misstealeaf
Registered User
- Messages
- 93
Personal details
Age: 41
Spouse’s/Partner's age: 39
Number and age of children: 3 (8,7,4)
Income and expenditure
Annual gross income from employment or profession: 120K
Annual gross income of spouse: 64K
Monthly take-home pay c.€8.5K
Type of employment: e.g. Civil Servant, self-employed
Me- civil servant
Spouse- private company
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home worth €550k with a €35k mortgage
Cash of €165k
Defined Contribution pension fund: Me public sector pension (pre 2013). Spouse- private pension c. €40K (employer does not contribute- currently contributing 600 per month which would hope to increase over next few years)
Buy to Let Property worth €300k with mortgage of €170k (accidental BTL owner due to purchase in 2008)
Family home mortgage information
Lender BOI
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? c. 1.5 years
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Buy to let properties
Value: €300,000
Rental income per year: €18,600 (rent pressure zone so no material increase in rent in recent years)
Rough annual expenses other than mortgage interest : mgt fees c. €2.5K and misc maintenance c. €1.5-2k
Lender
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? 2.5 years
Other savings and investments:
Do you have a pension scheme? Yes, public sector- 12 years service complete.
Do you own any investment or other property? See above re BTL prop.
Other information which might be relevant
Life insurance: Life insurance on both properties, separate life insurance through work (me) and husband has separate policy (c. €200K), health and critical illness insurance in addition to income protection (both).
What specific question do you have or what issues are of concern to you?
Looking for general advice in areas where we could improve.
We have capacity to put away c. €35K per year (excl child benefit) however that is reduced to net savings generally of c. €20k-€22K per year post annual holiday (c. 5K), income tax bill (c. €4/5K) for rental property and misc other expenses. Is this a good position/savings for our earnings? Should we be trying to save more? We plan on doing some renovations to house in a couple of years when mortgage is gone- using our savings which will replenish with what we currently repay on mortgage.
Rental prop breaks even most years- income minus mortgage/fees/misc expense/tax is c. nil each year so no 'cash profit' however consider getting benefit of reducing mortgage each year and any incremental increase in value (albeit this could be wiped out if another property crash). Consider should hold onto the property given in Dublin - close to everything /could potentially use for kids in the future. Is this the right decision/would welcome views?
Age: 41
Spouse’s/Partner's age: 39
Number and age of children: 3 (8,7,4)
Income and expenditure
Annual gross income from employment or profession: 120K
Annual gross income of spouse: 64K
Monthly take-home pay c.€8.5K
Type of employment: e.g. Civil Servant, self-employed
Me- civil servant
Spouse- private company
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Summary of Assets and Liabilities
Family home worth €550k with a €35k mortgage
Cash of €165k
Defined Contribution pension fund: Me public sector pension (pre 2013). Spouse- private pension c. €40K (employer does not contribute- currently contributing 600 per month which would hope to increase over next few years)
Buy to Let Property worth €300k with mortgage of €170k (accidental BTL owner due to purchase in 2008)
Family home mortgage information
Lender BOI
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? c. 1.5 years
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Buy to let properties
Value: €300,000
Rental income per year: €18,600 (rent pressure zone so no material increase in rent in recent years)
Rough annual expenses other than mortgage interest : mgt fees c. €2.5K and misc maintenance c. €1.5-2k
Lender
Interest rate 3%
If fixed, what is the term remaining of the fixed rate? 2.5 years
Other savings and investments:
Do you have a pension scheme? Yes, public sector- 12 years service complete.
Do you own any investment or other property? See above re BTL prop.
Other information which might be relevant
Life insurance: Life insurance on both properties, separate life insurance through work (me) and husband has separate policy (c. €200K), health and critical illness insurance in addition to income protection (both).
What specific question do you have or what issues are of concern to you?
Looking for general advice in areas where we could improve.
We have capacity to put away c. €35K per year (excl child benefit) however that is reduced to net savings generally of c. €20k-€22K per year post annual holiday (c. 5K), income tax bill (c. €4/5K) for rental property and misc other expenses. Is this a good position/savings for our earnings? Should we be trying to save more? We plan on doing some renovations to house in a couple of years when mortgage is gone- using our savings which will replenish with what we currently repay on mortgage.
Rental prop breaks even most years- income minus mortgage/fees/misc expense/tax is c. nil each year so no 'cash profit' however consider getting benefit of reducing mortgage each year and any incremental increase in value (albeit this could be wiped out if another property crash). Consider should hold onto the property given in Dublin - close to everything /could potentially use for kids in the future. Is this the right decision/would welcome views?