JSnowWinterfell
Registered User
- Messages
- 64
Hi All,
Age: 32
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 130k, variable bonus ~15k per annum
Annual gross income of spouse: 90k
Monthly take-home pay: 11k
Type of employment: Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving, a little erratic at the minute due to some work on property, but on average around 3k a month.
Rough estimate of value of home: 510k
Amount outstanding on your mortgage: 440k
What interest rate are you paying? 2.6% 2 yr fixed, current payments of 1,820 and overpaying 500p/m
Other borrowings – car loans/personal loans etc: Car Loan of 20k, 15k remaining and in process of paying the remaining balance over the next month from savings. This figure is not included in savings below.
Do you pay off your full credit card balance each month? No Credit Cards
If not, what is the balance on your credit card?
Savings and investments:
10k cash, 20k in stocks and ETFs. Spouse has some share options vesting in 2 years worth 20k post tax.
Do you have a pension scheme? Yes
Mine: Employer contributes 10%, I make no AVC currently, current balance 15k. Pension from previous employment overseas ~120k.
Spouse: Employer contributes 6%, balance ~10k.
Mine: 15k, employer contributing
Do you own any investment or other property? Investment property in UK, value 100k, mortgage 50k, rate 1.6%, long term tenant and rent covers mortgage and annual costs.
Ages of children: No children
Life insurance: None but have death benefit with employer
What specific question do you have or what issues are of concern to you?
We relocated back to Ireland one year ago, and are now trying to consolidate our finances for the first time and plan for the future. The main goal is to purchase a house in the dublin area in the next 3 years. The budget, is around 850k top end, or lower for a property which would require renovation. I know the costs of renovation and actually getitng a builder in Dublin is hard but of most of the sample properties I have looked at they require some work. The question is the best strategy to save for a house upgrade as a straight purchase of 850k (170k deposit), and a house purchase of 700k whilst rasing 150k for renovation work.
We purchased an Apartment in Dublin when we moved back as the economics worked better. The mortgage was roughly 700 euro a month less than rent in the same area we wanted to live in. The mortgage was 445k and I estimate that after 3 years with 500pm overpayment the mortgage will be 400k. This will provide equity of 120k. Initially I had considered keeping apartment as an investment, but the numbers do not work. My spouse was out of work for 6 months after relocation, and it has been a bit of a hectic year. I consider myself good with money, but I need some advice on the best strategy for the surplus monthly money in view of ur short term 3yr goal.
Age: 32
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 130k, variable bonus ~15k per annum
Annual gross income of spouse: 90k
Monthly take-home pay: 11k
Type of employment: Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving, a little erratic at the minute due to some work on property, but on average around 3k a month.
Rough estimate of value of home: 510k
Amount outstanding on your mortgage: 440k
What interest rate are you paying? 2.6% 2 yr fixed, current payments of 1,820 and overpaying 500p/m
Other borrowings – car loans/personal loans etc: Car Loan of 20k, 15k remaining and in process of paying the remaining balance over the next month from savings. This figure is not included in savings below.
Do you pay off your full credit card balance each month? No Credit Cards
If not, what is the balance on your credit card?
Savings and investments:
10k cash, 20k in stocks and ETFs. Spouse has some share options vesting in 2 years worth 20k post tax.
Do you have a pension scheme? Yes
Mine: Employer contributes 10%, I make no AVC currently, current balance 15k. Pension from previous employment overseas ~120k.
Spouse: Employer contributes 6%, balance ~10k.
Mine: 15k, employer contributing
Do you own any investment or other property? Investment property in UK, value 100k, mortgage 50k, rate 1.6%, long term tenant and rent covers mortgage and annual costs.
Ages of children: No children
Life insurance: None but have death benefit with employer
What specific question do you have or what issues are of concern to you?
We relocated back to Ireland one year ago, and are now trying to consolidate our finances for the first time and plan for the future. The main goal is to purchase a house in the dublin area in the next 3 years. The budget, is around 850k top end, or lower for a property which would require renovation. I know the costs of renovation and actually getitng a builder in Dublin is hard but of most of the sample properties I have looked at they require some work. The question is the best strategy to save for a house upgrade as a straight purchase of 850k (170k deposit), and a house purchase of 700k whilst rasing 150k for renovation work.
We purchased an Apartment in Dublin when we moved back as the economics worked better. The mortgage was roughly 700 euro a month less than rent in the same area we wanted to live in. The mortgage was 445k and I estimate that after 3 years with 500pm overpayment the mortgage will be 400k. This will provide equity of 120k. Initially I had considered keeping apartment as an investment, but the numbers do not work. My spouse was out of work for 6 months after relocation, and it has been a bit of a hectic year. I consider myself good with money, but I need some advice on the best strategy for the surplus monthly money in view of ur short term 3yr goal.