Age:41
Spouse’s/Partner's age:46
Annual gross income from employment or profession: €62K
Annual gross income of spouse:€62K
Monthly take-home pay ~€6K
Type of employment: Both public sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: €300K
Amount outstanding on your mortgage: €250
What interest rate are you paying? Tracker, ECB+0.8%
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: €30K in savings account
Do you have a pension scheme? Yes, both of us on are on the same scheme. It was a defined benefit scheme until last year when it changed to an integrated scheme.
Do you own any investment or other property? Currently selling an inherited property
Ages of children: 7 and 10
Life insurance: Yes, for the full amount of our original mortgage, €340K
What specific question do you have or what issues are of concern to you?
I’m currently selling an inherited property which should mean I’ll be getting in the region of €180K shortly. I just can’t decide what to do with it.
Paying a chunk of the mortgage seems to be the obvious choice but we have a great tracker rate so I’m not sure.
We don’t have any intention of moving house but we could put some money into doing the house up, attic conversion, new windows etc.
I’m also considering going part time in work. I would do half my hours but when I checked on the tax calculator our combined annual net income would only decrease by €15K. There would be in impact on my pension as well though.
Any advice would be much appreciated.
Spouse’s/Partner's age:46
Annual gross income from employment or profession: €62K
Annual gross income of spouse:€62K
Monthly take-home pay ~€6K
Type of employment: Both public sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home: €300K
Amount outstanding on your mortgage: €250
What interest rate are you paying? Tracker, ECB+0.8%
Other borrowings – car loans/personal loans etc: None
Do you pay off your full credit card balance each month? Yes
Savings and investments: €30K in savings account
Do you have a pension scheme? Yes, both of us on are on the same scheme. It was a defined benefit scheme until last year when it changed to an integrated scheme.
Do you own any investment or other property? Currently selling an inherited property
Ages of children: 7 and 10
Life insurance: Yes, for the full amount of our original mortgage, €340K
What specific question do you have or what issues are of concern to you?
I’m currently selling an inherited property which should mean I’ll be getting in the region of €180K shortly. I just can’t decide what to do with it.
Paying a chunk of the mortgage seems to be the obvious choice but we have a great tracker rate so I’m not sure.
We don’t have any intention of moving house but we could put some money into doing the house up, attic conversion, new windows etc.
I’m also considering going part time in work. I would do half my hours but when I checked on the tax calculator our combined annual net income would only decrease by €15K. There would be in impact on my pension as well though.
Any advice would be much appreciated.