M
maggiemae
Guest
Age: 30
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 49000
Annual gross income of spouse:42000
Type of employment: public and private employers
In general are you:
Spending
Rough estimate of value of home 220000
Amount outstanding on your mortgage: 242000
What interest rate are you paying? 3%
Other borrowings – car loans/personal loans etc
Car Loan 10000 payment of 350 p/m
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 2000
Savings and investments:
10k savings
Bank shares... not worth fiddly
Do you have a pension scheme? Yes
Do you own any investment or other property?
House value 300K rent 750pm no mortgage outstanding
Apartment value 150K outstanding mortgage 180000 rent 800 pm repayments 900
Ages of children: None
Life insurance: To cover mortgage on death. Some scheme through work that issues twice the salary. Nothing heavy
What specific question do you have or what issues are of concern to you?
As you can see we are currently in about 52000 of negative equity. We want to try and overpay in order to clear the negative equity as soon as possible.
We are currently on a fixed 1 year rate with our home mortgage so haven’t been able to pay anything extra into it as yet. We are overpaying the apartment investment mortgage currently by about 150pm as this is the property carrying most negative equity
Should we be paying this into our principle residence now rather than the investment property. Should we be switching the investment mortgage into interest only for now and plough the balance into our home property
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 49000
Annual gross income of spouse:42000
Type of employment: public and private employers
In general are you:
Spending
Rough estimate of value of home 220000
Amount outstanding on your mortgage: 242000
What interest rate are you paying? 3%
Other borrowings – car loans/personal loans etc
Car Loan 10000 payment of 350 p/m
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 2000
Savings and investments:
10k savings
Bank shares... not worth fiddly
Do you have a pension scheme? Yes
Do you own any investment or other property?
House value 300K rent 750pm no mortgage outstanding
Apartment value 150K outstanding mortgage 180000 rent 800 pm repayments 900
Ages of children: None
Life insurance: To cover mortgage on death. Some scheme through work that issues twice the salary. Nothing heavy
What specific question do you have or what issues are of concern to you?
As you can see we are currently in about 52000 of negative equity. We want to try and overpay in order to clear the negative equity as soon as possible.
We are currently on a fixed 1 year rate with our home mortgage so haven’t been able to pay anything extra into it as yet. We are overpaying the apartment investment mortgage currently by about 150pm as this is the property carrying most negative equity
Should we be paying this into our principle residence now rather than the investment property. Should we be switching the investment mortgage into interest only for now and plough the balance into our home property