I have edited the post and the replies to remove the confusion about the BoI mortgage - Brendan
Personal details:
Age:44
Spouse’s/Partner's age:45
Number and age of children: 2, ages 5 & 6
Income and expenditure:
Annual gross income from employment or profession:120,000
Annual gross income of spouse:6500
Monthly take-home pay: 4000 approx, spouse 3350
Type of employment: Software Industry, Spouse: Primary School Teacher
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Summary of Assets and Liabilities
Cash of approx. €400k
Company shares : approx. €40k
Buy to Let Property worth €240k with mortgage of €195K remaining
Family home mortgage information
We live in rented property 800 p/m
Other borrowings – car loans/personal loans etc. None
Do you pay off your full credit card balance each month? Yes
Buy to let properties:
2 bed apartment, it was initially our family home for two years.
Value:240000
Rental income per year:16200
Rough annual expenses other than mortgage interest :3500
Lender. PTSB
Interest rate: tracker, ECB + 1.83, currently 5.93
Mortgage of 195000 remaining
Other savings and investments:
Do you have a pension scheme? Yes, I pay 6% of base salary into pension, employer adds another 12%, current value 175000. Spouse has Cornmarket AVCs, pays 240 p/m
Do you own any investment or other property? Just the aforementioned apartment
Other information which might be relevant
Life insurance: No, life assurance via employer. Spouse: No
What specific question do you have or what issues are of concern to you?
We have savings of over 400K scattered across savings accounts and current accounts, earning little interest in all. We plan to build a family home (approx. cost 620K) either at the end of this year or early next year.
We have been informed by our broker that we can avail of a four year fixed rate of 3.65 % at the moment to fund our new build. Our tracker mortgage interest rate has now risen to 5.93, should we use our savings to pay off the buy to let mortgage?
Thanks in advance for any advice
Personal details:
Age:44
Spouse’s/Partner's age:45
Number and age of children: 2, ages 5 & 6
Income and expenditure:
Annual gross income from employment or profession:120,000
Annual gross income of spouse:6500
Monthly take-home pay: 4000 approx, spouse 3350
Type of employment: Software Industry, Spouse: Primary School Teacher
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Summary of Assets and Liabilities
Cash of approx. €400k
Company shares : approx. €40k
Buy to Let Property worth €240k with mortgage of €195K remaining
Family home mortgage information
We live in rented property 800 p/m
Other borrowings – car loans/personal loans etc. None
Do you pay off your full credit card balance each month? Yes
Buy to let properties:
2 bed apartment, it was initially our family home for two years.
Value:240000
Rental income per year:16200
Rough annual expenses other than mortgage interest :3500
Lender. PTSB
Interest rate: tracker, ECB + 1.83, currently 5.93
Mortgage of 195000 remaining
Other savings and investments:
Do you have a pension scheme? Yes, I pay 6% of base salary into pension, employer adds another 12%, current value 175000. Spouse has Cornmarket AVCs, pays 240 p/m
Do you own any investment or other property? Just the aforementioned apartment
Other information which might be relevant
Life insurance: No, life assurance via employer. Spouse: No
What specific question do you have or what issues are of concern to you?
We have savings of over 400K scattered across savings accounts and current accounts, earning little interest in all. We plan to build a family home (approx. cost 620K) either at the end of this year or early next year.
We have been informed by our broker that we can avail of a four year fixed rate of 3.65 % at the moment to fund our new build. Our tracker mortgage interest rate has now risen to 5.93, should we use our savings to pay off the buy to let mortgage?
Thanks in advance for any advice
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