Mortgage Options for Trade-Up or Extension

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Age: 41
Spouse’s/Partner's age: 39

Annual gross income from employment or profession: €90k
Annual gross income of spouse: Currently Job-Sharing so approx €30k. Planning to go back full-time in 2 years time

Monthly take-home pay: €7k incl Child benefit

Type of employment: I'm an Employee of large Company and Wife is a Teacher

In general are you:
(a) spending more than you earn, or
(b) saving? - Saving (in past few months)

Rough estimate of value of home €290k
Amount outstanding on your mortgage: €205k
What interest rate are you paying? AIB Std Variable

Other borrowings – car loans/personal loans etc - €2,500 Loan - €100 p/m

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: Approx €14k Savings

Do you have a pension scheme? Company and Public Service

Do you own any investment or other property? No

Ages of children: 8, 5 & 3

Life insurance: - Yes through work & Mortgage Cover


What specific question do you have or what issues are of concern to you?

We are looking to move home or or extend current home. New house would be approx €450k and Extension/Renovation of Current home would be approx €140k. We have nothing identified or planned, but our outlook would be to 'go for it' while kids are young and we get benefit of bigger family home, rather than wait and be safe.

We are in €1,600 cohort, but I haven't confirmed that clause 3.2 was in contract. So we are planning for IF we get mortgage reduction of €30k and Cashback €14k over the summer. (Hopeful of getting this, but will adjust plans as required if it doesn't come through).

We haven't moved from AIB for any Cashback Offers because the chance of moving/extending has been on the table for a couple of years now. Any suggestions on best mortgage strategy, or is it just best to sit tight with AIB, and wait and see what comes up.
 
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