Income details
Self Net monthly Approx. €3,300: Employee US Multi National
Income history: 2 yrs 8 months with current employer
Includes BIK on Car and Health Insurance
Combined pension contributions approx. 12% with approx. €125k built up
Spouse Net monthly Approx. €1,700 : nature of income: Job Share HSE
Income history: 15+ Plus HSE
Amount of child benefit received €240 per month (Goes into An Post saving A/C directly)
Personal circumstances so we can calculate your reasonable living expenses
2 Adult + 2 Kids
Yes Have 2 cars
#1 Zero running cost as per the BIK above
#2 Low running cost, worth approx. €12k
Number of 3 years old children: 1
Number of 4 - 11 years old:1
Monthly childcare costs: Approx. €500
Home loan
Lender: AIB
Amount outstanding: €149K
Value of home: €125-150k
Interest rate: Tracker 1% (ECB+0.75)
Monthly repayment: €511
Borrowed €220k in 2006 for 35 years
Have been overpaying by €800 Per month for the last number of years (Requested bank to stop the overpayment last week)
Could rent out for approx. €500-600 per month
Investment property (Was wife’s PPR, Tax compliant, but never informed the bank that she was moving out when we got married, not sure what the contract says about the tracker if not PPR)
Lender: Ulster Bank
Amount outstanding: €150K
Value of home: €125-150k
Interest rate: 1.15% (ECB+0.9)
Monthly repayment: €675
Borrowed €195k in 2004 for 35 years (From Memory)
Monthly rent received: €850 (-Agents Fees (11%)) Recently let through agents after a difficult few years with previous tenant and the €850 is €250 more the last tenant
DD €250 per month in account to pay Maintenance Fee / Tax / Etc (with higher rent may look to reduce this going forward)
No Loans and Credit Card pay in full every month
Other savings and investments
An Post: €12K
AIB 7 Days Notice: €30K
Stock / Shares / Other: €8K
Any other relevant information
Looking to move into a bigger house over the course of the next 6-18 Months
Have seen House/Site in the preferred location that might be purchased for €50-65k (Needs total refurbishment; another €200k)
Have been following the AIB tracker move plans and believe that this would work for me.
Question I have is?
Q1 - Do I blow all savings and small family loan if required, to buy the site, then look to finance the build with current AIB tracker + 1% (€149k) and New Mortgage AIB SVR (€51k)? Plan would be to pay any extra into the SVR then once cleared, look to overpay the tracker to reduce the term back down.
Q2 - Will the €50-65k spent on the house/site count for a deposit? Or will I need to have €20k built back up, 10% of the final Loan amount.
I should be able to put €20k together in the next 18-24 months.
Q3 – Is there another way to look at this?
Does Ulster bank have a plan for trackers?
Would / Should I look for a new €200k Mortgage and rent out my current PPR?
I know that I would have a high exposure to property €500k, but both the Apt and House have very strong rental potential (Good Locations)
If I could keep the trackers that might make it add up? Total repayment at current rates would be approx. €2,250 leaving approx. €2,750 living expenses? Excluding the rent received - Expenses and Tax paid?
Self Net monthly Approx. €3,300: Employee US Multi National
Income history: 2 yrs 8 months with current employer
Includes BIK on Car and Health Insurance
Combined pension contributions approx. 12% with approx. €125k built up
Spouse Net monthly Approx. €1,700 : nature of income: Job Share HSE
Income history: 15+ Plus HSE
Amount of child benefit received €240 per month (Goes into An Post saving A/C directly)
Personal circumstances so we can calculate your reasonable living expenses
2 Adult + 2 Kids
Yes Have 2 cars
#1 Zero running cost as per the BIK above
#2 Low running cost, worth approx. €12k
Number of 3 years old children: 1
Number of 4 - 11 years old:1
Monthly childcare costs: Approx. €500
Home loan
Lender: AIB
Amount outstanding: €149K
Value of home: €125-150k
Interest rate: Tracker 1% (ECB+0.75)
Monthly repayment: €511
Borrowed €220k in 2006 for 35 years
Have been overpaying by €800 Per month for the last number of years (Requested bank to stop the overpayment last week)
Could rent out for approx. €500-600 per month
Investment property (Was wife’s PPR, Tax compliant, but never informed the bank that she was moving out when we got married, not sure what the contract says about the tracker if not PPR)
Lender: Ulster Bank
Amount outstanding: €150K
Value of home: €125-150k
Interest rate: 1.15% (ECB+0.9)
Monthly repayment: €675
Borrowed €195k in 2004 for 35 years (From Memory)
Monthly rent received: €850 (-Agents Fees (11%)) Recently let through agents after a difficult few years with previous tenant and the €850 is €250 more the last tenant
DD €250 per month in account to pay Maintenance Fee / Tax / Etc (with higher rent may look to reduce this going forward)
No Loans and Credit Card pay in full every month
Other savings and investments
An Post: €12K
AIB 7 Days Notice: €30K
Stock / Shares / Other: €8K
Any other relevant information
Looking to move into a bigger house over the course of the next 6-18 Months
Have seen House/Site in the preferred location that might be purchased for €50-65k (Needs total refurbishment; another €200k)
Have been following the AIB tracker move plans and believe that this would work for me.
Question I have is?
Q1 - Do I blow all savings and small family loan if required, to buy the site, then look to finance the build with current AIB tracker + 1% (€149k) and New Mortgage AIB SVR (€51k)? Plan would be to pay any extra into the SVR then once cleared, look to overpay the tracker to reduce the term back down.
Q2 - Will the €50-65k spent on the house/site count for a deposit? Or will I need to have €20k built back up, 10% of the final Loan amount.
I should be able to put €20k together in the next 18-24 months.
Q3 – Is there another way to look at this?
Does Ulster bank have a plan for trackers?
Would / Should I look for a new €200k Mortgage and rent out my current PPR?
I know that I would have a high exposure to property €500k, but both the Apt and House have very strong rental potential (Good Locations)
If I could keep the trackers that might make it add up? Total repayment at current rates would be approx. €2,250 leaving approx. €2,750 living expenses? Excluding the rent received - Expenses and Tax paid?