Age: 29
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 66000
Annual gross income of spouse: 50000
Type of employment: e.g. Civil Servant, self-employed : Both private sector working full-time
In general are you spending more than you earn or are you saving? Saving more
Rough estimate of value of home: 480000
Amount outstanding on your mortgage: 264000
What interest rate are you paying? 4.75 with AIB on a tracker (LTV between 50% and 80%), 22 years left
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:
80k in various savings accounts (Anglo Regular Saver, AIB Regular Saver, Anglo 30 day notice, RaboBank - getting good interest and move cash about when necessary to get a better rate). 25k of this came from an insurance payout, rest from SSIAs and savings from salaries.
Save 600 per month regular saver plus additional amounts as we can.
Do you have a pension scheme?
We both have work pensions and save 7/8% of gross salary which is matched by employers.
Do you own any investment or other property?
No
Ages of children:
None yet but planning some in the next year.
Life insurance:
Basic life insurance for mortgage purposes.
What specific question do you have or what issues are of concern to you?
1. Immediate concern is that we may not be putting our money to best use. We can get a reduced mortgage rate of 4.6 if we pay a lump sum of 20k off the balance. This would bring the monthly payment down by 150. We could afford to leave make additional monthly payments to bring the term down to approx 15 years (repayments would be 1880). Is this the best thing to do? Is there anything we should do with the remaining savings?
2. Contemplating trading up in the near future (we may wait a year or so so to find the right house, no rush on this), probably to a house valued at 650/700. I think we can afford this by making higher monthly repayments and pushing out the term of the mortgage. For this reason we would need to keep our remaining savings accessible.
3. Planning on having children in the next year or so also. Is there anything financially we should be doing for this?
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 66000
Annual gross income of spouse: 50000
Type of employment: e.g. Civil Servant, self-employed : Both private sector working full-time
In general are you spending more than you earn or are you saving? Saving more
Rough estimate of value of home: 480000
Amount outstanding on your mortgage: 264000
What interest rate are you paying? 4.75 with AIB on a tracker (LTV between 50% and 80%), 22 years left
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:
80k in various savings accounts (Anglo Regular Saver, AIB Regular Saver, Anglo 30 day notice, RaboBank - getting good interest and move cash about when necessary to get a better rate). 25k of this came from an insurance payout, rest from SSIAs and savings from salaries.
Save 600 per month regular saver plus additional amounts as we can.
Do you have a pension scheme?
We both have work pensions and save 7/8% of gross salary which is matched by employers.
Do you own any investment or other property?
No
Ages of children:
None yet but planning some in the next year.
Life insurance:
Basic life insurance for mortgage purposes.
What specific question do you have or what issues are of concern to you?
1. Immediate concern is that we may not be putting our money to best use. We can get a reduced mortgage rate of 4.6 if we pay a lump sum of 20k off the balance. This would bring the monthly payment down by 150. We could afford to leave make additional monthly payments to bring the term down to approx 15 years (repayments would be 1880). Is this the best thing to do? Is there anything we should do with the remaining savings?
2. Contemplating trading up in the near future (we may wait a year or so so to find the right house, no rush on this), probably to a house valued at 650/700. I think we can afford this by making higher monthly repayments and pushing out the term of the mortgage. For this reason we would need to keep our remaining savings accessible.
3. Planning on having children in the next year or so also. Is there anything financially we should be doing for this?
