Age:34
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 55000
Annual gross income of spouse: not relevant as this query relates to my own personal savings.
Monthly take-home pay 2200 just me.
Type of employment: Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 170000
Amount outstanding on your mortgage: 108000 (joint debt with my husband)
What interest rate are you paying?
2.75%+.5% mortgage protection (non changeable)
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes. Rarely used
Savings and investments:
9k current account but intend to buy 5k in prize bonds in Jan and need the rest for period of unpaid leave. Fixed term account of 100k about to mature.
Do you have a pension scheme? Yes public service pension topped up an AVC to allow early retirement with full pension.
Do you own any investment or other property? No
Ages of children: under 1
Life insurance: No
What specific question do you have or what issues are of concern to you?
Very soon, I have a savings account maturing with 100k. I have invested money in high interest fixed term savings accounts for the last few yrs.with rates and DIRT as they are I dont believe these products offer me much return any more.
I own my own home through the affordable housing scheme. I have owned it for 6 years and have a 20yr mortgage at which point I will own the house outright. Clawback applies if I sell before then.
Anyway my question is am I better to try and pay off some capital off my mortgage? Or are there other avenues worth considering?
I'm not very good with shares or anything so that would not be a road I'd like to go down.
Another important fact is that my home isn't my "forever home" and I would like to get another home with my family in the future probably before I own the house but would like to hold onto my affordable home until I own in outright with no obligation to the council in 2027.
So from a banks perspective if I wished to get a mortgage in the future would I be better to have very small debt on current home and some capital or am I better to have more capital at my disposal?
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 55000
Annual gross income of spouse: not relevant as this query relates to my own personal savings.
Monthly take-home pay 2200 just me.
Type of employment: Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 170000
Amount outstanding on your mortgage: 108000 (joint debt with my husband)
What interest rate are you paying?
2.75%+.5% mortgage protection (non changeable)
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes. Rarely used
Savings and investments:
9k current account but intend to buy 5k in prize bonds in Jan and need the rest for period of unpaid leave. Fixed term account of 100k about to mature.
Do you have a pension scheme? Yes public service pension topped up an AVC to allow early retirement with full pension.
Do you own any investment or other property? No
Ages of children: under 1
Life insurance: No
What specific question do you have or what issues are of concern to you?
Very soon, I have a savings account maturing with 100k. I have invested money in high interest fixed term savings accounts for the last few yrs.with rates and DIRT as they are I dont believe these products offer me much return any more.
I own my own home through the affordable housing scheme. I have owned it for 6 years and have a 20yr mortgage at which point I will own the house outright. Clawback applies if I sell before then.
Anyway my question is am I better to try and pay off some capital off my mortgage? Or are there other avenues worth considering?
I'm not very good with shares or anything so that would not be a road I'd like to go down.
Another important fact is that my home isn't my "forever home" and I would like to get another home with my family in the future probably before I own the house but would like to hold onto my affordable home until I own in outright with no obligation to the council in 2027.
So from a banks perspective if I wished to get a mortgage in the future would I be better to have very small debt on current home and some capital or am I better to have more capital at my disposal?