After many years of savings collectively we have about €250,000 in total assets (split between shares - approx. €185,000 post capital gains tax when we sell, and cash savings of €65k). The estimated cost of the extension and full renovations to the property (incl fit out) is €210,000.
Current mortgage lender: KBC
Outstanding mortgage balance (how much you still owe): €247,000
Years left on mortgage: 23 years
Approximate value of your property: €590,000
The date you started your fixed-rate mortgage (month and year): October 2018
How many years you fixed for: 5 years
Your current mortgage interest rate: 2.6%
My wife is also looking to at last start a PRSA pension paying €200 per month (approx. 170 post-tax). Better late than never, or at this stage is it a bad idea?
This is something I'd considered. There is some moderate gain on all the shares, but I'll try and assess which ones have least gain and sell those first just in case, with the plan to sell the remainder we need in January. I assume selecting & selling the most recently acquired shares will get me around the FIFO policy somewhat and minimize any CGT I've to pay for the more recent traches.As you are planning to start building in 5 months, you should start the process of selling your shares just in case a sudden market crash means that you can't afford it.
Alternatively, wait until 1 January so your CGT bill will be a year later. But if you have some investments which do not have taxable gains, you should sell them now.
You can fix for five years at 2.4% and that probably is the right option. But given that you are moving to BoI you might prefer to fix for 10 years so that you are not caught by their predatory lending rates for existing customers.
Yes, you are correct - €120. She's working through a broker, but likely to go with either Aviva or Zurich.I presume she is paying 40% top rate of tax. If so, the net cost should €120. Where are you getting the €170 from.
I assume selecting & selling the most recently acquired shares will get me around the FIFO policy somewhat and minimize any CGT I've to pay for the more recent traches.
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