T
Tom Nestor
Guest
Age: 43
Spouse’s/Partner's age: Single
Annual gross income from employment or profession: €130,000 (current)
- reasonably secure
Type of employment: e.g. Full Time PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving regularly
Other borrowings – car loans/personal loans etc
No loans or credit card debt.
Low maintenance lifestyle.
PPR - Mortgage = 445
- Value = 325 approx
Tracker rate currently 1.85%
Approx monthly repayments = 2100
Savings and investments: €150,000
Do you have a pension scheme? Yes - but only 5 years into that so need to compensate elsewhere
Do you own any investment or other property?
Yes
Investment Property 1
Mortgage = 180k (16 years left)
Value = 260k approx
Investment Property 2
Mortgage = 80k (13 years left)
Value = 160k approx
Investment Property 3
Mortgage = Nil
Value = 180k approx
Both investment mortgages are on variable rates with ICS, and clearly will be subject to serious increases over the coming years, together with the elimination of property reliefs. That said, both are pretty much paying for themselves, and in Dublin city centre locations which easily rent. I have spent a few quid in capital improvements in recent years.
Ages of children: None.
What specific question do you have or what issues are of concern to you?
I'd like to look at moving over the next couple of years, as Im not keen on the house I bought in 2007, and try to use the stamp duty changes to trade up to the type of house that I couldn't afford 5 years ago. Some people see the current slump as an opportunity to trade up but I dont know if a bank will be interested in giving me a new mortgage - Id be interested in views/experience in this area.
Am I mad? Please give me a reality check if so.
I'm thinking in terms of houses that are currently 450k to 500k (ie around the same level as my current mortgage - the repayments on that dont stretch me in my current situation and were actually 50% higher back in 2007).
Im conscious that any move would lose me the (very valuable) tracker but I wonder whether it is true that the bank (UB here) might be happy to do a deal on a new mortgage to get rid of the tracker from their books.
Any thoughts welcome, folks.
Spouse’s/Partner's age: Single
Annual gross income from employment or profession: €130,000 (current)
- reasonably secure
Type of employment: e.g. Full Time PAYE
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving regularly
Other borrowings – car loans/personal loans etc
No loans or credit card debt.
Low maintenance lifestyle.
PPR - Mortgage = 445
- Value = 325 approx
Tracker rate currently 1.85%
Approx monthly repayments = 2100
Savings and investments: €150,000
Do you have a pension scheme? Yes - but only 5 years into that so need to compensate elsewhere
Do you own any investment or other property?
Yes
Investment Property 1
Mortgage = 180k (16 years left)
Value = 260k approx
Investment Property 2
Mortgage = 80k (13 years left)
Value = 160k approx
Investment Property 3
Mortgage = Nil
Value = 180k approx
Both investment mortgages are on variable rates with ICS, and clearly will be subject to serious increases over the coming years, together with the elimination of property reliefs. That said, both are pretty much paying for themselves, and in Dublin city centre locations which easily rent. I have spent a few quid in capital improvements in recent years.
Ages of children: None.
What specific question do you have or what issues are of concern to you?
I'd like to look at moving over the next couple of years, as Im not keen on the house I bought in 2007, and try to use the stamp duty changes to trade up to the type of house that I couldn't afford 5 years ago. Some people see the current slump as an opportunity to trade up but I dont know if a bank will be interested in giving me a new mortgage - Id be interested in views/experience in this area.
Am I mad? Please give me a reality check if so.
I'm thinking in terms of houses that are currently 450k to 500k (ie around the same level as my current mortgage - the repayments on that dont stretch me in my current situation and were actually 50% higher back in 2007).
Im conscious that any move would lose me the (very valuable) tracker but I wonder whether it is true that the bank (UB here) might be happy to do a deal on a new mortgage to get rid of the tracker from their books.
Any thoughts welcome, folks.