Age: 41
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: €65,000
Annual gross income of spouse: €65,000
Monthly take-home pay: ~€7,000
Type of employment: Both private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving, 1500 p/m jointly
Rough estimate of value of home: 510k
Amount outstanding on your mortgage: 243k (1168 p/m - 25 yrs remaining)
What interest rate are you paying? 3.2% (5 yr fixed with BOI - coming to an end this July)
Other borrowings – car loans/personal loans etc: No loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0 balance on both credit cards
Savings and investments: 20,000 in joint savings
Do you have a pension scheme?
Yes, employer DC pension. My employer contributes 10%. At the moment, I contribute 5% - value: 100k
Spouse also has work DC pension currently valued at about 70k. His employer pays 6% and he pays 8%
Do you own any investment or other property? No
Ages of children: None – no plans to have children
Life insurance: 6x annual salary in the event of my death. Spouse has no Life insurance.
What specific question do you have or what issues are of concern to you?
I will soon come into some inheritance, approx 150k.
Should we use this money to clear down the mortgage by this amount - or invest?
Our mortgage fixed rate is expiring in July and we had planned to switch to Avant.
If clearing down some of the mortgage, should we do this when the current fixed rate expires in July?
When switching, should we keep the same 25 year term? Or go for a reduced term?
Thank you!
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: €65,000
Annual gross income of spouse: €65,000
Monthly take-home pay: ~€7,000
Type of employment: Both private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving, 1500 p/m jointly
Rough estimate of value of home: 510k
Amount outstanding on your mortgage: 243k (1168 p/m - 25 yrs remaining)
What interest rate are you paying? 3.2% (5 yr fixed with BOI - coming to an end this July)
Other borrowings – car loans/personal loans etc: No loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0 balance on both credit cards
Savings and investments: 20,000 in joint savings
Do you have a pension scheme?
Yes, employer DC pension. My employer contributes 10%. At the moment, I contribute 5% - value: 100k
Spouse also has work DC pension currently valued at about 70k. His employer pays 6% and he pays 8%
Do you own any investment or other property? No
Ages of children: None – no plans to have children
Life insurance: 6x annual salary in the event of my death. Spouse has no Life insurance.
What specific question do you have or what issues are of concern to you?
I will soon come into some inheritance, approx 150k.
Should we use this money to clear down the mortgage by this amount - or invest?
Our mortgage fixed rate is expiring in July and we had planned to switch to Avant.
If clearing down some of the mortgage, should we do this when the current fixed rate expires in July?
When switching, should we keep the same 25 year term? Or go for a reduced term?
Thank you!