Age: 36
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 60k
Annual gross income of spouse: 69k
Monthly take-home pay: ~6.7k
Type of employment: Private sector, public sector
saving: 2k a month
Rough estimate of value of home: 480k
Amount outstanding on your mortgage: 430k
What interest rate are you paying? 3.3% fixed for 1 year PTSB
Mortgage payments per month: 2k
Mortgage term 27 years.
Other borrowings – car loans/personal loans: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: Savings 130k
Do you have a pension scheme? Yes, private pension at 5%. Public sector pension
Do you own any investment or other property? No
Ages of children: None (yet)
I have just bought a house with my wife. I don't see it as the house we will be in when
we start a family so decided to hold back savings and not put more of a deposit down so
we would have capital to move to a bigger place when we can. Tried for years to get the "life house" but that wasn't working out. Feel now I'm speculating which worries me.
I am wondering if this was a wise move. As I see it if we can't move or are happy to remain there then I can put more into the mortgage then. We went with 1 year fixed with PTSB to get the cash back which will be put into the savings and we will move to another lender next year.
I'd also like to invest some of it as it's been sitting there earning nothing over the past few years. I have no experience with investing. I see advice of maxing out pension contributions
being given and paying down debt as quick as possible but would really like to try and use our savings in the best possible way. Retiring a little earlier with cash in the bank would be the goal.
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 60k
Annual gross income of spouse: 69k
Monthly take-home pay: ~6.7k
Type of employment: Private sector, public sector
saving: 2k a month
Rough estimate of value of home: 480k
Amount outstanding on your mortgage: 430k
What interest rate are you paying? 3.3% fixed for 1 year PTSB
Mortgage payments per month: 2k
Mortgage term 27 years.
Other borrowings – car loans/personal loans: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: Savings 130k
Do you have a pension scheme? Yes, private pension at 5%. Public sector pension
Do you own any investment or other property? No
Ages of children: None (yet)
I have just bought a house with my wife. I don't see it as the house we will be in when
we start a family so decided to hold back savings and not put more of a deposit down so
we would have capital to move to a bigger place when we can. Tried for years to get the "life house" but that wasn't working out. Feel now I'm speculating which worries me.
I am wondering if this was a wise move. As I see it if we can't move or are happy to remain there then I can put more into the mortgage then. We went with 1 year fixed with PTSB to get the cash back which will be put into the savings and we will move to another lender next year.
I'd also like to invest some of it as it's been sitting there earning nothing over the past few years. I have no experience with investing. I see advice of maxing out pension contributions
being given and paying down debt as quick as possible but would really like to try and use our savings in the best possible way. Retiring a little earlier with cash in the bank would be the goal.