Age: 30
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: €56000
Annual gross income of spouse: €40000
Type of employment: Both Private sector, pretty secure.
In general are you:
(a) spending more than you earn, or
(b) saving? Saving about €1000 each month.
Rough estimate of value of home 350k
Amount outstanding on your mortgage: 400k
What interest rate are you paying? 2.7%
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Pay it off each month.
If not, what is the balance on your credit card?
Savings and investments: 25k cash on deposit.
Do you have a pension scheme? Yes, both in DB schemes and also have an AVC lump sum.
Do you own any investment or other property? No
Ages of children: 1 and 3
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We would love to build a holiday home in a part of the country we both love. The plan would be to retire there eventually (three years later than expected by the looks of things!). I think we can do it by borrowing 125k. I’m wondering can we afford it?
Spouse’s/Partner's age: 28
Annual gross income from employment or profession: €56000
Annual gross income of spouse: €40000
Type of employment: Both Private sector, pretty secure.
In general are you:
(a) spending more than you earn, or
(b) saving? Saving about €1000 each month.
Rough estimate of value of home 350k
Amount outstanding on your mortgage: 400k
What interest rate are you paying? 2.7%
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Pay it off each month.
If not, what is the balance on your credit card?
Savings and investments: 25k cash on deposit.
Do you have a pension scheme? Yes, both in DB schemes and also have an AVC lump sum.
Do you own any investment or other property? No
Ages of children: 1 and 3
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We would love to build a holiday home in a part of the country we both love. The plan would be to retire there eventually (three years later than expected by the looks of things!). I think we can do it by borrowing 125k. I’m wondering can we afford it?