Age: 45
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 43,000
Annual gross income of spouse:23,000
Monthly take-home pay 4,061
Type of employment: Both Private Sector
In general are you:
(C) breaking even
Rough estimate of value of home 435,000
Amount outstanding on your mortgage: 145,000
What interest rate are you paying? 3.6- BOI(Fixed)-checked breaking cost- 250 euros
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:€1,000- prize bonds
Do you have a pension scheme? Yes, both contributing 5% and employer matching 5%
Do you own any investment or other property? No
Ages of children: 10,8,6,4
Life insurance: Mortgage Protection, Live Cover(€400k ), & Serious Illness(€100k)
What specific question do you have or what issues are of concern to you?
We are barely keeping our head above water as a family of 6 .We need to upgrade an 11 year old car that is causing trouble and need essential home improvements. I have budgeted 10k for each project.As we have an good LTV and our income is limited due to my partner working part time and minding the children after school I was considering moving (and increasing)borrowings to EBS. This would reduce our rate, we would get cashback and after using online calculators would be able to borrow €165,000 to take care of the house and our car at a low rate. I would attempt overpay the 20k lifestyle borrowing to clear asap. The alternative is to borrow €20k from the bank or the credit union at a much higher rate and monthly repayment. As we have no other borrowings and have an expensive household is this a good course of action or am I being naive in seeking to add to our mortgage risk?
Any advice/thoughts are welcome
Spouse’s/Partner's age: 45
Annual gross income from employment or profession: 43,000
Annual gross income of spouse:23,000
Monthly take-home pay 4,061
Type of employment: Both Private Sector
In general are you:
(C) breaking even
Rough estimate of value of home 435,000
Amount outstanding on your mortgage: 145,000
What interest rate are you paying? 3.6- BOI(Fixed)-checked breaking cost- 250 euros
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:€1,000- prize bonds
Do you have a pension scheme? Yes, both contributing 5% and employer matching 5%
Do you own any investment or other property? No
Ages of children: 10,8,6,4
Life insurance: Mortgage Protection, Live Cover(€400k ), & Serious Illness(€100k)
What specific question do you have or what issues are of concern to you?
We are barely keeping our head above water as a family of 6 .We need to upgrade an 11 year old car that is causing trouble and need essential home improvements. I have budgeted 10k for each project.As we have an good LTV and our income is limited due to my partner working part time and minding the children after school I was considering moving (and increasing)borrowings to EBS. This would reduce our rate, we would get cashback and after using online calculators would be able to borrow €165,000 to take care of the house and our car at a low rate. I would attempt overpay the 20k lifestyle borrowing to clear asap. The alternative is to borrow €20k from the bank or the credit union at a much higher rate and monthly repayment. As we have no other borrowings and have an expensive household is this a good course of action or am I being naive in seeking to add to our mortgage risk?
Any advice/thoughts are welcome