Age: 34
Spouse’s/Partner's age: 31
My Annual gross income from employment or profession: €64,000 (current)
- reasonably secure
Spouses Annual gross income from employment or profession: €28,000 (current)
- reasonably secure
Type of employment: Full Time PAYE (Both)
In general are you:
(a) spending more than you earn, or
(b) saving?
(a) Saving regularly
Other borrowings – car loans/personal loans etc
No loans or credit card debt.
Mortgage 190,000
Current Value of house 150,000
BOI Variable rate Mortgage currently 839 per month
Savings and investments: €61,200
Banks 47,400
Credit Union 2,500
Shares 11,300
Total 61,200
Do you have a pension scheme? Yes
Do you own any investment or other property?
No
Ages of children: 1 child of 1.5 years old
What specific question do you have or what issues are of concern to you?
1. We have our own site and have just lodged a planning application to build a new house. I’m not trying to build anything fancy. It looks like I can get the house built for about 170,000. The bank said they will give us the mortgage. Now here come the questions.
(a) Are we mad to even consider building in this current climate?
(b) Would I be as well off to sell our current house if I could for 150,00 ??. My new mortgage would be 210,000. If I rent out the house I will get between 600 and 700 for the house. I know there is tax implications for renting out houses so would prefer not to rent it out if that was the best option.
2. Most of our savings are in Irish banks, we have done nothing to negate the risk of a default or punt nua coming on etc. Should we be worried or what is the best option for us here, should we be moving part of our savings out of Ireland etc.
I was considering asking a financial advisor about these concerns, but I’m not sure if it is their area either ??
Any help would be greatly appreciated.
Reg
Spouse’s/Partner's age: 31
My Annual gross income from employment or profession: €64,000 (current)
- reasonably secure
Spouses Annual gross income from employment or profession: €28,000 (current)
- reasonably secure
Type of employment: Full Time PAYE (Both)
In general are you:
(a) spending more than you earn, or
(b) saving?
(a) Saving regularly
Other borrowings – car loans/personal loans etc
No loans or credit card debt.
Mortgage 190,000
Current Value of house 150,000
BOI Variable rate Mortgage currently 839 per month
Savings and investments: €61,200
Banks 47,400
Credit Union 2,500
Shares 11,300
Total 61,200
Do you have a pension scheme? Yes
Do you own any investment or other property?
No
Ages of children: 1 child of 1.5 years old
What specific question do you have or what issues are of concern to you?
1. We have our own site and have just lodged a planning application to build a new house. I’m not trying to build anything fancy. It looks like I can get the house built for about 170,000. The bank said they will give us the mortgage. Now here come the questions.
(a) Are we mad to even consider building in this current climate?
(b) Would I be as well off to sell our current house if I could for 150,00 ??. My new mortgage would be 210,000. If I rent out the house I will get between 600 and 700 for the house. I know there is tax implications for renting out houses so would prefer not to rent it out if that was the best option.
2. Most of our savings are in Irish banks, we have done nothing to negate the risk of a default or punt nua coming on etc. Should we be worried or what is the best option for us here, should we be moving part of our savings out of Ireland etc.
I was considering asking a financial advisor about these concerns, but I’m not sure if it is their area either ??
Any help would be greatly appreciated.
Reg