LadyAnn2022
New Member
- Messages
- 3
Personal details
Age: 36
Spouse’s/Partner's age: 36
Number and age of children: 3 (age 7, 5 & 2) finished
Income and expenditure
Annual gross income from employment or profession: 40k part time
Annual gross income of spouse: 100k, RSUs 30k
Monthly take-home pay: 7600
Type of employment: e.g. Civil Servant, self-employed:
Private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving , more so recently
Summary of Assets and Liabilities
Potential House purchase 880k
Potential mortgage 440k
Savings 495k (trading up , sold PPR)
Family home mortgage information
Lender AIB
Interest rate 2.35
If fixed, what is the term remaining of the fixed rate? 5 / 30
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No loans, 2 cars
Childcare 800 per month
Buy to let properties - None
Other savings and investments:
Do you have a pension scheme? Yes , fund ~110k. Only match employer’s contributions
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Mortgage protection
Income protection
5 x salary partner
Family health insurance
What specific question do you have or what issues are of concern to you?
We sold our PPR as we had outgrown it and now looking for a new one close to current primary and potential secondary schools in Dublin. The potential house is large enough for us now and in v good cond. but perhaps the attic may need to be converted in 8-10 years for a larger 4th bedroom. Downstairs is already extended and perfect.
We’ve looked at a lot of houses and recently got turned off probate houses due to increasing renovation costs (and time) and ultimately they would need to be extended downstairs for the layout we want - 150k could easily turn into 250k or more. So we’ve comprised slightly on location (<700m).
Currently caretaking a house but that will run out in around 4 months and don’t want to rent. Important to us is living near schools (walk or cycle) right space and a comfortable home.
Plan would be to save around 40-50k and pay it off mortgage in 5 years , leaving around 350k in 5 years so less exposed to interest rates (or 10k per year if no penalties). It’s also likely both of us will increase our salaries over the next few years.
Are we on the right track before we push on ?
Age: 36
Spouse’s/Partner's age: 36
Number and age of children: 3 (age 7, 5 & 2) finished
Income and expenditure
Annual gross income from employment or profession: 40k part time
Annual gross income of spouse: 100k, RSUs 30k
Monthly take-home pay: 7600
Type of employment: e.g. Civil Servant, self-employed:
Private
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving , more so recently
Summary of Assets and Liabilities
Potential House purchase 880k
Potential mortgage 440k
Savings 495k (trading up , sold PPR)
Family home mortgage information
Lender AIB
Interest rate 2.35
If fixed, what is the term remaining of the fixed rate? 5 / 30
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
No loans, 2 cars
Childcare 800 per month
Buy to let properties - None
Other savings and investments:
Do you have a pension scheme? Yes , fund ~110k. Only match employer’s contributions
Do you own any investment or other property? No
Other information which might be relevant
Life insurance: Mortgage protection
Income protection
5 x salary partner
Family health insurance
What specific question do you have or what issues are of concern to you?
We sold our PPR as we had outgrown it and now looking for a new one close to current primary and potential secondary schools in Dublin. The potential house is large enough for us now and in v good cond. but perhaps the attic may need to be converted in 8-10 years for a larger 4th bedroom. Downstairs is already extended and perfect.
We’ve looked at a lot of houses and recently got turned off probate houses due to increasing renovation costs (and time) and ultimately they would need to be extended downstairs for the layout we want - 150k could easily turn into 250k or more. So we’ve comprised slightly on location (<700m).
Currently caretaking a house but that will run out in around 4 months and don’t want to rent. Important to us is living near schools (walk or cycle) right space and a comfortable home.
Plan would be to save around 40-50k and pay it off mortgage in 5 years , leaving around 350k in 5 years so less exposed to interest rates (or 10k per year if no penalties). It’s also likely both of us will increase our salaries over the next few years.
Are we on the right track before we push on ?