Age:
40
Spouse’s/Partner's age:
38
Annual gross income from employment or profession:
133000
Annual gross income spouse:
0
Type of employment:
Public Sector
Expenditure pattern:
Plan to save but kids and house seem to eat into those plans.
Rough estimate of value of home
E350,000
Mortgage on home
E210,000
Mortgage provider:
Home Loan
Type of mortgage: Tracker, interest only, fixed rate
Fixed
Interest rate
3.5%
Other borrowings – car loans/personal loans etc
Loan 1 - 2996 @ 108 monthly
Loan 2 - 3793 @ 108 monthly
Loan 3 - 7876 @ 184 monthly
Over Draft - 6k
Car 1 - 304 monthly
Car 2 - 464 monthly
House throws up issues that we have borrowed to get sorted.
Do you pay off your full credit card balance each month?
No credit card. One overdraft - not cleared
Savings and investments
0 savings
Do you have a pension scheme?
Yes, DB scheme
Do you own any investment or other property?
No.
Ages of children:
3 - age 6,5,3
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
Struggling to clear debt but have never missed any payments and have money left over at the end of the month but life happens the following month which wipes it out.
Also our home is in need of renovations due to damp/ventilation issues and need more space for the kids. Have thought about renovating or selling and moving (frees up equity in home) but not sure how best to position ourselves quickly to either make a move or renovate as house is getting worse and kids getting bigger. Should I consolidate loans? Equity release to clear loans? Remortgage for renovate&extend (approx 200k)? How would a financial institution look at this?
Any advice really appreciated - thanks