Age: 31
Single
Annual gross income from employment or profession: €50,000
Type of employment: PAYE worker
Expenditure pattern: moderate spender
Rough estimate of value of home: €350,000
Mortgage on home: €136,500 left to pay off over 27 years
Mortgage provider: Ulster Bank
Type of mortgage: Tracker
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
Savings and investments: Shares €10,000. Rabo deposit account €2,000
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: None
Life insurance: Yes, Bank of Ireland
My own car is worth €27,000 at present, but recently I have been given a company car costing €200 per month in BIK
I recently received a lump sump of €50,000. My thoughts are to pay about €36,500 off my mortgage which will reduce the term by about 11 years while still maintaining my current monthly contribution. Then invest circa €10,000 in shares and put the rest on deposit with Rabo.
Additionally I have my own car which I drive a day or two every month and I love it, the company car I don't like at all. Its a good car (2007) but just not my cup of tea. Should I sell my car and invest the €27,000 somewhere? If I do sell it, I would want access to that money should I change my mind, so maybe a deposit account is the place for it!
I would appreciate feedback, guidence and opinions from you all on the above. Thanks!
Single
Annual gross income from employment or profession: €50,000
Type of employment: PAYE worker
Expenditure pattern: moderate spender
Rough estimate of value of home: €350,000
Mortgage on home: €136,500 left to pay off over 27 years
Mortgage provider: Ulster Bank
Type of mortgage: Tracker
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
Savings and investments: Shares €10,000. Rabo deposit account €2,000
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: None
Life insurance: Yes, Bank of Ireland
My own car is worth €27,000 at present, but recently I have been given a company car costing €200 per month in BIK
I recently received a lump sump of €50,000. My thoughts are to pay about €36,500 off my mortgage which will reduce the term by about 11 years while still maintaining my current monthly contribution. Then invest circa €10,000 in shares and put the rest on deposit with Rabo.
Additionally I have my own car which I drive a day or two every month and I love it, the company car I don't like at all. Its a good car (2007) but just not my cup of tea. Should I sell my car and invest the €27,000 somewhere? If I do sell it, I would want access to that money should I change my mind, so maybe a deposit account is the place for it!
I would appreciate feedback, guidence and opinions from you all on the above. Thanks!