Hi there. We are struggling with trying to figure out how to save for the 20% mortgage deposit that will likely be needed for us to move home. Pregnant with child number 2 and living in a 2 bed home so space really will be an issue in a year or two.
Age: 34
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 60000 plus about 5000 OT. This goes up in increments yearly, will be 70k in a few years.
Annual gross income of spouse:70000
Monthly take-home pay about 6300
Type of employment: I am a HSE employee, he is employed in private sector
In general are you:
(a) spending more than you earn, or
(b) saving? - neither - spending everything though!
Rough estimate of value of home €300,000 (some local houses going for more recently)
Amount outstanding on your mortgage: €240,000 - we pay 1000 per month
What interest rate are you paying? 3% for 5 year fixed
Other borrowings – car loans/personal loans etc : 300 per month PCP for car
Do you pay off your full credit card balance each month? Yes - rarely use card
Savings and investments: none.
Do you have a pension scheme? Yes, I have HSE (started work in 2014 so not sure of scheme but it's not the good one!) plus AVC of approx 330 per month. He pays 500 per month into a private pension.
Do you own any investment or other property? Own property abroad worth about 180k. For tax reasons in that country it cannot be sold before 2020.
Ages of children: 2 and one on the way
Life insurance: mortgage protection policy plus 750,000 life assurance - together these cost 140 per month
Other expenses: childcare €1,100 a month. Income protection for both of us is about 130 euro a month. Health insurance, Sky, utilities and phone all add up to about 350 a month.
What specific question do you have or what issues are of concern to you?
We will need to move house in the next couple of years and can't figure out how we will save for it. We never seem to have anything left at the end of the month. I plan to sell the property abroad as soon as I can and hoping to have the 180k then but mortgage calculators online seem to say we can only borrow 470k with our income, so we will need another 200k or so if we are to get a 3+ bed house in Dublin city. Is this unrealistic?
Age: 34
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: 60000 plus about 5000 OT. This goes up in increments yearly, will be 70k in a few years.
Annual gross income of spouse:70000
Monthly take-home pay about 6300
Type of employment: I am a HSE employee, he is employed in private sector
In general are you:
(a) spending more than you earn, or
(b) saving? - neither - spending everything though!
Rough estimate of value of home €300,000 (some local houses going for more recently)
Amount outstanding on your mortgage: €240,000 - we pay 1000 per month
What interest rate are you paying? 3% for 5 year fixed
Other borrowings – car loans/personal loans etc : 300 per month PCP for car
Do you pay off your full credit card balance each month? Yes - rarely use card
Savings and investments: none.
Do you have a pension scheme? Yes, I have HSE (started work in 2014 so not sure of scheme but it's not the good one!) plus AVC of approx 330 per month. He pays 500 per month into a private pension.
Do you own any investment or other property? Own property abroad worth about 180k. For tax reasons in that country it cannot be sold before 2020.
Ages of children: 2 and one on the way
Life insurance: mortgage protection policy plus 750,000 life assurance - together these cost 140 per month
Other expenses: childcare €1,100 a month. Income protection for both of us is about 130 euro a month. Health insurance, Sky, utilities and phone all add up to about 350 a month.
What specific question do you have or what issues are of concern to you?
We will need to move house in the next couple of years and can't figure out how we will save for it. We never seem to have anything left at the end of the month. I plan to sell the property abroad as soon as I can and hoping to have the 180k then but mortgage calculators online seem to say we can only borrow 470k with our income, so we will need another 200k or so if we are to get a 3+ bed house in Dublin city. Is this unrealistic?