pebbledash
Registered User
- Messages
- 104
Age:
33
Spouse’s/Partner's age:
32
Annual gross income from employment or profession:
E43,000
Annual gross income spouse:
E11,000
Type of employment:
Public & private
Expenditure pattern:
Saving about €150 a month
Rough estimate of value of home
E230,000
Mortgage on home
E250,000
Mortgage rate:
Fixed at 4.9% until June 2010
33 years to go
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
Have approx 60k to invest
Do you have a pension scheme?
Pay into one public sector pension
Do you own any investment or other property?
No.
Ages of children:
2 months
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
I know everyone says that you shouldn't be saving when you have a large debt/mortgage but I really don't want to put my lumpsum against the mortgage. We have known what it's like to be pretty poor and I never want to be in the situation again where I don't have cash in the bank. At the moment we are good at budgeting but I feel that it would take us a long time to save 60k and that surplus cash would in reality get sucked into daily expenses rather than being saved.
We have been unable to remortgage due to negative equity. Would any bank accept us to remortgage at a lower rate and shorter term than we are currently on if we agreed to leave our lump sum in a deposit account with them for 4 years?
33
Spouse’s/Partner's age:
32
Annual gross income from employment or profession:
E43,000
Annual gross income spouse:
E11,000
Type of employment:
Public & private
Expenditure pattern:
Saving about €150 a month
Rough estimate of value of home
E230,000
Mortgage on home
E250,000
Mortgage rate:
Fixed at 4.9% until June 2010
33 years to go
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
Have approx 60k to invest
Do you have a pension scheme?
Pay into one public sector pension
Do you own any investment or other property?
No.
Ages of children:
2 months
Life insurance:
Yes.
What specific question do you have or what issues are of concern to you?
I know everyone says that you shouldn't be saving when you have a large debt/mortgage but I really don't want to put my lumpsum against the mortgage. We have known what it's like to be pretty poor and I never want to be in the situation again where I don't have cash in the bank. At the moment we are good at budgeting but I feel that it would take us a long time to save 60k and that surplus cash would in reality get sucked into daily expenses rather than being saved.
We have been unable to remortgage due to negative equity. Would any bank accept us to remortgage at a lower rate and shorter term than we are currently on if we agreed to leave our lump sum in a deposit account with them for 4 years?