marshmallow
Registered User
- Messages
- 128
Age: 35
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 100k (tax free due to artists exemption)
Annual gross income of spouse: 30k
Type of employment: Artist, wife is self-employed
In general are you spending more than you earn or are you saving? Saving
Rough estimate of value of home 585k
Amount outstanding on your mortgage: 460k
What interest rate are you paying? 4.59 NIB LTV
Other borrowings – car loans/personal loans: Car 30k - 480pm
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: 70k spread across various a/cs Rabo, Ulster etc
Do you have a pension scheme? No (no tax benefits for me as tax exempt)
Do you own any investment or other property? Yes
Current value 600k
Outstanding mortgage 250k int only @ 4.8% = 1k pm
Rental income 1700pm
Ages of children: none
Life insurance: mortage protection
What specific question do you have or what issues are of concern to you?
My wife and I are considering selling the investment property and paying off the home mortage but as neither of us have a pension and aren't planning on getting one, I wonder if it is better to hold onto the investment property as a pension of sorts? As I'm paid in lump sums every now and again I plan to use these to pay chunks off the home mortgage which means we could realistically have it down to 350k by this time next year. We are thinking of starting a family soon so will need to upgrade to a bigger house at some stage as current house is only two bed so need to take this into account also. I'm really just looking for general opinions on whether we're doing the right things with the income we have at the moment. Thankfully my profession is now doing well (after years of very hard slog) so I'd like to make the best of it.
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 100k (tax free due to artists exemption)
Annual gross income of spouse: 30k
Type of employment: Artist, wife is self-employed
In general are you spending more than you earn or are you saving? Saving
Rough estimate of value of home 585k
Amount outstanding on your mortgage: 460k
What interest rate are you paying? 4.59 NIB LTV
Other borrowings – car loans/personal loans: Car 30k - 480pm
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: 70k spread across various a/cs Rabo, Ulster etc
Do you have a pension scheme? No (no tax benefits for me as tax exempt)
Do you own any investment or other property? Yes
Current value 600k
Outstanding mortgage 250k int only @ 4.8% = 1k pm
Rental income 1700pm
Ages of children: none
Life insurance: mortage protection
What specific question do you have or what issues are of concern to you?
My wife and I are considering selling the investment property and paying off the home mortage but as neither of us have a pension and aren't planning on getting one, I wonder if it is better to hold onto the investment property as a pension of sorts? As I'm paid in lump sums every now and again I plan to use these to pay chunks off the home mortgage which means we could realistically have it down to 350k by this time next year. We are thinking of starting a family soon so will need to upgrade to a bigger house at some stage as current house is only two bed so need to take this into account also. I'm really just looking for general opinions on whether we're doing the right things with the income we have at the moment. Thankfully my profession is now doing well (after years of very hard slog) so I'd like to make the best of it.
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