Age: 35
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 92k
Annual gross income spouse: 99k
Type of employment: Private Sector
Expenditure pattern: In general are you spending more than you earn or are you saving - Saving
Rough estimate of value of home: 650K
Mortgage on home: 140K
Mortgage provider: EBS
Type of mortgage: Variable
Interest rate: Don't know
Other borrowings – mortgage on inv. property
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? nil
Savings and investments: 7k savings account, 5k in a fund and very roughly estimate around 7k in shares. Pay 500 per month into the savings account and another 500 per month into the fund.
Do you have a pension scheme? Both our companies pay 8% non-contributory. I pay additional 700 per month AVC. Husband doesn't pay any AVC. In the past we have both paid in lump sums each (bonuses etc) and so both have fairly healthy I think pensions at this stage.
Do you own any investment or other property? Yes. Value roughly 320k, mortgage 240k (inc. remortgage used to renovate our live in home). Rental income 1,350 per month.
Ages of children: 2 year old and 1 on way.
Life insurance: both companies provide 8x salary. Also have mortgage protection.
What specific question do you have or what issues are of concern to you?
Looking for opinions here as I'd not like to discuss finances or the like with friends. I'm very cautious by nature - and am wondering what other people would consider an acceptable mortgage versus income?
We want to move at some point in the future, we'd thought probably 5 years from now we'd take another mortgage. Houses in the area I like are probably 300k more expensive that where we live now. Currently we overpay our mortgages - paying 3k per month off our main residence (meaning I believe it should be paid off in 5 years from now) and 2.2k per month off our investment property - think that will be paid off in 15 years from now or perhaps a little less (though I'm not entirely sure on that one - I am sure we pay 2.2k though).
We're now thinking should we move sooner? If we move now we'll have a mortgage of around 500k exc the inv. property mortgage. This seems huge to me but on the banks websites it would appear we could easily get this much or more? Based on our incomes etc does it seem like a ridiculously large mortgage or am I just behind the times? Would we be better pumping money into a house we'd stay in forever (and accept having a mortgage for the next 20 or 25 years) than pumping money into overpaying a mortgage (as we do now) on a house we will eventually want to leave and also putting so much into pensions (I could stop or reduce the AVC - not pay in any bonuses etc)?
Our jobs are quite secure and my salary is based on 4 day week. I could go to full time and increase my earnings if necessary (i.e. in an financial crisis). I wouldn't do this just to move though.
We absolutely can't pay out any more than we do now and I'd in fact like us to increase a little the money we have left over for ourselves each month - by perhaps 500/700 euros.
Are we putting our money in the wrong places? It's not like we plan on retiring in 5 years so shouldn't we take on the 'big' debt now?
Apologies if this is unclear, thanks for your advise/help.
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 92k
Annual gross income spouse: 99k
Type of employment: Private Sector
Expenditure pattern: In general are you spending more than you earn or are you saving - Saving
Rough estimate of value of home: 650K
Mortgage on home: 140K
Mortgage provider: EBS
Type of mortgage: Variable
Interest rate: Don't know
Other borrowings – mortgage on inv. property
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? nil
Savings and investments: 7k savings account, 5k in a fund and very roughly estimate around 7k in shares. Pay 500 per month into the savings account and another 500 per month into the fund.
Do you have a pension scheme? Both our companies pay 8% non-contributory. I pay additional 700 per month AVC. Husband doesn't pay any AVC. In the past we have both paid in lump sums each (bonuses etc) and so both have fairly healthy I think pensions at this stage.
Do you own any investment or other property? Yes. Value roughly 320k, mortgage 240k (inc. remortgage used to renovate our live in home). Rental income 1,350 per month.
Ages of children: 2 year old and 1 on way.
Life insurance: both companies provide 8x salary. Also have mortgage protection.
What specific question do you have or what issues are of concern to you?
Looking for opinions here as I'd not like to discuss finances or the like with friends. I'm very cautious by nature - and am wondering what other people would consider an acceptable mortgage versus income?
We want to move at some point in the future, we'd thought probably 5 years from now we'd take another mortgage. Houses in the area I like are probably 300k more expensive that where we live now. Currently we overpay our mortgages - paying 3k per month off our main residence (meaning I believe it should be paid off in 5 years from now) and 2.2k per month off our investment property - think that will be paid off in 15 years from now or perhaps a little less (though I'm not entirely sure on that one - I am sure we pay 2.2k though).
We're now thinking should we move sooner? If we move now we'll have a mortgage of around 500k exc the inv. property mortgage. This seems huge to me but on the banks websites it would appear we could easily get this much or more? Based on our incomes etc does it seem like a ridiculously large mortgage or am I just behind the times? Would we be better pumping money into a house we'd stay in forever (and accept having a mortgage for the next 20 or 25 years) than pumping money into overpaying a mortgage (as we do now) on a house we will eventually want to leave and also putting so much into pensions (I could stop or reduce the AVC - not pay in any bonuses etc)?
Our jobs are quite secure and my salary is based on 4 day week. I could go to full time and increase my earnings if necessary (i.e. in an financial crisis). I wouldn't do this just to move though.
We absolutely can't pay out any more than we do now and I'd in fact like us to increase a little the money we have left over for ourselves each month - by perhaps 500/700 euros.
Are we putting our money in the wrong places? It's not like we plan on retiring in 5 years so shouldn't we take on the 'big' debt now?
Apologies if this is unclear, thanks for your advise/help.