Age: 37
Spouse’s/Partner's age: 37
Annual gross income from employment or profession:
Annual gross income of spouse:
Rental income 1.3k gross (approx 800 net)
Monthly take-home pay :without disclosing exact both well paid and all in we should be saving 3k p/m at conservative level.
Type of employment: Me private, wife public
In general are you:
(a) spending more than you earn, or
(b) saving-as above
Rough estimate of value of home 600k
Amount outstanding on your mortgage: 315k
What interest rate are you paying? 2.6% fixed with UB
Other borrowings – car loans/personal loans etc
Rental property on tracker mortgage roughly 205k conservatively say worth 250k, probably a bit higher
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: 18k in rainy day account. 10k in ready access
Do you have a pension scheme? 330k approx in dc scheme. I'm maxing contribution for age bracket since last year. Again not sure on public side but assume reasonable.
Do you own any investment or other property? Yes as above
Ages of children: 3 & 1
Life insurance: usual House plus 150k serious illness cover. Both have death in service, mine 4 yrs. not 100% sure on public, think 1 years plus you get a pension payment( anyone know if that kicks in on death or at pension age?)
Main short term decision is investment property and whether to sell. Long term tenants (10yrs) emigrating in October. Always had in mind I'd sell and be done with it, pay chunk of Ppr mortgage. Part of that was on assumption I'd have to spend significant amounts on repairs soon (House built in 07) and part I was spoilt with good tenants and part hassle of accidental landlord. In last 6 months have had to replace boiler and most of white goods so that fear was realised too soon. And on tenants given shortage I'm assuming I'd be able to be picky with who I rent to in future.
As there is 10% annual limit on overpaying mortgage I'd be reasonably confident I could do that over remaining fixed term (mid 2022 I think) without needing to sell. So if I sold I may not have use for it(do know I could break for low
Or zero cost but not sure I want to give up rate).
Possible obstacle to that is wife may take career break or at least go part time for next few years. Still think we should manage comfortably and overpay mortgage regularly particularly if discretionary bonus is maintained (not guaranteed).
So we don't need to sell and all things being equal would imagine we'd have pretty small ppr mortgage in 10 years time without selling. On that basis is it better to keep investment property and have that income stream for future (or if other factors required sale in between) rather than cash in now and then not have obvious use except to look for other investment opportunity. House is within 10km of ppr too and on good transport network so possible option for children if they wanted through college and beyond.
Any other info needed?
Anything else should consider?
Thanks for feedback
Spouse’s/Partner's age: 37
Annual gross income from employment or profession:
Annual gross income of spouse:
Rental income 1.3k gross (approx 800 net)
Monthly take-home pay :without disclosing exact both well paid and all in we should be saving 3k p/m at conservative level.
Type of employment: Me private, wife public
In general are you:
(a) spending more than you earn, or
(b) saving-as above
Rough estimate of value of home 600k
Amount outstanding on your mortgage: 315k
What interest rate are you paying? 2.6% fixed with UB
Other borrowings – car loans/personal loans etc
Rental property on tracker mortgage roughly 205k conservatively say worth 250k, probably a bit higher
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: 18k in rainy day account. 10k in ready access
Do you have a pension scheme? 330k approx in dc scheme. I'm maxing contribution for age bracket since last year. Again not sure on public side but assume reasonable.
Do you own any investment or other property? Yes as above
Ages of children: 3 & 1
Life insurance: usual House plus 150k serious illness cover. Both have death in service, mine 4 yrs. not 100% sure on public, think 1 years plus you get a pension payment( anyone know if that kicks in on death or at pension age?)
Main short term decision is investment property and whether to sell. Long term tenants (10yrs) emigrating in October. Always had in mind I'd sell and be done with it, pay chunk of Ppr mortgage. Part of that was on assumption I'd have to spend significant amounts on repairs soon (House built in 07) and part I was spoilt with good tenants and part hassle of accidental landlord. In last 6 months have had to replace boiler and most of white goods so that fear was realised too soon. And on tenants given shortage I'm assuming I'd be able to be picky with who I rent to in future.
As there is 10% annual limit on overpaying mortgage I'd be reasonably confident I could do that over remaining fixed term (mid 2022 I think) without needing to sell. So if I sold I may not have use for it(do know I could break for low
Or zero cost but not sure I want to give up rate).
Possible obstacle to that is wife may take career break or at least go part time for next few years. Still think we should manage comfortably and overpay mortgage regularly particularly if discretionary bonus is maintained (not guaranteed).
So we don't need to sell and all things being equal would imagine we'd have pretty small ppr mortgage in 10 years time without selling. On that basis is it better to keep investment property and have that income stream for future (or if other factors required sale in between) rather than cash in now and then not have obvious use except to look for other investment opportunity. House is within 10km of ppr too and on good transport network so possible option for children if they wanted through college and beyond.
Any other info needed?
Anything else should consider?
Thanks for feedback
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