Age: 28
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 42,000
Annual gross income of spouse:45,000
Type of employment: e.g. Both public servants
In general are you spending more than you earn or are you saving? saving
Rough estimate of value of home: 380K
Amount outstanding on your mortgage: €350K
What interest rate are you paying? 4.9%
We also overpay by €200 per month so have lowered our mortgage term by 6years. Still have 27years left though! Our total mortgage repayments after tax relief are €1750.
Other borrowings – car loans/personal loans etc
Car loan: €15k - repay €460/month for another 27months.
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: €5,000 in bank, €2,500 in credit union. We save €750 per month, which increases to €1250 per month in July.
Do you have a pension scheme? Yes, both of contribute to government pension with jobs.
Do you own any investment or other property? No
Ages of children: none
Life insurance: not sure of the details!
What specific question do you have or what issues are of concern to you?
We bought our house at the peak of the market and have spent most of our savings renovating it. Our home is in a part of Dublin that is desirable for renters and at the moment would fetch about €1200 per month in rent. We hope to get married in the coming 15months and are currently saving for this. This is why we havent put our savings into our car loan.
We know we will manage to pay for our wedding ok but the longer term plan is buy a bigger home in about 5/6 years. Ideally we would like to keep our current home as a rental property but we're unsure if this is completely unrealistic. So our questions are:
1. Are we doing alright with our current saving/spending patterns?
2. What sort of position would we need to be in for a bank to consider letting us take out a second mortgage?
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 42,000
Annual gross income of spouse:45,000
Type of employment: e.g. Both public servants
In general are you spending more than you earn or are you saving? saving
Rough estimate of value of home: 380K
Amount outstanding on your mortgage: €350K
What interest rate are you paying? 4.9%
We also overpay by €200 per month so have lowered our mortgage term by 6years. Still have 27years left though! Our total mortgage repayments after tax relief are €1750.
Other borrowings – car loans/personal loans etc
Car loan: €15k - repay €460/month for another 27months.
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: €5,000 in bank, €2,500 in credit union. We save €750 per month, which increases to €1250 per month in July.
Do you have a pension scheme? Yes, both of contribute to government pension with jobs.
Do you own any investment or other property? No
Ages of children: none
Life insurance: not sure of the details!
What specific question do you have or what issues are of concern to you?
We bought our house at the peak of the market and have spent most of our savings renovating it. Our home is in a part of Dublin that is desirable for renters and at the moment would fetch about €1200 per month in rent. We hope to get married in the coming 15months and are currently saving for this. This is why we havent put our savings into our car loan.
We know we will manage to pay for our wedding ok but the longer term plan is buy a bigger home in about 5/6 years. Ideally we would like to keep our current home as a rental property but we're unsure if this is completely unrealistic. So our questions are:
1. Are we doing alright with our current saving/spending patterns?
2. What sort of position would we need to be in for a bank to consider letting us take out a second mortgage?