Age: 35
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 65000
Annual gross income of spouse: 34000
Monthly take-home pay:
His 3,100
Hers 2,250
Type of employment: PAYE Workers - Neither company has had to use governments COVID supports to date.
In general are you:
(a) spending more than you earn, or (b) saving? Saving
Him saving 1,500 per month in to a specific saving account not being touched.
Her saving 450 per month in to a specific saving account not being touched.
Rough estimate of value of home: 225,000
Amount outstanding on your mortgage: 165,000
What interest rate are you paying? 2.9% currently fixed until November 2022
Other borrowings – zero
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments:
Him
Current Account €3,400
General Saving Account €3,300 -- I add/dip in to this as needed
Mortgage Savings Account €17,750 -- account isn't touched except to add savings.
Credit Union €1,000
Shares: €2,760
Retention bonus of €20,000 in May 2021 if I stay with my current employer until then.
I've also been gifted sweet equity ordinary shares if I stay with the company until Jan 2025. Current valuation €100,000. However the value of these may go up or down and if I leave the company for any reason before 2025 I lose entitlement so won't be considered.
Her
Savings Account €27,000
Credit Union €1,000
Do you have a pension scheme? Yes
His current valuation 119,000 and paying 20% in to each month
Her current valuation 22,000 and paying 10% into each month
Do you own any investment or other property? No
Ages of children: 0
Life insurance: Yes.
What specific question do you have or what issues are of concern to you?
Q1. Feedback on second mortgage.
We'd like to be able to purchase first without selling so as not to be dependent on a chain. Is this realistic? The reason for this is we don't have any where else to live in between and we'd also hate to lose out on our ideal place if it became available because of being in a chain. We'd list the other property straight away but only sell after we move. When we do sell it, any balance from the first mortgage we'd split between reducing the new mortgage, savings & investments & wedding,
The currently property is one I bought in 2016 before meeting my current partner. We're looking at buying a family home together in 2021 - to a maximum of €300,000 (so mortgage 240,000 with 60,000 deposit). As we're working towards the 20% deposit for a property purchase to simplify the mortgage application we have kept it in dedicated savings accounts (as opposed to putting savings in to stocks).
The retention bonus payment, if paid as expected in May, would bring us to the required 20% deposit for second time buyers. We plan to then meet with the bank to seek mortgage approval.
Q2. Pension Contributions
Once we have purchased a family home we're considering increasing her pension contributions to 20% which is the max allowed for tax relief based on her age. However this would only be relief at the lower taxation rate. Open to thoughts from people
Q3. Anything else we should do or consider.
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 65000
Annual gross income of spouse: 34000
Monthly take-home pay:
His 3,100
Hers 2,250
Type of employment: PAYE Workers - Neither company has had to use governments COVID supports to date.
In general are you:
(a) spending more than you earn, or (b) saving? Saving
Him saving 1,500 per month in to a specific saving account not being touched.
Her saving 450 per month in to a specific saving account not being touched.
Rough estimate of value of home: 225,000
Amount outstanding on your mortgage: 165,000
What interest rate are you paying? 2.9% currently fixed until November 2022
Other borrowings – zero
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments:
Him
Current Account €3,400
General Saving Account €3,300 -- I add/dip in to this as needed
Mortgage Savings Account €17,750 -- account isn't touched except to add savings.
Credit Union €1,000
Shares: €2,760
Retention bonus of €20,000 in May 2021 if I stay with my current employer until then.
I've also been gifted sweet equity ordinary shares if I stay with the company until Jan 2025. Current valuation €100,000. However the value of these may go up or down and if I leave the company for any reason before 2025 I lose entitlement so won't be considered.
Her
Savings Account €27,000
Credit Union €1,000
Do you have a pension scheme? Yes
His current valuation 119,000 and paying 20% in to each month
Her current valuation 22,000 and paying 10% into each month
Do you own any investment or other property? No
Ages of children: 0
Life insurance: Yes.
What specific question do you have or what issues are of concern to you?
Q1. Feedback on second mortgage.
We'd like to be able to purchase first without selling so as not to be dependent on a chain. Is this realistic? The reason for this is we don't have any where else to live in between and we'd also hate to lose out on our ideal place if it became available because of being in a chain. We'd list the other property straight away but only sell after we move. When we do sell it, any balance from the first mortgage we'd split between reducing the new mortgage, savings & investments & wedding,
The currently property is one I bought in 2016 before meeting my current partner. We're looking at buying a family home together in 2021 - to a maximum of €300,000 (so mortgage 240,000 with 60,000 deposit). As we're working towards the 20% deposit for a property purchase to simplify the mortgage application we have kept it in dedicated savings accounts (as opposed to putting savings in to stocks).
The retention bonus payment, if paid as expected in May, would bring us to the required 20% deposit for second time buyers. We plan to then meet with the bank to seek mortgage approval.
Q2. Pension Contributions
Once we have purchased a family home we're considering increasing her pension contributions to 20% which is the max allowed for tax relief based on her age. However this would only be relief at the lower taxation rate. Open to thoughts from people
Q3. Anything else we should do or consider.
