Age: 37
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: €120k
Annual gross income of spouse: €35k
Monthly take-home pay: €8500 (total)
Type of employment: e.g. Civil Servant, self-employed: Company director
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving €1000 per month
Rough estimate of value of home: €260k
Amount outstanding on your mortgage:€295k
What interest rate are you paying? 0.95 above ECB (Tracker
Other borrowings – car loans/personal loans etc: No
Do you pay off your full credit card balance each month? N/A
If not, what is the balance on your credit card? N/A
Savings and investments: €35k in 7 day access deposit account
Do you have a pension scheme? Yes presently €50k with monthly €1000 contributions paid via company
Do you own any investment or other property? Yes
Rough estimate of value of property: €220k
Amount outstanding on your mortgage:€265k
What interest rate are you paying? 5.15 KBC, €1944 per month 16 years remaining. Rent only €1000 per month.
Ages of children: 6 and 1
Life insurance: yes (1.2 million policy)
What specific question do you have or what issues are of concern to you
I've recently got rid of a lot of short term debt whilst saving simultaneously. Have also increased salary as company is doing very well however as I've successfully cleared all short term debt by overpaying the monthly payments (one at a time then working off the next), I'm now inclined to overpay the mortgage on my investment property. Was previously paying approx €800 to other debt so by adding that to the existing mortgage of €1944 I would take a nice chunk off that mortgage over the next few years. As I have a decent tracker on my home I don't think it makes sense for me to pay that down. Would I be better off saving more or paying off investment mortgage??
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: €120k
Annual gross income of spouse: €35k
Monthly take-home pay: €8500 (total)
Type of employment: e.g. Civil Servant, self-employed: Company director
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving €1000 per month
Rough estimate of value of home: €260k
Amount outstanding on your mortgage:€295k
What interest rate are you paying? 0.95 above ECB (Tracker
Other borrowings – car loans/personal loans etc: No
Do you pay off your full credit card balance each month? N/A
If not, what is the balance on your credit card? N/A
Savings and investments: €35k in 7 day access deposit account
Do you have a pension scheme? Yes presently €50k with monthly €1000 contributions paid via company
Do you own any investment or other property? Yes
Rough estimate of value of property: €220k
Amount outstanding on your mortgage:€265k
What interest rate are you paying? 5.15 KBC, €1944 per month 16 years remaining. Rent only €1000 per month.
Ages of children: 6 and 1
Life insurance: yes (1.2 million policy)
What specific question do you have or what issues are of concern to you
I've recently got rid of a lot of short term debt whilst saving simultaneously. Have also increased salary as company is doing very well however as I've successfully cleared all short term debt by overpaying the monthly payments (one at a time then working off the next), I'm now inclined to overpay the mortgage on my investment property. Was previously paying approx €800 to other debt so by adding that to the existing mortgage of €1944 I would take a nice chunk off that mortgage over the next few years. As I have a decent tracker on my home I don't think it makes sense for me to pay that down. Would I be better off saving more or paying off investment mortgage??