Bolddefender
Registered User
- Messages
- 6
Age: 40
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: 50,000
Annual gross income of spouse: 47,000
Monthly take-home pay ~5,000
Type of employment: e.g. Civil Servant, self-employed - one Public Servant and one semi state
In general are you:
(a) spending more than you earn, or
(b) saving? Breaking even
Rough estimate of value of home 200,000
Amount outstanding on your mortgage: 165,000
What interest rate are you paying? ECB +0.5
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
About 150,000 on deposit (Rabo, per TSB, CU etc)
Do you have a pension scheme? Yes ( both through work)
Do you own any investment or other property?
Ages of children: 3yrs, 1yr, and another due in Sept.
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
With 2 kids and one on the way we need/would like to move up to a larger house. Once upon a time we thought we would keep this house as an investment but no longer an option.
We are looking at buying 4/5 bed house. We are thinking of using most of the savings and keeping about 10-15k for raining day money.
If we get 200K and pay off mortgage, 35+150=185K.
Buy house at 400K, means 225K mortgage.
We currently have 1700 crèche fees for 2 kids. With another on the way it may become more sensible for one to give up work or take career break.
Questions are:
Is it wise to move and lose tracker or can this be avoided? ie should we extend existing house using savings and stay where we are (would work for short term but would see us moving in a couple more years anyway).
Is it best to put most of the money into house as I presume variable rates are going to be higher than deposit rates.
Any other advice
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: 50,000
Annual gross income of spouse: 47,000
Monthly take-home pay ~5,000
Type of employment: e.g. Civil Servant, self-employed - one Public Servant and one semi state
In general are you:
(a) spending more than you earn, or
(b) saving? Breaking even
Rough estimate of value of home 200,000
Amount outstanding on your mortgage: 165,000
What interest rate are you paying? ECB +0.5
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
Savings and investments:
About 150,000 on deposit (Rabo, per TSB, CU etc)
Do you have a pension scheme? Yes ( both through work)
Do you own any investment or other property?
Ages of children: 3yrs, 1yr, and another due in Sept.
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
With 2 kids and one on the way we need/would like to move up to a larger house. Once upon a time we thought we would keep this house as an investment but no longer an option.
We are looking at buying 4/5 bed house. We are thinking of using most of the savings and keeping about 10-15k for raining day money.
If we get 200K and pay off mortgage, 35+150=185K.
Buy house at 400K, means 225K mortgage.
We currently have 1700 crèche fees for 2 kids. With another on the way it may become more sensible for one to give up work or take career break.
Questions are:
Is it wise to move and lose tracker or can this be avoided? ie should we extend existing house using savings and stay where we are (would work for short term but would see us moving in a couple more years anyway).
Is it best to put most of the money into house as I presume variable rates are going to be higher than deposit rates.
Any other advice