SCOTTPLASMA
Registered User
- Messages
- 27
Got some excellent advice in May 2018 on money makeover and followed as much as I could. Can not believe it’s 4 years have elapsed and I am back again looking for some guidance. I also got great help with a probate application so I have found the site invaluable
Age: 45
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 65000
Annual gross income of spouse: 63000
Monthly take-home pay 6100
Type of employment: e.g. both public sector
In general are you:
(b) saving and overpaying mortgage
Rough estimate of value of home
House 1- PPR - 400000
Amount outstanding on your mortgage:
House 1 - PPR - 115000
What interest rate are you paying?
House 1 - 3.2 variable ( was waiting for an inheritance but in process of switching ). At the moment overpaying the mortgage by roughly €300 pm . Never changed the repayment after paying off a lump sum in January 2021.
Other borrowings – car loans/personal loans etc
No car loans and 1 x 21 and 1 x 14
Do you pay off your full credit card balance each month?
Yes
If not, what is the balance on your credit card?
0
Savings and investments:
Some shares in credit union 2.5 k
Do you have a pension scheme?
public pensions schemes
Do you own any investment or other property?
House 2 - Rental -Paid 220000 - Value 180000 mortgage (105000) (750 pm mortgage) rental income 780 pm. PRTB registered and tax up to date
House 3- Rental - Paid 300000 - Value 260000 mortgage -120000 (1100 pm mortgage) rental income 900 pm - This is a joint mortgage with a third party.
House 2 - Tracker (0.6%) roughly 14 years remaining
House 3 - Tracker (0.8 %) roughly 9 years remaining
House 4- NA
Ages of children:
2, 7 & 9
Life insurance:
Mortgage protection on PPR and some union and credit union cover. widows and orphans through work
Since my last money makeover I received an inheritance share from a property of €110000 and paid €60000 off our main mortgage. The rest was used to pay for a new car and to build a granny flat and finish the ground, footpaths and patios around the house. It twas my wife’s inheritance so that was her wish. In 2018 the third party offered to buy me out oh house 3 and I accepted for €20000. In the end he could not get the PTSB to agree to a joint to sole mortgage. The third party has now secured a mortgage and we shook hands on €60000 split of the equity. So hopefully I will have another lump sum.
What should I do with the lump sum? My first thought is to pay another 50 k off my main mortgage leaving roughly 65 k and take up my offer with Haven to fix with the option of overpaying 10% . I was going to use the €10000 and another € 5k ( uncles inheritance due very soon ) to top up contingency fund for house 2 and build up some savings.
Am I on the right track ?
Age: 45
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 65000
Annual gross income of spouse: 63000
Monthly take-home pay 6100
Type of employment: e.g. both public sector
In general are you:
(b) saving and overpaying mortgage
Rough estimate of value of home
House 1- PPR - 400000
Amount outstanding on your mortgage:
House 1 - PPR - 115000
What interest rate are you paying?
House 1 - 3.2 variable ( was waiting for an inheritance but in process of switching ). At the moment overpaying the mortgage by roughly €300 pm . Never changed the repayment after paying off a lump sum in January 2021.
Other borrowings – car loans/personal loans etc
No car loans and 1 x 21 and 1 x 14
Do you pay off your full credit card balance each month?
Yes
If not, what is the balance on your credit card?
0
Savings and investments:
Some shares in credit union 2.5 k
Do you have a pension scheme?
public pensions schemes
Do you own any investment or other property?
House 2 - Rental -Paid 220000 - Value 180000 mortgage (105000) (750 pm mortgage) rental income 780 pm. PRTB registered and tax up to date
House 3- Rental - Paid 300000 - Value 260000 mortgage -120000 (1100 pm mortgage) rental income 900 pm - This is a joint mortgage with a third party.
House 2 - Tracker (0.6%) roughly 14 years remaining
House 3 - Tracker (0.8 %) roughly 9 years remaining
House 4- NA
Ages of children:
2, 7 & 9
Life insurance:
Mortgage protection on PPR and some union and credit union cover. widows and orphans through work
Since my last money makeover I received an inheritance share from a property of €110000 and paid €60000 off our main mortgage. The rest was used to pay for a new car and to build a granny flat and finish the ground, footpaths and patios around the house. It twas my wife’s inheritance so that was her wish. In 2018 the third party offered to buy me out oh house 3 and I accepted for €20000. In the end he could not get the PTSB to agree to a joint to sole mortgage. The third party has now secured a mortgage and we shook hands on €60000 split of the equity. So hopefully I will have another lump sum.
What should I do with the lump sum? My first thought is to pay another 50 k off my main mortgage leaving roughly 65 k and take up my offer with Haven to fix with the option of overpaying 10% . I was going to use the €10000 and another € 5k ( uncles inheritance due very soon ) to top up contingency fund for house 2 and build up some savings.
Am I on the right track ?