Review Finances Post Mortgage Switch


Registered User
Age: 36
Spouse’s/Partner's age:33

Annual gross income from employment or profession: 80K (including bonus)
Annual gross income of spouse: 50K

Monthly take-home pay 5,500 approx

Type of employment: Myself - private sector, spouse - public sector

In general are you:
(b) saving

Rough estimate of value of home - 395K
Amount outstanding on your mortgage: 237K - 20 years remaining
What interest rate are you paying? About to switch to KBC and move to fixed rate for 2 years of 2.25%, from a current rate of 2.9% with EBS

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: Various savings accounts: 50K
Shares: 14K

Do you have a pension scheme? Yes - private pension, employer 12% contribution, self 5% contribution, AVC of 5%. Current value -62K
Spouse - public sector pension, approx 12 years of contributions, been doing an AVC of 5% for past 3 years approx

Do you own any investment or other property? No

Ages of children: 2 year old and also a 2 month old

Life insurance: Yes, covers mortgage in the event one of us passes away
Health Insurance: Yes

What specific question do you have or what issues are of concern to you?
We have been reviewing our finances as part of our mortgage switch and are wondering if we are missing anything in terms of areas we should be focusing on. My wife is currently on maternity leave and will return to work at the start of 2021 - so we will back to some form of childcare costs in the New Year! Due to the lockdown, we have been spending very little in the last few months but understand this will change in approx 5 months time. Both cars are relatively new and we don't have any other big expenses upcoming other than the childcare.

Should we be using some of our savings to pay down more of the mortgage?

Is there anything else we should be doing differently?