can afford to do this?