Hi, I am looking for some advise, thanks for your help.
Age: 47
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: €37,100 with Over time €55-60k
Annual gross income of spouse: €50,620
Monthly take-home pay; Me; €3033 roughly
Spouse: €2830
Type of employment: Public Sector
Spouse: public sector
In general are you:
(a) spending more than you earn, or
(b) saving? Slowly saving
Rough estimate of value of home; €380-400k approx
Amount outstanding on your mortgage: €120k (matures 2040)
What interest rate are you paying? 3% variable KBC- started this year to make extra payments to reduce term.
Other borrowings – car loans/personal loans etc: Car Loan €3000
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Savings; €25k plus additional account with €11k. to cover rental house expenses/tax
Investments: €86,000 Investment
Do you have a pension scheme? Superann with employer, started AVCs this year of €35 per week
Spouse: Pension 170 Single Public Service Scheme Superann deduction €198 per mth & paying AVCs €130 per month
Do you own any investment or other property? Yes. Market value approx €180k; Rental Income €12600 per yr; Mortgage €125k Interest rate 3.7%; matures May 2037.
Ages of children: 20 year old, finished college in May,
Life insurance: critical illness linked to mortgage.
What specific question do you have or what issues are of concern to you?
1: Is it worth keeping rental property?
2: should I use investment funds to reduce mortgage term of main home? Plan is to reduce term of main home but not sure if I should use investments to do so or make lump payment regularly?
3: Not sure if I am utilising full benefit of AVCs?
Age: 47
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: €37,100 with Over time €55-60k
Annual gross income of spouse: €50,620
Monthly take-home pay; Me; €3033 roughly
Spouse: €2830
Type of employment: Public Sector
Spouse: public sector
In general are you:
(a) spending more than you earn, or
(b) saving? Slowly saving
Rough estimate of value of home; €380-400k approx
Amount outstanding on your mortgage: €120k (matures 2040)
What interest rate are you paying? 3% variable KBC- started this year to make extra payments to reduce term.
Other borrowings – car loans/personal loans etc: Car Loan €3000
Do you pay off your full credit card balance each month? yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Savings; €25k plus additional account with €11k. to cover rental house expenses/tax
Investments: €86,000 Investment
Do you have a pension scheme? Superann with employer, started AVCs this year of €35 per week
Spouse: Pension 170 Single Public Service Scheme Superann deduction €198 per mth & paying AVCs €130 per month
Do you own any investment or other property? Yes. Market value approx €180k; Rental Income €12600 per yr; Mortgage €125k Interest rate 3.7%; matures May 2037.
Ages of children: 20 year old, finished college in May,
Life insurance: critical illness linked to mortgage.
What specific question do you have or what issues are of concern to you?
1: Is it worth keeping rental property?
2: should I use investment funds to reduce mortgage term of main home? Plan is to reduce term of main home but not sure if I should use investments to do so or make lump payment regularly?
3: Not sure if I am utilising full benefit of AVCs?