Edit: Working in the North, living in Ireland, investment properties are in the UK
Age: 36
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: £35,000
Annual gross income of spouse: £37,500
Monthly take-home pay £4,600
Type of employment: Public Sector, Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving Saving around £1,500/€2000 per month
Rough estimate of value of home €120,000
Amount outstanding on your mortgage: €160,000
What interest rate are you paying? tracker 1.2% 15 years left, €950 repayment per month
Other borrowings – car loans/personal loans etc
None
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:
€50,000
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
Property 1: Value:£60,000 Outstanding Mortgage:£65,000 Interest Rate 5% Rent £400 per month, Mortgage repayment £460 per month, 16 years left.
Property 2: Value £40,000 Outstanding Mortgage:£65,000, Interest Rate Tracker 2.19% Interest Only, Rent £350 per month, Mortgage repayment £125 per month, 12 years left.
Ages of children: 7, 4 childcare costs €750 per month
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We are about to start building our dream home taking out a new mortgage of €180,000 so repayments are not more than €1,000 per month, using €50,000 savings as a deposit. We want to hold on to our current home as it's a tracker mortgage, we would get €650 per month rent for it so would have to put €300 to it ourselves. Are we mad? I would like to have an investment for the future. I hope it would be out of negative equity in 2 years time with paying down the mortgage and property price rises, then we would only have just over 10 years left on the mortgage.
As for the investment properties. We want to sell these within the next 5 years, once they are out of negative equity. Property one we need to get a better interest rate, property 2 we need to start paying down the capital.
I have been watching our money and saving hard, but we made some bad decisions with purchasing property and I don't want to throw good money after bad. I would like to hang on to our current property if it is feasible.
Any advise much appreciated.
Age: 36
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: £35,000
Annual gross income of spouse: £37,500
Monthly take-home pay £4,600
Type of employment: Public Sector, Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving Saving around £1,500/€2000 per month
Rough estimate of value of home €120,000
Amount outstanding on your mortgage: €160,000
What interest rate are you paying? tracker 1.2% 15 years left, €950 repayment per month
Other borrowings – car loans/personal loans etc
None
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:
€50,000
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
Property 1: Value:£60,000 Outstanding Mortgage:£65,000 Interest Rate 5% Rent £400 per month, Mortgage repayment £460 per month, 16 years left.
Property 2: Value £40,000 Outstanding Mortgage:£65,000, Interest Rate Tracker 2.19% Interest Only, Rent £350 per month, Mortgage repayment £125 per month, 12 years left.
Ages of children: 7, 4 childcare costs €750 per month
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We are about to start building our dream home taking out a new mortgage of €180,000 so repayments are not more than €1,000 per month, using €50,000 savings as a deposit. We want to hold on to our current home as it's a tracker mortgage, we would get €650 per month rent for it so would have to put €300 to it ourselves. Are we mad? I would like to have an investment for the future. I hope it would be out of negative equity in 2 years time with paying down the mortgage and property price rises, then we would only have just over 10 years left on the mortgage.
As for the investment properties. We want to sell these within the next 5 years, once they are out of negative equity. Property one we need to get a better interest rate, property 2 we need to start paying down the capital.
I have been watching our money and saving hard, but we made some bad decisions with purchasing property and I don't want to throw good money after bad. I would like to hang on to our current property if it is feasible.
Any advise much appreciated.
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