Hello Everyone. Any advice at all will be welcome.
PERSONAL:
Age: 45
Spouse Age: 47
EMPLOYMENT:
Annual Gross (me): 29K
Annual Gross (spouse): 30K
Type of employment:
Civil Servant (me)
Semi State (spouse). Both permanent positions.
SAVINGS
Savings 9all joint savings):
Local Credit Union: 30k
EBS: 10K
Child A (age 10): 10k
Child B (age 8): 8K
Other income: Monthly Child Benefit - 280euro
OUTGOINGS:
Credit card - paid in full each month.
PROPERTY:
Properties:
1 x house (we live in it)
Value of house: 150K
Left on Mortgage: 48K. We pay 450 euro per month.
Pension: I am going to get 23K lump sum at age 65. pro rata though, as I work 4 days. I will get 72euor per week on top of state pension too, as I did not start paying pension until age 30+.
I'm not sure about my husbands pension, he only started paying into a couple of years ago, it is an occupational pension. He should qualify for Full State Pension too.
Life Insurance: Whatever comes with mortgage - standard I presume.
Query:
We would like to buy an apartment for circa 70-85 in my Spouse's hometown. We don't know what to do. Should we pay off our house mortgage and then buy separately, or have two smaller mortgages, or can we afford it at all. Many thanks.
PERSONAL:
Age: 45
Spouse Age: 47
EMPLOYMENT:
Annual Gross (me): 29K
Annual Gross (spouse): 30K
Type of employment:
Civil Servant (me)
Semi State (spouse). Both permanent positions.
SAVINGS
Savings 9all joint savings):
Local Credit Union: 30k
EBS: 10K
Child A (age 10): 10k
Child B (age 8): 8K
Other income: Monthly Child Benefit - 280euro
OUTGOINGS:
Credit card - paid in full each month.
PROPERTY:
Properties:
1 x house (we live in it)
Value of house: 150K
Left on Mortgage: 48K. We pay 450 euro per month.
Pension: I am going to get 23K lump sum at age 65. pro rata though, as I work 4 days. I will get 72euor per week on top of state pension too, as I did not start paying pension until age 30+.
I'm not sure about my husbands pension, he only started paying into a couple of years ago, it is an occupational pension. He should qualify for Full State Pension too.
Life Insurance: Whatever comes with mortgage - standard I presume.
Query:
We would like to buy an apartment for circa 70-85 in my Spouse's hometown. We don't know what to do. Should we pay off our house mortgage and then buy separately, or have two smaller mortgages, or can we afford it at all. Many thanks.