Age: 39
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 24000
Annual gross income of spouse:62000
Type of employment: e.g. Civil Servant, self-employed :Both public service
In general are you:
(a) spending more than you earn, or
(b) saving? Saving but then spend what we save on holidays etc, so I suppose answer is neither. Good at not spending what we don't have so caould live on less.
Rough estimate of value of home: 700k?
Amount outstanding on your mortgage: not sure but 4 years left with payment of 1100 per month
What interest rate are you paying? 5% fixed til end of mortgage Would charge us 1700 to break out of fixed rate
Other borrowings – car loans/personal loans etc: car loan about 8500 at the moment. 320 per month with C/U. 3 years left. Car 5 yrs old and plan to keep it til it dies.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: 30k invested, probably worth la lot less now that shares have bombed. Another investment aunt has made for me, lovely aunt that she is, will mature in 2012, about 10k.
Do you have a pension scheme? Yes for both of us, mine will be small cos only started at 28 and job share now
Do you own any investment or other property? Yes, house rented out (plan was that it would be my pension)
Ages of children: 8, another on the way, pg, adopting costs saved apart from air fares which will be about 5k, hope to travel in Dec/Jan
Life insurance: Husband has with his job.
Monthly outgoings: 1800 per month into c/u budget a/c to pay mortgage, some of the bills.
No TV costs cos have free to air sattelite.
Phone/broadband about 50 per month
my mobile is pay as you go, around 20 per month
DH's mobile around 40 per month.
Food etc arould 200 per week
After school activities 50 per week
What specific question do you have or what issues are of concern to you?
We'd like to build an extension on a holiday home belonging to my parents and do some upgrading on our own house. We estimate the cost for both to be around 100k. (70k for holiday home/30k for our house).
Hopefully when extension on holiday home is built, that will be where we go every summer for holidays so won't be spending much on holidays after that.
We have our mortgage with EBS and a top up on the mortgage that we used as deposit for rental property. Rent covers mortgage on rental property plus the top up we took out to buy it.
Can we afford what we want to do? I'll have 6 months paid leave but plan to take another 6 months unpaid.
What is the best way to finance what we want to do? Should we top up the mortgage on our house again? We had planned to use the equity in the rental house but prices have fallen so we might not get that now.
I'd appreciate any advice. I'm not very good at "planning" money but I can live frugally if I know what I have to spend. Husband more spendy but hands over the reins to me when it comes to money cos knows he's brutal at it.
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 24000
Annual gross income of spouse:62000
Type of employment: e.g. Civil Servant, self-employed :Both public service
In general are you:
(a) spending more than you earn, or
(b) saving? Saving but then spend what we save on holidays etc, so I suppose answer is neither. Good at not spending what we don't have so caould live on less.
Rough estimate of value of home: 700k?
Amount outstanding on your mortgage: not sure but 4 years left with payment of 1100 per month
What interest rate are you paying? 5% fixed til end of mortgage Would charge us 1700 to break out of fixed rate
Other borrowings – car loans/personal loans etc: car loan about 8500 at the moment. 320 per month with C/U. 3 years left. Car 5 yrs old and plan to keep it til it dies.
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments: 30k invested, probably worth la lot less now that shares have bombed. Another investment aunt has made for me, lovely aunt that she is, will mature in 2012, about 10k.
Do you have a pension scheme? Yes for both of us, mine will be small cos only started at 28 and job share now
Do you own any investment or other property? Yes, house rented out (plan was that it would be my pension)
Ages of children: 8, another on the way, pg, adopting costs saved apart from air fares which will be about 5k, hope to travel in Dec/Jan
Life insurance: Husband has with his job.
Monthly outgoings: 1800 per month into c/u budget a/c to pay mortgage, some of the bills.
No TV costs cos have free to air sattelite.
Phone/broadband about 50 per month
my mobile is pay as you go, around 20 per month
DH's mobile around 40 per month.
Food etc arould 200 per week
After school activities 50 per week
What specific question do you have or what issues are of concern to you?
We'd like to build an extension on a holiday home belonging to my parents and do some upgrading on our own house. We estimate the cost for both to be around 100k. (70k for holiday home/30k for our house).
Hopefully when extension on holiday home is built, that will be where we go every summer for holidays so won't be spending much on holidays after that.
We have our mortgage with EBS and a top up on the mortgage that we used as deposit for rental property. Rent covers mortgage on rental property plus the top up we took out to buy it.
Can we afford what we want to do? I'll have 6 months paid leave but plan to take another 6 months unpaid.
What is the best way to finance what we want to do? Should we top up the mortgage on our house again? We had planned to use the equity in the rental house but prices have fallen so we might not get that now.
I'd appreciate any advice. I'm not very good at "planning" money but I can live frugally if I know what I have to spend. Husband more spendy but hands over the reins to me when it comes to money cos knows he's brutal at it.