Hi all,
I would appreciate some feedback on our situation, this forum is very helpful and have found some great advice in the past. My specific questions are at the end.
Thanks!
Age:
32
Spouse’s/Partner's age:
41
Annual gross income from employment or profession:
€45,000
Annual gross income spouse:
€50,000
Take home pay combined:
Around €4,000 (after such things as loan repayments, VHI, Travel Ticket, CU Savings, AVC's)
Type of employment:
Private sector for me
Public sector for my partner
Expenditure pattern:
We tend to be savers more than spenders, spare cash sometimes builds up in our current accounts.
From our take home monthly;
We generally put €800 away for bills and living expenses.
We pay mortgage repayment of €970
Probably spend another €600 on 'things'
This leaves about €1600!
We are getting married this year, expecting to spend another €8k between now and then on that!
Rough estimate of value of home
€360,000
Mortgage on home
€185,000 - 24 years remaining
Mortgage provider:
KBC
Type of mortgage: Tracker, interest only, fixed rate
Variable Rate
Interest rate
Currently at 3.25%
Other borrowings – car loans/personal loans etc
Car Loan - €8900 remaining @ 5.6% APR.
€201 monthly, usually over pay by €100 monthly also.
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
€28,000 in CU savings
Adding to that by around €800 monthly between both of us.
Do you have a pension scheme?
Yes, I pay €190 monthly into pension fund , employer pays €300 (5% + 8% salary)
My pension fund is only worth 11k at the moment, as I was a late starter to the pension.
Partner has DB pension and is also paying €450 monthly to AVC's
Do you own any investment or other property?
No.
Ages of children:
None.
Life insurance:
No life insurance policy, but have mortgage protection!
We both have death in service benefit (8x salary for me, not sure about partner, but similar)
What specific question do you have or what issues are of concern to you?
We are wondering what to do with the spare cash left over each month from our take home figure. It can be as much as €1600 monthly. We are thinking of going hell for leather paying off the mortgage as soon as possible. It would be nice to get it wiped out or at least a huge chunk knocked off over the next few years. We already have some savings so will have access to cash if something comes up!
Or
Am I at a point where I need to start AVC's also, or can I worry about that when the mortgage is not hanging over us - which could be in less than 10 years or so if we make regular monthly overpayments of €1000+ (We can probably afford both). I am also contemplating starting some investments, but would need to seek advice on this first.
Also, regarding our savings, I know the CU is not the best place to be keeping them. Should we move a portion of that into a deposit account/investment?
I would appreciate some feedback on our situation, this forum is very helpful and have found some great advice in the past. My specific questions are at the end.
Thanks!
Age:
32
Spouse’s/Partner's age:
41
Annual gross income from employment or profession:
€45,000
Annual gross income spouse:
€50,000
Take home pay combined:
Around €4,000 (after such things as loan repayments, VHI, Travel Ticket, CU Savings, AVC's)
Type of employment:
Private sector for me
Public sector for my partner
Expenditure pattern:
We tend to be savers more than spenders, spare cash sometimes builds up in our current accounts.
From our take home monthly;
We generally put €800 away for bills and living expenses.
We pay mortgage repayment of €970
Probably spend another €600 on 'things'
This leaves about €1600!
We are getting married this year, expecting to spend another €8k between now and then on that!
Rough estimate of value of home
€360,000
Mortgage on home
€185,000 - 24 years remaining
Mortgage provider:
KBC
Type of mortgage: Tracker, interest only, fixed rate
Variable Rate
Interest rate
Currently at 3.25%
Other borrowings – car loans/personal loans etc
Car Loan - €8900 remaining @ 5.6% APR.
€201 monthly, usually over pay by €100 monthly also.
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
€28,000 in CU savings
Adding to that by around €800 monthly between both of us.
Do you have a pension scheme?
Yes, I pay €190 monthly into pension fund , employer pays €300 (5% + 8% salary)
My pension fund is only worth 11k at the moment, as I was a late starter to the pension.
Partner has DB pension and is also paying €450 monthly to AVC's
Do you own any investment or other property?
No.
Ages of children:
None.
Life insurance:
No life insurance policy, but have mortgage protection!
We both have death in service benefit (8x salary for me, not sure about partner, but similar)
What specific question do you have or what issues are of concern to you?
We are wondering what to do with the spare cash left over each month from our take home figure. It can be as much as €1600 monthly. We are thinking of going hell for leather paying off the mortgage as soon as possible. It would be nice to get it wiped out or at least a huge chunk knocked off over the next few years. We already have some savings so will have access to cash if something comes up!
Or
Am I at a point where I need to start AVC's also, or can I worry about that when the mortgage is not hanging over us - which could be in less than 10 years or so if we make regular monthly overpayments of €1000+ (We can probably afford both). I am also contemplating starting some investments, but would need to seek advice on this first.
Also, regarding our savings, I know the CU is not the best place to be keeping them. Should we move a portion of that into a deposit account/investment?
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