Personal details
Age: 39
Spouse’s/Partner's age: 40
Number and age of children: 4 children – 10 Months, 2 Years, 5 Years & 7 Years
Income and expenditure
Annual gross income from employment or profession: €95,000
Annual gross income of spouse: €53,000
Monthly take-home pay about: €6,600
Type of employment: e.g. Civil Servant, self-employed: Private Company, Wife Civil Servant
In general are you:
(a) spending more than you earn, or Struggling to break even
(b) saving? nothing
Summary of Assets and Liabilities
Family home worth €900K with an €330K mortgage
Pension fund: €200K
Family home mortgage information
Lender: BOI
Interest rate 3%
Value: €900K
Mortgage: €330K
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc N/A
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? Circa €2k
Car loan: €480 per month
Child Care: €640 a month at only 2 days a week care
Standard household utilities: Electric, Oil, Insurance, TV, Broadband €440 a month
Buy to let properties
Not applicable
Other savings and investments:
Do you have a pension scheme? Company that i work for pay €800 per month into a pension
Savings = €35K Children's allowance in a credit union account
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: €348K cover
Health Insurance €3,600 Annually
One holiday per year Staycations
No frivolous expenditure. Live like hermits. We simply don’t have the spare cash. We are the classic example of what people would outwardly see as ‘successful’
What specific question do you have or what issues are of concern to you?
We took out the mortgage in Jan 2008 at €405k now in 2023 at €331k and 23 years left assume thats the majority of the payments going to the interest over the capital. Still its depressing viewing! We have fixed in 2020 at 3% for 5 years.
What i want from this is to identify what we can do, or where i can free up cash or investment options for the future. Should we use the €35k savings against the mortgage, i really want to lower the duration and save as much as possible on the interest going forward. I know there is possible breaking fees on the fixed term if i was to pay the lumpsum another option is to convert our garage using the €35k which was built to house standards to a self contained flat for rental possibly we are based in a popular coastal area with great views etc
I'm also keen to explore a mortgage top-up or buying a fixer upper somewhere or a local parcel of land for future potential sites is this something that would be possible based on current circumstances.
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Age: 39
Spouse’s/Partner's age: 40
Number and age of children: 4 children – 10 Months, 2 Years, 5 Years & 7 Years
Income and expenditure
Annual gross income from employment or profession: €95,000
Annual gross income of spouse: €53,000
Monthly take-home pay about: €6,600
Type of employment: e.g. Civil Servant, self-employed: Private Company, Wife Civil Servant
In general are you:
(a) spending more than you earn, or Struggling to break even
(b) saving? nothing
Summary of Assets and Liabilities
Family home worth €900K with an €330K mortgage
Pension fund: €200K
Family home mortgage information
Lender: BOI
Interest rate 3%
Value: €900K
Mortgage: €330K
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc N/A
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? Circa €2k
Car loan: €480 per month
Child Care: €640 a month at only 2 days a week care
Standard household utilities: Electric, Oil, Insurance, TV, Broadband €440 a month
Buy to let properties
Not applicable
Other savings and investments:
Do you have a pension scheme? Company that i work for pay €800 per month into a pension
Savings = €35K Children's allowance in a credit union account
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: €348K cover
Health Insurance €3,600 Annually
One holiday per year Staycations
No frivolous expenditure. Live like hermits. We simply don’t have the spare cash. We are the classic example of what people would outwardly see as ‘successful’
What specific question do you have or what issues are of concern to you?
We took out the mortgage in Jan 2008 at €405k now in 2023 at €331k and 23 years left assume thats the majority of the payments going to the interest over the capital. Still its depressing viewing! We have fixed in 2020 at 3% for 5 years.
What i want from this is to identify what we can do, or where i can free up cash or investment options for the future. Should we use the €35k savings against the mortgage, i really want to lower the duration and save as much as possible on the interest going forward. I know there is possible breaking fees on the fixed term if i was to pay the lumpsum another option is to convert our garage using the €35k which was built to house standards to a self contained flat for rental possibly we are based in a popular coastal area with great views etc
I'm also keen to explore a mortgage top-up or buying a fixer upper somewhere or a local parcel of land for future potential sites is this something that would be possible based on current circumstances.
Like Quote Reply
Report