Age: 45
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 110,000
Annual gross income of spouse: 70,000
Monthly take-home pay: 8,500
Type of employment: Private Sector, Public Sector
Saving per month 3,000
Rough estimate of value of home 400,000
Amount outstanding on your mortgage: 300,000
Interest Rate 4.5%
Years left 22
Repayment per month 1450
No other borrowings
Do you pay off your full credit card balance each month? Yes
Savings and investments: €40,000
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
Property 1: Value 280,000
Rent per month 1,000
Original Outstanding Mortgage: 164,432
Interest Rate 0.9% (tracker)
Mortgage repayment per month 1000
Years left 15
Property 2: Value 260,000
Outstanding Mortgage: 96,860
Interest Rate 4.73%
Rent 900 per month,
Mortgage repayment per month 829
Years left 13
Property 3: (Holiday home )Value 150,000.
Outstanding Mortgage – 90000
Interest rate 5%,
Monthly repayments 560.
Years Left 24
Age of child: 7 - childcare costs €440 per month
Life insurance: Yes
I think we should sell the variable rate mortgage investment property and pay down against either the Holiday home, or the home mortgage, but my OH thinks we should hold on to all properties. He is convinced that prices will rise steadily over the coming years and we should wait until retirement to sell. (I would love to retire by age 55 at the latest) Your advice would be greatly appreciated
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: 110,000
Annual gross income of spouse: 70,000
Monthly take-home pay: 8,500
Type of employment: Private Sector, Public Sector
Saving per month 3,000
Rough estimate of value of home 400,000
Amount outstanding on your mortgage: 300,000
Interest Rate 4.5%
Years left 22
Repayment per month 1450
No other borrowings
Do you pay off your full credit card balance each month? Yes
Savings and investments: €40,000
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
Property 1: Value 280,000
Rent per month 1,000
Original Outstanding Mortgage: 164,432
Interest Rate 0.9% (tracker)
Mortgage repayment per month 1000
Years left 15
Property 2: Value 260,000
Outstanding Mortgage: 96,860
Interest Rate 4.73%
Rent 900 per month,
Mortgage repayment per month 829
Years left 13
Property 3: (Holiday home )Value 150,000.
Outstanding Mortgage – 90000
Interest rate 5%,
Monthly repayments 560.
Years Left 24
Age of child: 7 - childcare costs €440 per month
Life insurance: Yes
I think we should sell the variable rate mortgage investment property and pay down against either the Holiday home, or the home mortgage, but my OH thinks we should hold on to all properties. He is convinced that prices will rise steadily over the coming years and we should wait until retirement to sell. (I would love to retire by age 55 at the latest) Your advice would be greatly appreciated