J
john.collins
Guest
Age: 33
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: €110k
Annual gross income of spouse: N/A
Type of employment: Professional
In general are you spending more than you earn or are you saving? No
Rough estimate of value of home €375,000
Amount outstanding on your mortgage: €180,000
What interest rate are you paying?3.49% fixed until 1/11/08,
Other borrowings – car loans/personal loans etc - Car loan of about €10k left
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: €50k on deposit with Rabo, €26k in Rabo funds, €10k in credit union, €10k in equities
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I have a fixed morgage up to 1/11/08 and at present my deposit rates exceed the mortgage rate. I am wondering what the views would be on repaying a lot of my mortgage in November when it is no longer fixed versus investing my excess savings. I save approx €2k a month of which 50% goes into Rabo funds, the rest into a deposit account. I also pay 15% into my company pension on a monthly basis.
I have estimated I can repay my mortage in 4/5 years if I wanted to, and was thinking about a straight repayment or using an offset mortgage, although the interest is higher, the savings would also be at the higher rate.
However I was also thinking that maybe its about time I got into the equity market again, I used to invest but have not done so in 5/6 years. I would be investing for the long term in mianly blue chip stocks in a diversified portfolio.
So my question is would you continue to pay the mortgage and use the excess funds to invest or repay the mortgage. If its to repay the mortgage would you do so directly and clear it or offset it so the funds can be available.
Many Thanks,
Spouse’s/Partner's age: N/A
Annual gross income from employment or profession: €110k
Annual gross income of spouse: N/A
Type of employment: Professional
In general are you spending more than you earn or are you saving? No
Rough estimate of value of home €375,000
Amount outstanding on your mortgage: €180,000
What interest rate are you paying?3.49% fixed until 1/11/08,
Other borrowings – car loans/personal loans etc - Car loan of about €10k left
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments: €50k on deposit with Rabo, €26k in Rabo funds, €10k in credit union, €10k in equities
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: N/A
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
I have a fixed morgage up to 1/11/08 and at present my deposit rates exceed the mortgage rate. I am wondering what the views would be on repaying a lot of my mortgage in November when it is no longer fixed versus investing my excess savings. I save approx €2k a month of which 50% goes into Rabo funds, the rest into a deposit account. I also pay 15% into my company pension on a monthly basis.
I have estimated I can repay my mortage in 4/5 years if I wanted to, and was thinking about a straight repayment or using an offset mortgage, although the interest is higher, the savings would also be at the higher rate.
However I was also thinking that maybe its about time I got into the equity market again, I used to invest but have not done so in 5/6 years. I would be investing for the long term in mianly blue chip stocks in a diversified portfolio.
So my question is would you continue to pay the mortgage and use the excess funds to invest or repay the mortgage. If its to repay the mortgage would you do so directly and clear it or offset it so the funds can be available.
Many Thanks,