Age: 36 - take-home 620 p.w. after pension levy etc.
Spouse’s/Partner's age: 36 - take-home €680 p.w
Annual gross income from employment or profession: €48000
Annual gross income of spouse: €50000
Type of employment: e.g. Civil Servant, self-employed
Me - HSE admin staff
Spouse - Private Sector - production
In general are you:
(a) spending more than you earn, or
(b) saving? Saving €800 p.m. AIB parent saver
Rough estimate of value of home €210000
Amount outstanding on your mortgage: €203000
What interest rate are you paying? Variable 2.25
Other borrowings – car loans/personal loans etc None
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:
€24K investec 6mths
€14K AIB on-line notice account
€9K Credit Union
€3K AIB parent Saver
Do you have a pension scheme? HSE Pension, Spouse no current pension
Do you own any investment or other property? No
Ages of children: 1 aged 2
Life insurance: Mortgage Protection Only
What specific question do you have or what issues are of concern to you?
Thanks for the replies so far.
In reply, if spouse looses job he will be minding child at home - we would have no choice in that regard.
The architect is proposing approx. 120K for extension and renovation and at the end we would hope to have a 1500 sq. ft, 4-bedroomed house on a 1.5-acre site in a rural village.
We could try to sell at the moment and build on a site beside my parents which has been promised if required. Don't think we would have any takers at a reasonable price on our current property but could build a large house and have a smaller mortgage if we went with parents option. We need more space and I want to do something about this asap. Our house could be on the market a year or more!
Would it be madness to spend this much money extending our current property in our current situation? We would have a mortgage of approx. 300K on a steady income of 48000 or best case scenario 98000.
Any views welcome - it is so hard to decide the best and most logical thing to do.
Thanks
Tommygirl