How to use/access money makeover questionnaire?

lyonsie

Registered User
Messages
373
I would like some advice re debt and mortgage repayments.
Ive seen the makeover questionnaire but don’t know how to access it.
I want to fill it in and see if I have any options or wriggle room in my finances.

Thanks,
Lyonsie.
 

Slim

Registered User
Messages
2,386
Here you go !

Age:
Spouse’s/Partner's age:

Annual gross income from employment or profession:
Annual gross income of spouse:

Monthly take-home pay

Type of employment: e.g. Civil Servant, self-employed

In general are you:
(a) spending more than you earn, or
(b) saving?

Rough estimate of value of home
Amount outstanding on your mortgage:
What interest rate are you paying?

Other borrowings – car loans/personal loans etc

Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?

Savings and investments:

Do you have a pension scheme?

Do you own any investment or other property?

Ages of children:

Life insurance:


What specific question do you have or what issues are of concern to you?
 

lyonsie

Registered User
Messages
373
Thanks very much but I don’t know how to use it.
Is there a way to click and answer each question and then post it here?
Not very IT savvy.

Help.
 

Bronte

Registered User
Messages
14,165
Thanks very much but I don’t know how to use it. HOUSE €20000
Is there a way to click and answer each question and then post it here?
Not very IT savvy.

Help.
Hi Lyonsie, first have a look at how other people filled it in. Then go to the post Slim posted above, hit at bottom right "reply ", you'll see his entire post and you just fill it in. Just like I've hit 'reply' to have you post in this reply of mine. See how I just typed in HOUSE €20000

Don't worry if you don't get it quite right, we can work on that later.
 

lyonsie

Registered User
Messages
373
Here you go !

Age:
Spouse’s/Partner's age:

Annual gross income from employment or profession:
Annual gross income of spouse:

Monthly take-home pay

Type of employment: e.g. Civil Servant, self-employed

In general are you:
(a) spending more than you earn, or
(b) saving?

Rough estimate of value of home
Amount outstanding on your mortgage:
What interest rate are you paying?

Other borrowings – car loans/personal loans etc

Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?

Savings and investments:

Do you have a pension scheme?

Do you own any investment or other property?

Ages of children:

Life insurance:


What specific question do you have or what issues are of concern to you?
 

lyonsie

Registered User
Messages
373
Age:
Spouse’s/Partner's age: 60

Annual gross income from employment or profession: 36,500
Annual gross income of spouse: 21,000

Monthly take-home pay

Type of employment: e.g. Civil Servant, self-employed Both retired Civil Servants

In general are you:
(a) spending more than you earn, ☑️
(b) saving?

Rough estimate of value of home €300,000
Amount outstanding on your mortgage:. €75,000
1. 45,790.
7 yrs
2, 28,951. 3 yrs
What interest rate are you paying?
1. 4.340 %
2. 1.30 %


Other borrowings – car loans/personal loans etc. None

Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 3 cards... €13,000!

Savings and investments:
2 Credit Union Accounts,
1. €9,000
2. €4,000


Do you have a pension scheme? We are both on pensions.

Do you own any investment or other property? No

Ages of children: Grown Up.

Life insurance: Yes.


What specific question do you have or what issues are of concern to you

We need to pay off our Credit Cards and would like to consolidate our mortgages into one to have lower monthly repayments.
We received a letter with options from BOI and were thinking of €80,000 for 15 yrs.
Or would €90,00 for 15 yrs and using the extra 10k for clearing the Credit Cards?

Ideally we would also like to purchase a cottage in France as we have a mobilehome there for the last 15 yrs but will sell that which will realise €20,000. We will need approx €50k max for this and though mortgage rates in France are very low I don't know if we could qualify for one.
We have been paying almost €3,500 pa to campsite our mobilehome is on so won't have that expense going forward .


Thank you,

Lyonsie.
 

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lyonsie

Registered User
Messages
373
Monthly take home pay is €3575.80 of which €1500 goes on mortgage repayments.
 

Coldwarrior

Registered User
Messages
379
We need to pay off our Credit Cards and would like to consolidate our mortgages into one to have lower monthly repayments.
We received a letter with options from BOI and were thinking of €80,000 for 15 yrs.
Or would €90,00 for 15 yrs and using the extra 10k for clearing the Credit Cards?
I don't think this is a good idea, your mortgage is already 42% of your net income which is very high, especially at your age. And do you really want to be paying a mortgage at 75?

First I'd use the CU savings to clear the credit cards. Then cancel them, or at the very least set up a direct debit to pay the card balance in full monthly.

I'd also sell the mobile home and use 18k of the proceeds to make an overpayment on the 4.3.% mortgage. Your income is guaranteed so 2k should be plenty for an emergency fund for car breakdown etc. It could be argued you'd be better off focusing on overpaying and clearing the smaller lower rate mortgage and then directing the old payment from that to overpaying the larger mortgage, but to me the difference in interest rates would push me to pay down the larger mortgage. When you do clear the smaller mortgage in 3 years, do use its former payments as an overpayment on the larger mortgage. Also in the meantime, can you get a better rate on this, 4.3% is very high, which bank are you with?

Ideally we would also like to purchase a cottage in France as we have a mobilehome there for the last 15 yrs but will sell that which will realise €20,000. We will need approx €50k max for this and though mortgage rates in France are very low I don't know if we could qualify for one.
We have been paying almost €3,500 pa to campsite our mobilehome is on so won't have that expense going forward .
At the minute I don't think this is realistic, certainly don't be taking on any more mortgage (or other) debt. If you focus on paying off your current mortgage as quickly as possible you'll be debt free in a few years with at least 1500 per month freed up, with which you can easily rent very nice holiday homes in France and Spain etc.
 
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