should we clear mortgage/ overpay/ re-route savings?

GreenFlag

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42
Age: 32
Spouse’s/Partner's age: 32

Annual gross income from employment or profession: 53000
Annual gross income of spouse:52000

Type of employment: e.g. Civil Servant, self-employed
Teacher , Spouse Civil Engineer

In general are you spending more than you earn or are you saving? saving small amount

1000 per month jointly, about 30,000 in savings

Rough estimate of value of home 330,000
Amount outstanding on your mortgage: 330,000 interest only 30 years
Monthly repayments 1250 , monthly rental income 1400


Other borrowings – car loans/personal loans etc
Credit Union Loan 20000 Balance 15000 Monthly repayments 410

Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 5000

Savings and investments:

Do you have a pension scheme? yes

Do you own any investment or other property? yes

Apartment Valued 270,000, Mortage balance 185,000 Repayments 930 monthly, Rent 1100

Holiday Home = purchased on family land
Valued 350,000 Mortgage 240,000 Repayments 1500 monthly, Rent approx 6000 a year

Farm Land, Valued 150,000 Mortgage 25000 Repayments 300 monthly

Ages of children: 1

Life insurance: None


What specific question do you have or what issues are of concern to you?

we recently moved due to job relocation, currently renting house at 1500 per month.

Child Care 850 per month.

spouse in danger of redundancy in next 2 months due to construction situation.

should we be looking at selling one or more of the properties or restructuring mortgages.now regret purchasing Holiday home as mortgage payments very high, along with monthly rent we are now paying.should we reroute 1000euro currently going to savings? would prefer to be incrasing this figure to savings though as amount in savings is low.

any feedback greatly appreciated
 
I would use your savings to pay off the cu loan of 15k, 5k cc and the other 10k to pay towards the land, leaving a balance of 15k.
 
thanks susie

seems like the thing to do but would be left with no savings, one year old baby, job loss thretening, and 3-4 mortgages where if any loss of rent hit it would be a problem.

thats why would hve been reluctant to empty savings till now.

any thoughts on the mortgages ?

thanks a mill
 
Can anyone recommend an Eddie Hobbs type expert to do a consultation (one hour/ 2 hours whatever it takes) and give some professional opinion / advice on finances?????????????????????
 
Hi GreenFlag, I notice one of your mortgaes is performing very very poorly, or is that a typo?
1500 monthly repayments, but only 500 pm in rent (6k pa). Thats a 12k pa weight around your neck; is it possible to sell it?
 
thanks susie

seems like the thing to do but would be left with no savings, one year old baby, job loss thretening, and 3-4 mortgages where if any loss of rent hit it would be a problem.

thats why would hve been reluctant to empty savings till now.

any thoughts on the mortgages ?

thanks a mill

Atleast try to clear the balance on credit card since it builds up with interest and penalties... i guess cc interests are high compared to other loans
 
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