Nikephorus
Registered User
- Messages
- 42
Age: 33
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: c.€60,000
Annual gross income of spouse: n/a
Type of employment: Public Sector
In general are you:
(a) spending more than you earn, NO
or
(b) saving? Not really, just maintaining all mortgages and loans
Rough estimate of value of home: €280,000
Amount outstanding on your mortgage: €180,000
What interest rate are you paying? Tracker (ECB +1.15%).
Outgoings = €950, Rent ( I have it rented out = €950).
I currently rent a room from a friend for €300 per month, figured it would be more economical less hassle than living in my own property and letting a room.
Do you own any investment or other property? Yes (and here comes the complicated bit...)
Investment Property #1, Value €280,000 (own 60% of this with business partner A), Mortgage €180,000, Tracker (+0.85%) - Monthly Payments (incl bills etc) = €1000, Rent = €950, VERY STABLE tenants.
Investment Property #2, Value €475,000 (own half of this as co-owner with business partner B), Mortgage €320,000 (only liable for 33% of this, as I provided the deposit for the property purchase). My monthly payments for this property, including all bills are €627. My friend who co-owns the property currently lives in the apartment and pays me a rent of €500 per month. This situation has worked well for several years. We are overpaying the mortgage to build up a lump sum and reduce the outstanding loan. I was initially unsure about doing this, but my business partner was verty eager to do it, and I agreed to maintain a very cordial partnership.
Investment Property #3 (in Belfast), Value £230,000, Mortgage £190,000. My monthly payments are about £500, Rent should be about £750, but tends to be average at about £300 due to difficulties finding tenants.
Investment Property #4 (also in Belfast, I own 50% of this with business partner A), Value £180,000, Mortgage £145,000. Outgoings = £400, Rent £450. Tenants are stable.
Other borrowings – No car (dispensed with it as a "luxury", but sure miss it...)
Credit Union Loan of €29,000 (6.5%, paying €325 off it per fortnight, will be paid off mid 2013) - this was taken out to finance modernisation/refurbishments to the houses.
Credit Union Savings of €2300 (2%, have been told I can't use this to pay off some of the loan until loan is much smaller)
Nationwide Loan (in UK) of £4000, paying £70 off this per month, will be paid off in 2013.
I have overdrafts with PTSB of about €8,000
I have overdrafts with Nationwide (UK) of about £3,000
Do you pay off your full credit card balance each month? YES
If not, what is the balance on your credit card? Rarely use the credit card.
Do you have a pension scheme? YES - DB scheme through work, plus an AVC scheme, which i have recently frozen to concentrate on reducing debts.
Ages of children: None
Life insurance: YES
What specific question do you have or what issues are of concern to you?
After paying €325 per fortnight to the credit union, rent of €300 per month, subsidising my southern properties by perhaps €200, subsidising my northern properties by perhaps €500, nibbling away at my overdrafts north and south by a few hundred, living expenses of about €400, I have nothing left over. I have absolutely no leeway here. I am very patient and ahve stubbornly dug my heels in to tough it out, but it does bug me from time to time that I have all these properties which are hamstringing my life. I have become quite an expert on living cheaply...
[FONT="]A major concern is that when interest rate hikes happen (ECB and Bank of England), it’ll push me over the edge.[/FONT]
I am reasonably happy the way my (very modest) property portfolio in the ROI is going. Rents are basically covering the costs.
I am fairly unhappy the way my properties in Northern Ireland are faring. However, I would like to tough it out up there, as I would like to build up a portfolio of investment properties over time, both in the UK and Ireland.
I REALLY REALLY don't want to sell. My job is safe and I don't mind a long haul, but would appreciate any help. Suggestions, guffaws or prayers gratefully received!
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: c.€60,000
Annual gross income of spouse: n/a
Type of employment: Public Sector
In general are you:
(a) spending more than you earn, NO
or
(b) saving? Not really, just maintaining all mortgages and loans
Rough estimate of value of home: €280,000
Amount outstanding on your mortgage: €180,000
What interest rate are you paying? Tracker (ECB +1.15%).
Outgoings = €950, Rent ( I have it rented out = €950).
I currently rent a room from a friend for €300 per month, figured it would be more economical less hassle than living in my own property and letting a room.
Do you own any investment or other property? Yes (and here comes the complicated bit...)
Investment Property #1, Value €280,000 (own 60% of this with business partner A), Mortgage €180,000, Tracker (+0.85%) - Monthly Payments (incl bills etc) = €1000, Rent = €950, VERY STABLE tenants.
Investment Property #2, Value €475,000 (own half of this as co-owner with business partner B), Mortgage €320,000 (only liable for 33% of this, as I provided the deposit for the property purchase). My monthly payments for this property, including all bills are €627. My friend who co-owns the property currently lives in the apartment and pays me a rent of €500 per month. This situation has worked well for several years. We are overpaying the mortgage to build up a lump sum and reduce the outstanding loan. I was initially unsure about doing this, but my business partner was verty eager to do it, and I agreed to maintain a very cordial partnership.
Investment Property #3 (in Belfast), Value £230,000, Mortgage £190,000. My monthly payments are about £500, Rent should be about £750, but tends to be average at about £300 due to difficulties finding tenants.
Investment Property #4 (also in Belfast, I own 50% of this with business partner A), Value £180,000, Mortgage £145,000. Outgoings = £400, Rent £450. Tenants are stable.
Other borrowings – No car (dispensed with it as a "luxury", but sure miss it...)
Credit Union Loan of €29,000 (6.5%, paying €325 off it per fortnight, will be paid off mid 2013) - this was taken out to finance modernisation/refurbishments to the houses.
Credit Union Savings of €2300 (2%, have been told I can't use this to pay off some of the loan until loan is much smaller)
Nationwide Loan (in UK) of £4000, paying £70 off this per month, will be paid off in 2013.
I have overdrafts with PTSB of about €8,000
I have overdrafts with Nationwide (UK) of about £3,000
Do you pay off your full credit card balance each month? YES
If not, what is the balance on your credit card? Rarely use the credit card.
Do you have a pension scheme? YES - DB scheme through work, plus an AVC scheme, which i have recently frozen to concentrate on reducing debts.
Ages of children: None
Life insurance: YES
What specific question do you have or what issues are of concern to you?
After paying €325 per fortnight to the credit union, rent of €300 per month, subsidising my southern properties by perhaps €200, subsidising my northern properties by perhaps €500, nibbling away at my overdrafts north and south by a few hundred, living expenses of about €400, I have nothing left over. I have absolutely no leeway here. I am very patient and ahve stubbornly dug my heels in to tough it out, but it does bug me from time to time that I have all these properties which are hamstringing my life. I have become quite an expert on living cheaply...
[FONT="]A major concern is that when interest rate hikes happen (ECB and Bank of England), it’ll push me over the edge.[/FONT]
I am reasonably happy the way my (very modest) property portfolio in the ROI is going. Rents are basically covering the costs.
I am fairly unhappy the way my properties in Northern Ireland are faring. However, I would like to tough it out up there, as I would like to build up a portfolio of investment properties over time, both in the UK and Ireland.
I REALLY REALLY don't want to sell. My job is safe and I don't mind a long haul, but would appreciate any help. Suggestions, guffaws or prayers gratefully received!