Age:42
Spouse’s/Partner's age:40
Annual gross income from employment or profession: €46k
Annual gross income of spouse: €30k
Monthly take-home pay €5k
Type of employment: private sector , spouse self employed
In general are you:
(a) spending more than you earn, or
(b) saving? saver
Rough estimate of value of home €250k
Amount outstanding on your mortgage: restructured at present €263k, €135k warehoused @ 0% & bal of €128k repaying at 4.25%
What interest rate are you paying? KBC variable rate 4.25%
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? €1500
Savings and investments: childrens allowance invested value €38k €420 p/m saved into it. also save €300 into holiday/xmas savings acc in CU
Do you have a pension scheme? Yes private DB pension... spouse none at present due to previous ill health and recently becoming self employed
Do you own any investment or other property? none
Ages of children: 5,8,10
Life insurance: yes self has Life Assurance, serious illness, & Mort protection policies... spouse no life cover due to health issues.
What specific question do you have or what issues are of concern to you?
The Mortgage is with KBC and currently under investigation with P Kissane's office due to the Tracker Mortgage redress scheme. We have been told we are not impacted but are in the infamous Flyer category.
There is an offer of redundancy and I have wanted a different job for a while. I would receive around €95k. I was thinking of taking the redundancy and paying it off the warehoused portion of our Mortgage. Then getting another job so we would have a second income into the household.
Or would it be better to continue in my job and restructure the Mortgage arrears to pay it off as normal.
Thanks.