Hi there,
Age: 28
Spouse /Partner: N/A
Annual gross income from employment or profession: E58,000, typically E15,000 extra for commission, bonus etc
Type of employment: Private sector employee
Expenditure pattern: Low
Rough estimate of value of home: None
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? N/A
Savings and investments: E35,000 savings / deposit if I decide buying a home is best.
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: None.
Life insurance: Yes. And health
What specific question do you have or what issues are of concern to you?
I am wondering what guidelines are best followed for someone in my situation. Currently I am living well below my means and saving about E2500- E2750 a month in a current account. I have been researching mortgages and the HTB scheme for housing and it is looking attractive. I would be considering:
Moving from 1 bed apt to 3 bed semi new home:
Mortgage on home
E200,000 - EBS variable rates 2% cashback.
If my spreadsheets are correct I would only be paying 0-2k more per year (and decreasing due to prepaying mortage, lowering interest) and have a lot more space and choice with the housing upgrade. The HTB scheme seems to make it more attractive and my savings could be put to good use. The cons for me are as I am youngish I might not want to stay in my current city for 5+ years and if given the choice I would prefer to stick it all in one single diverse index fund and set and forget. But the index funds and investing process in Ireland seems to be not as good as owning a home due to CGT and 41% exit tax if I understand it correctly.
The other option is to use the pension scheme that is available to me but there is no employer match and the management rates and fees do not seem to be very good.
I was wondering if any of you have thoughts on these concerns and/or different outlooks that I should consider.
Thank you for your time
Age: 28
Spouse /Partner: N/A
Annual gross income from employment or profession: E58,000, typically E15,000 extra for commission, bonus etc
Type of employment: Private sector employee
Expenditure pattern: Low
Rough estimate of value of home: None
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? N/A
Savings and investments: E35,000 savings / deposit if I decide buying a home is best.
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: None.
Life insurance: Yes. And health
What specific question do you have or what issues are of concern to you?
I am wondering what guidelines are best followed for someone in my situation. Currently I am living well below my means and saving about E2500- E2750 a month in a current account. I have been researching mortgages and the HTB scheme for housing and it is looking attractive. I would be considering:
Moving from 1 bed apt to 3 bed semi new home:
Mortgage on home
E200,000 - EBS variable rates 2% cashback.
If my spreadsheets are correct I would only be paying 0-2k more per year (and decreasing due to prepaying mortage, lowering interest) and have a lot more space and choice with the housing upgrade. The HTB scheme seems to make it more attractive and my savings could be put to good use. The cons for me are as I am youngish I might not want to stay in my current city for 5+ years and if given the choice I would prefer to stick it all in one single diverse index fund and set and forget. But the index funds and investing process in Ireland seems to be not as good as owning a home due to CGT and 41% exit tax if I understand it correctly.
The other option is to use the pension scheme that is available to me but there is no employer match and the management rates and fees do not seem to be very good.
I was wondering if any of you have thoughts on these concerns and/or different outlooks that I should consider.
Thank you for your time