Annual gross income from employment or profession: combined 92K
Expenditure pattern: In general are you spending more than you earn or are you saving? Yes. Mortgage repayments are high
Rough estimate of value of home: 560K
Mortgage on home: 360K
Mortgage provider: BOI
Type of mortgage: Tracker
Other borrowings – car loans/personal loans etc: nil
Do you pay off your full credit card balance each month? yes
Savings and investments:
50K
Do you have a pension scheme? yes
Do you own any investment or other property? yes, value 360K, mortgage 270K - interest only BOI 4.9%
Life insurance: yes
What specific question do you have or what issues are of concern to you?
We have historically both had good earnings but I am now off work spending time with our two children. We are becoming particularly nervous that we are too highly geared mortgage-wise on one income (and in the event of a property bust).
We don't know whether to
i) Use our savings to pay down a bit on the primary mortgage (keeping some in reserve? and if so, how much)
ii) keep the mortgage as is and look for an alternate savings option - subsidising our mortgage repayments from these savings
iii) sell our investment property (see below)
The investment property is marginally losing money at present (about 200 euro a month shy once we've paid the agent, insurance etc etc).
On the up side, over the next year or so I will return to work and my partner has good further income potential.
I'd be very grateful for any thoughts, and in particular advice from anyone on a good independent financial/budgeting adviser who might go through this in person with us if necessary. I've searched other threads but haven't been able to find any recommendations. We want someone truly independent - not someone trying to sell us products in any way shape or form.
Thanks so much, this is a great site.
Expenditure pattern: In general are you spending more than you earn or are you saving? Yes. Mortgage repayments are high
Rough estimate of value of home: 560K
Mortgage on home: 360K
Mortgage provider: BOI
Type of mortgage: Tracker
Other borrowings – car loans/personal loans etc: nil
Do you pay off your full credit card balance each month? yes
Savings and investments:
50K
Do you have a pension scheme? yes
Do you own any investment or other property? yes, value 360K, mortgage 270K - interest only BOI 4.9%
Life insurance: yes
What specific question do you have or what issues are of concern to you?
We have historically both had good earnings but I am now off work spending time with our two children. We are becoming particularly nervous that we are too highly geared mortgage-wise on one income (and in the event of a property bust).
We don't know whether to
i) Use our savings to pay down a bit on the primary mortgage (keeping some in reserve? and if so, how much)
ii) keep the mortgage as is and look for an alternate savings option - subsidising our mortgage repayments from these savings
iii) sell our investment property (see below)
The investment property is marginally losing money at present (about 200 euro a month shy once we've paid the agent, insurance etc etc).
On the up side, over the next year or so I will return to work and my partner has good further income potential.
I'd be very grateful for any thoughts, and in particular advice from anyone on a good independent financial/budgeting adviser who might go through this in person with us if necessary. I've searched other threads but haven't been able to find any recommendations. We want someone truly independent - not someone trying to sell us products in any way shape or form.
Thanks so much, this is a great site.
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