Age:
40
Spouse’s/Partner's age:
n/a, single
Annual gross income from employment or profession:
E45,000
Annual gross income spouse:
n/a
Type of employment:
Private sector employee
Expenditure pattern:
Saver
Rough estimate of value of home
E250,000
Mortgage on home
E150,000 - 24 years left.
Mortgage provider:
EBS
Type of mortgage: Tracker, interest only, fixed rate
Variable
Interest rate
3.5%. Letter recently received from EBS offering fixed at 3.15% for 3 years.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
E20,000 savings. Currently paying €1,000 into a regular savers account with EBS at 3%, and €80 per month into the credit union. Will probably be putting about €10k into house in the next year.
Do you have a pension scheme?
I pay €20.00 per month into a PRSA with Irish Life, my employer matches this (employer will match pension contribution up to 5% of salary).
Do you own any investment or other property?
No.
Ages of children:
None.
Life insurance:
Just the mortgage protection.
What specific question do you have or what issues are of concern to you?
When I took out the mortgage 10 months ago, I was still paying into a regular savers account that was paying less than 1%. When the regular saver came up for renewal late last year, I closed it & took out a new account to avail of the 3% offer. It has only occurred to me recently that instead of putting €1,000 into that each month, I should be putting it into the mortgage or pension. Most of the banked 20K savings are in either the current account or the credit union so earning diddly squat.
The pension contribution is at a very small amount because before I bought the house I wanted to maximise my savings towards buying the house. The intention was to increase the pension once I got settled into paying a mortgage, but only getting around to looking at it now.
My instinct at the moment is to go with something like this:
1. Overpay mortgage by €400 per month (the Extra mortgage payment calculator on ccpc.ie suggests this will cut my cost of credit by 50%, & reduce the term by 10 years).
2. Increase pension contribution to €400 per month.
3. Reduce regular savers to €200 per month (I can dip into the 20k for the house & rainy day stuff, but would like to keep something going into a reasonably accessible fund).
Would appreciate any thoughts or suggestions. Is there anything obvious that I'm not thinking of?
Thanks.
40
Spouse’s/Partner's age:
n/a, single
Annual gross income from employment or profession:
E45,000
Annual gross income spouse:
n/a
Type of employment:
Private sector employee
Expenditure pattern:
Saver
Rough estimate of value of home
E250,000
Mortgage on home
E150,000 - 24 years left.
Mortgage provider:
EBS
Type of mortgage: Tracker, interest only, fixed rate
Variable
Interest rate
3.5%. Letter recently received from EBS offering fixed at 3.15% for 3 years.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
E20,000 savings. Currently paying €1,000 into a regular savers account with EBS at 3%, and €80 per month into the credit union. Will probably be putting about €10k into house in the next year.
Do you have a pension scheme?
I pay €20.00 per month into a PRSA with Irish Life, my employer matches this (employer will match pension contribution up to 5% of salary).
Do you own any investment or other property?
No.
Ages of children:
None.
Life insurance:
Just the mortgage protection.
What specific question do you have or what issues are of concern to you?
When I took out the mortgage 10 months ago, I was still paying into a regular savers account that was paying less than 1%. When the regular saver came up for renewal late last year, I closed it & took out a new account to avail of the 3% offer. It has only occurred to me recently that instead of putting €1,000 into that each month, I should be putting it into the mortgage or pension. Most of the banked 20K savings are in either the current account or the credit union so earning diddly squat.
The pension contribution is at a very small amount because before I bought the house I wanted to maximise my savings towards buying the house. The intention was to increase the pension once I got settled into paying a mortgage, but only getting around to looking at it now.
My instinct at the moment is to go with something like this:
1. Overpay mortgage by €400 per month (the Extra mortgage payment calculator on ccpc.ie suggests this will cut my cost of credit by 50%, & reduce the term by 10 years).
2. Increase pension contribution to €400 per month.
3. Reduce regular savers to €200 per month (I can dip into the 20k for the house & rainy day stuff, but would like to keep something going into a reasonably accessible fund).
Would appreciate any thoughts or suggestions. Is there anything obvious that I'm not thinking of?
Thanks.