homeseller
Registered User
- Messages
- 39
AGE: 44
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: E110,000
Annual gross income spouse: 0
Monthly take home pay: E 5500 (approx...)
Expenditure pattern: Modest expenditure and regular savers.
Rough estimate of value of home: E750,000
Mortgage on home: E150000
Mortgage provider: AIB
Type of mortgage: Variable : E860pm
Interest rate : 2.8%
Other borrowings: None.
Do you pay off your full credit card balance each month? Yes
Savings and investments:
A total of E180,000 across savings and investments and E25000 in current acct
Do you have a pension scheme?
Yes, but spouse does not have one
Do you own any investment or other property? No.
Ages of children: 4 children - 5 to 13
What specific question do you have or what issues are of concern to you?
We are looking to trade up and move from a semi - d to detached. On paper everything is fine but we live in south d and 3 of the 4 children attend fee paying school (our choice). Therefore we have school costs of approx 18k a year. We are mortgage approved and have found a property but we are concerned about only having 50k as a reserve once we buy into a new home. We don't want to change them from their schools. We have both worked hard to save up and would love to own a detached house and we feel we could make it work. However we are concerned that our education reserve would be depleted very quickly. My wife has the option of returning to work which is definitely feasible. If we don't move should we look to reduce our existing mortgage to 100k and just focus on being mortgage free in as short a time as possible and give up the new home dream? Thanks
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: E110,000
Annual gross income spouse: 0
Monthly take home pay: E 5500 (approx...)
Expenditure pattern: Modest expenditure and regular savers.
Rough estimate of value of home: E750,000
Mortgage on home: E150000
Mortgage provider: AIB
Type of mortgage: Variable : E860pm
Interest rate : 2.8%
Other borrowings: None.
Do you pay off your full credit card balance each month? Yes
Savings and investments:
A total of E180,000 across savings and investments and E25000 in current acct
Do you have a pension scheme?
Yes, but spouse does not have one
Do you own any investment or other property? No.
Ages of children: 4 children - 5 to 13
What specific question do you have or what issues are of concern to you?
We are looking to trade up and move from a semi - d to detached. On paper everything is fine but we live in south d and 3 of the 4 children attend fee paying school (our choice). Therefore we have school costs of approx 18k a year. We are mortgage approved and have found a property but we are concerned about only having 50k as a reserve once we buy into a new home. We don't want to change them from their schools. We have both worked hard to save up and would love to own a detached house and we feel we could make it work. However we are concerned that our education reserve would be depleted very quickly. My wife has the option of returning to work which is definitely feasible. If we don't move should we look to reduce our existing mortgage to 100k and just focus on being mortgage free in as short a time as possible and give up the new home dream? Thanks