A
arwen
Guest
Age: 24
Spouse’s/Partner's age: 27
Annual gross income from employment or profession: 62,000
Annual gross income of spouse: 50,000
Type of employment: professional – private sector
In general are you spending more than you earn or are you saving? saving
Rough estimate of value of home: 265k (unsure of current valuation – bought in 2006 for 325k, assume has decreased in value)
Amount outstanding on your mortgage: 290K
What interest rate are you paying? 5% (I think)
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: 22k in savings account
Do you have a pension scheme? Yes both in occupational pension schemes
Do you own any investment or other property? No
Ages of children: None
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We want to be able to trade up/acquire a second property within the next 2 years. We understand the value of our current home has decreased since we purchased it and obviously would not like to have to sell for less than the value of our mortgage but this may be inevitable. We want to save towards a deposit for a new home (plus associated stamp duty costs) which we estimate will cost in the region of 400K, therefore, we will need 40K deposit, 20K approx for stamp duty, plus an additional sum to cover the shortfall should we need to sell for less than our outstanding mortgage as well as any associated costs.
Questions – on current salaries should we be able to save 2,500 a month between us (to save 60k within 2 years) or is this too optimistic? Joint net take home pay is approx. €6,600, mortgage is 1,150 (interest and capital). We are currently running 2 cars (no loans for either one) – should we get rid of one – it’s not essential for work purposes.
Also – should we aim towards selling our own house or should we consider retaining it as an investment property or would this even be possible given its value and our incomes etc? In the current rental environment the rent would cover the interest payments but should rents decrease, this may not be an option.
Spouse’s/Partner's age: 27
Annual gross income from employment or profession: 62,000
Annual gross income of spouse: 50,000
Type of employment: professional – private sector
In general are you spending more than you earn or are you saving? saving
Rough estimate of value of home: 265k (unsure of current valuation – bought in 2006 for 325k, assume has decreased in value)
Amount outstanding on your mortgage: 290K
What interest rate are you paying? 5% (I think)
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: 22k in savings account
Do you have a pension scheme? Yes both in occupational pension schemes
Do you own any investment or other property? No
Ages of children: None
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We want to be able to trade up/acquire a second property within the next 2 years. We understand the value of our current home has decreased since we purchased it and obviously would not like to have to sell for less than the value of our mortgage but this may be inevitable. We want to save towards a deposit for a new home (plus associated stamp duty costs) which we estimate will cost in the region of 400K, therefore, we will need 40K deposit, 20K approx for stamp duty, plus an additional sum to cover the shortfall should we need to sell for less than our outstanding mortgage as well as any associated costs.
Questions – on current salaries should we be able to save 2,500 a month between us (to save 60k within 2 years) or is this too optimistic? Joint net take home pay is approx. €6,600, mortgage is 1,150 (interest and capital). We are currently running 2 cars (no loans for either one) – should we get rid of one – it’s not essential for work purposes.
Also – should we aim towards selling our own house or should we consider retaining it as an investment property or would this even be possible given its value and our incomes etc? In the current rental environment the rent would cover the interest payments but should rents decrease, this may not be an option.