Q
qwerty1
Guest
Age: 31
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 44k
Annual gross income of spouse: 45k
Type of employment: e.g. Civil Servant, self-employed. One public servant, one private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 230k
Amount outstanding on your mortgage: 315k
What interest rate are you paying? 1.95 tracker
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? 0
Savings and investments: We save 2k every month to Anglo Irish with a 5% interest rate (for 12months only). Currently have 16k there and at the end of 12months we will move it to a deposit account and start saving somewhere else.
Do you have a pension scheme? yes, both through our work.
Do you own any investment or other property? no
Ages of children: no
Life insurance: Basic mortgage protection
What specific question do you have or what issues are of concern to you? We save 2k a month which after the mortgage and bills doesn't leave a huge amount of free money but we don't mind this too much. Our mortgage repayments are 1250 per month and we overpay this by another 200 to shorten the term (we also get about 120 TRS). We would really like to start a family soon but we also have a main goal of wanting to move house within the next 5/6 years. I had hoped that with salary increases and continued savings we might be able to keep our current home and buy again but is this a crazy dream?
Also, should we bother overpaying the mortgage and just save the €200/month instead?
I would be grateful for any advice which anyone can offer.
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 44k
Annual gross income of spouse: 45k
Type of employment: e.g. Civil Servant, self-employed. One public servant, one private sector
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 230k
Amount outstanding on your mortgage: 315k
What interest rate are you paying? 1.95 tracker
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? 0
Savings and investments: We save 2k every month to Anglo Irish with a 5% interest rate (for 12months only). Currently have 16k there and at the end of 12months we will move it to a deposit account and start saving somewhere else.
Do you have a pension scheme? yes, both through our work.
Do you own any investment or other property? no
Ages of children: no
Life insurance: Basic mortgage protection
What specific question do you have or what issues are of concern to you? We save 2k a month which after the mortgage and bills doesn't leave a huge amount of free money but we don't mind this too much. Our mortgage repayments are 1250 per month and we overpay this by another 200 to shorten the term (we also get about 120 TRS). We would really like to start a family soon but we also have a main goal of wanting to move house within the next 5/6 years. I had hoped that with salary increases and continued savings we might be able to keep our current home and buy again but is this a crazy dream?
Also, should we bother overpaying the mortgage and just save the €200/month instead?
I would be grateful for any advice which anyone can offer.