Age: 44
Spouse’s/Partner's age: 41
Annual gross income from employment or profession: 95k
Annual gross income of spouse: 75k
Monthly take-home pay 8k
Type of employment: e.g. Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving? 1k per month
Rough estimate of value of home 400k
Amount outstanding on your mortgage: 125k, 5 yrs remaining paying 2400e per month (slightly overpaying)
What interest rate are you paying? 3.15 with BOI
Other borrowings – car loans/personal loans etc 400e per mth on Car PCP
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 2K
Savings and investments.
c. 60 k in various equities and savings accounts
Do you have a pension scheme?
Yes, both public sector
Do you own any investment or other property?
2 RIPs
Combined Mortgage 652k
Combined Value 400k
10 yr I/O expiring next June to move to C&I Tracker 0.9%+ECB
Mortgage 480e, Rent 1400
Ages of children:
1, 6, Childcare 1400 per mth
Life insurance:
Yes
My Question
I'm due to have an initial meeting with PTSB tomorrow to ask can I extend my I/O for another 5 yrs as I estimate next June the RIP mortgage will go to about 3800e, if they would do this, after my PPR has been cleared I can put my current 2400e with the 1400e from the rent (hopefully any increase in in rents may assist with any ECB increase and I'll be able to absorb the regular rental expenses)
What do you think their response will be?
I'd lob 50K out of your savings into that mortgage.
Bronte
The c. 1k I'm saving per month (really began as a concerted effort about 3 yrs ago) is going into 300e into a college fund and at the end of yr I put the c.700e (x12) we save as an extra top up to my home mortgage, ( in reality I may need to dip into this for 'living' costs so may not always be 8400e every yr) also any excess from the rental payments after expenses/taxes etc also go towards my home mortgage - 480e is the rental mortgage on the two RIPs
I'm finding this hard to follow.Bronte
The c. 1k I'm saving per month (really began as a concerted effort about 3 yrs ago) is going into 300e into a college fund and at the end of yr I put the c.700e (x12) we save as an extra top up to my home mortgage, ( in reality I may need to dip into this for 'living' costs so may not always be 8400e every yr) also any excess from the rental payments after expenses/taxes etc also go towards my home mortgage - 480e is the rental mortgage on the two RIPs
Also to explain the other 50 k that I have I built up was around ten yrs ago with the SSIA which I left there ( probably for 10 yrs now) and my wife opened a KBC lump sum account of 20k 4 yrs ago now so there is not a transaction on my PTSB current account on these. Back then income much better - a restructuring of our working and payment as per croke park has led to a c.25% decrease in our combined income since 2011.
What would you think if I didn't proclaim to PTSB about the full 60k savings;
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?