Age: 40
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 30k. Self-employed
Annual gross income of spouse: 35k, Company Director, new business, 50% share
Monthly take-home pay -
Variable- 3000-4000e
In general are you:
(a) spending more than you earn, or
(b) saving?
living within our means, saving between 500-1000e a month
Rough estimate of value of home
Amount outstanding on your mortgage:
What interest rate are you paying?
Renting @ 900 p.m.
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?
Savings and investments:
40k Bank Deposit Acc
Do you have a pension scheme?
No
Do you own any investment or other property?
No
Ages of children:
2 y.o.
Life insurance:
No
What specific question do you have or what issues are of concern to you?
My partner is in the process of opening a new business, which is is being funded by a Small Business Loan (50k) and personal investment from both directors (30k each).
While our savings has always been earmarked for a house purchase deposit at some point or has offered us a safety net in tighter times recently, we are now thinking of using it for the business?.
Would it make more sense to
1. get a personal loan for all/part of the 30k personal investment needed (i.e. keep most of our savings in the bank, but have high monthly loan repayments) for the next 10 years at least
2. Use our savings, and simply start saving house deposit all over again (i.e we'll at least remain personally debt free, but have little contingency)...
-I am equally adverse to both options, my partner is angling for option 2...
thank you for help...
Spouse’s/Partner's age: 35
Annual gross income from employment or profession: 30k. Self-employed
Annual gross income of spouse: 35k, Company Director, new business, 50% share
Monthly take-home pay -
Variable- 3000-4000e
In general are you:
(a) spending more than you earn, or
(b) saving?
living within our means, saving between 500-1000e a month
Rough estimate of value of home
Amount outstanding on your mortgage:
What interest rate are you paying?
Renting @ 900 p.m.
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?
Savings and investments:
40k Bank Deposit Acc
Do you have a pension scheme?
No
Do you own any investment or other property?
No
Ages of children:
2 y.o.
Life insurance:
No
What specific question do you have or what issues are of concern to you?
My partner is in the process of opening a new business, which is is being funded by a Small Business Loan (50k) and personal investment from both directors (30k each).
While our savings has always been earmarked for a house purchase deposit at some point or has offered us a safety net in tighter times recently, we are now thinking of using it for the business?.
Would it make more sense to
1. get a personal loan for all/part of the 30k personal investment needed (i.e. keep most of our savings in the bank, but have high monthly loan repayments) for the next 10 years at least
2. Use our savings, and simply start saving house deposit all over again (i.e we'll at least remain personally debt free, but have little contingency)...
-I am equally adverse to both options, my partner is angling for option 2...
thank you for help...