Mcgoldenarches
New Member
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Still too little info. You really need to do a Money Makeover post using the template in that forum.Ive updated the post with more information
This is separate from the current rental income or not?Monthly take-3200
Family home worth €800k with a €267k mortgage
Why the rush to accelerate your mortgage repayment when your loan to value is very low and the interest rate seems competitive?I have an investment property that produces post 1200 per month- this is being sold in the next year as the other co owners wish to sell. I will get my share but will no longer have the additional income. We have a lot of overheads and generally save very little. The intention was to put some of the money from the sale against the mortgage to batter it down when the time comes
That really depends on the business case/plan for such an investment and anecdotal evidence seems to be that many landlords are getting out of that business these days.or invest in another investment property to replace the one sold?
This is separate to the investment incomeThis is separate from the current rental income or not?
This seems to be c. €40k net p.a.?
Are you making any pension contributions?
Why the rush to accelerate your mortgage repayment when your loan to value is very low and the interest rate seems competitive?
That really depends on the business case/plan for such an investment and anecdotal evidence seems to be that many landlords are getting out of that business these days.
It's still difficult to comment meaningfully without having some idea of your overall household incomings and outgoings.
Just a word of warning. There was a guy on the radio a few years ago and he was made redundant and the amount he received as about €50k. His mortgage was €350k from what I remember. He reduced the mortgage with the full €50k. In his case he could not get work. He got into difficulty paying his mortgage and the bank went to take the house. Personally as you are self employed with one income house I would leave some for a rainy day. The month you cannot work it is always good to have a backup plan.Thanks for the responses. Appreciate you all taking the time. We are going to play it safe and just clear down the loan on our PPR as much as we can.
Are you intending on moving to a more expensive house? Your home value already seems at odds with the income you say you have? Maybe I'm missing something obvious though.Hey all,
I was looking for 2nd opinions.
Personal details
Age:41
Spouse’s/Partner's age:39
Number and age of children: 4 all under 10
Income and expenditure
Annual gross income from employment or profession: self employed
Annual gross income of spouse:0
Monthly take-3200
Type of employment: self-employed
Summary of Assets and Liabilities
Family home worth €800k with a €267k mortgage
Family home
BOI
Interest rate3.2
variable
Buy to let properties
Value:40000
Rental income per year:14400
no debt
Other information which might be relevant
I have an investment property that produces post 1200 per month- this is being sold in the next year as the other co owners wish to sell. I will get my share but will no longer have the additional income. We have a lot of overheads and generally save very little. The intention was to put some of the money from the sale against the mortgage to batter it down when the time comes
My concern is mortgage is variable and I've already been hit with one interest rate hike this year and without the additional rental income from the investment it will be a bit tighter around the house. Im also conscious that energy bills will be without credits soon so household expenses will rise considerably. I am a sole trader.
The intention is to move house in a few years and have proof of savings etc ,currently we save little and without the mortgage that could change things considerably.
However we have been fortunate and will benefit from a lump sum that could clear the mortgage. Would it be wise to use this to pay down the mortgage on the PPR now or invest in another investment property to replace the one sold?
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