Age
38
Spouse 40
Annual gross income
Approx 90000 (base salary just 64,000)
Spouse: approx 55000 + 1 child's allowance
Monthly take-home pay
3290
Spouse 2900
Monthly costs of note
Paying 160 per week child care, 400 per month rent
Type of employment
Private Sector
Spouse: Primary School Teacher, permanent since 2005
Savings
We are saving 1500 - 1800 a month
Rough estimate of value of home
N/A we rent a property @400per month
Other borrowings
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
Pension scheme
Fund 78000. I contribute 4%, my employer 10%, so approx 730 per month.
Spouse: INTO AVC fund value 21,000, approx 120 per month
Children
1 child, 18 months old, hope to add another sometime soon
Life insurance:
Just minimum cover on mortgage
Additional Context
Hoping to get opinions on
38
Spouse 40
Annual gross income
Approx 90000 (base salary just 64,000)
Spouse: approx 55000 + 1 child's allowance
Monthly take-home pay
3290
Spouse 2900
Monthly costs of note
Paying 160 per week child care, 400 per month rent
Type of employment
Private Sector
Spouse: Primary School Teacher, permanent since 2005
Savings
We are saving 1500 - 1800 a month
Rough estimate of value of home
N/A we rent a property @400per month
Other borrowings
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
Apartment
Combined approx 200000 but 20000 is in state savings
Shares:
25,000 in my employer company
Spouse none
- Estimated value 190000-210000, shrewdly purchased in 2006 for 310000 as PPR, rented out since late 2008
- Mortgage outstanding 238,000 24 years
- 1200 per month rental income at the moment,
- approx 1200 annual maintenance charge
- approx 900 management charge
- PTSB Tracker ECB + 1.68 - repayments of 1019 per month
- Tenants have given months notice this month
Combined approx 200000 but 20000 is in state savings
Shares:
25,000 in my employer company
Spouse none
Pension scheme
Fund 78000. I contribute 4%, my employer 10%, so approx 730 per month.
Spouse: INTO AVC fund value 21,000, approx 120 per month
Children
1 child, 18 months old, hope to add another sometime soon
Life insurance:
Just minimum cover on mortgage
Additional Context
- We need to move out of the rented property, it's not suitable for a young child really anyway and we hope to build a house on a site available to us
- The cost of the new build will be somewhere between 250000 - 300000
- From initial investigations we could get a second mortgage of between 100000-150000
- The low rent we are paying has allowed us to amass the savings we have to date
Hoping to get opinions on
- Overall financial health
- Would a second mortgage of 100000+ be taking on too much debt
- Should we consider selling rental property
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