Age: 34
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: €115,000
Annual gross income of spouse: € Unpaid maternity leave till July then part time at 20,000
Type of employment: Airline industry/Partner is a special needs teacher
In general are you spending more than you earn or are you saving? Saving
I am considering borrowing 150,000 for an extension and using 50,000 of savings.
Rough estimate of value of home €600,000.00
Amount outstanding on your mortgage: €450,000.00
What interest rate are you paying on home loan? 4.45% Bank of Scotland (2 year discounted then will switch to NIB)
Other borrowings – car loans/personal loans etc: No.
Do you pay off your full credit card balance each month? Yes.
If not, what is the balance on your credit card?
Savings and investments: 50,000
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
5 rental properties (tracking at .75% above ECB). Average Loan to value now 65%, but after remortgaging (to pull out 150,000 to finance the extension), Loan to value will be 80%. Extra income from rent over mortgage currently 1,800 Euros per month (before remortgage) After remortgage this surplus will fall to 1,200 per month and after management fees, repairs, expenses etc….this 1,200 reduces to approx 700 p/m. Each quarter percent ECB change affects me by 280 Euro in either direction.
Ages of children: 1 (7 months old)
Life insurance: only mortgage protection insurance.
What specific question do you have or what issues are of concern to you?
Rental properties in my local catchment area have doubled since last year and I am finding it harder to rent and with reduced rental income. I am currently achieving an average rent relative to what others on daft are asking for. My concern is that if ECB rates rise more than 1 quarter percent or rental incomes fall any further, I might be struggling to service the loans. I am currently able to save about 1,500 per month which is I guess my buffer if things go wrong.
We are desperate to extend/refurbish and improve our quality of life….the house we are living in is in a very very poor state.
Worth the risk???
Thanks……????
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: €115,000
Annual gross income of spouse: € Unpaid maternity leave till July then part time at 20,000
Type of employment: Airline industry/Partner is a special needs teacher
In general are you spending more than you earn or are you saving? Saving
I am considering borrowing 150,000 for an extension and using 50,000 of savings.
Rough estimate of value of home €600,000.00
Amount outstanding on your mortgage: €450,000.00
What interest rate are you paying on home loan? 4.45% Bank of Scotland (2 year discounted then will switch to NIB)
Other borrowings – car loans/personal loans etc: No.
Do you pay off your full credit card balance each month? Yes.
If not, what is the balance on your credit card?
Savings and investments: 50,000
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes
5 rental properties (tracking at .75% above ECB). Average Loan to value now 65%, but after remortgaging (to pull out 150,000 to finance the extension), Loan to value will be 80%. Extra income from rent over mortgage currently 1,800 Euros per month (before remortgage) After remortgage this surplus will fall to 1,200 per month and after management fees, repairs, expenses etc….this 1,200 reduces to approx 700 p/m. Each quarter percent ECB change affects me by 280 Euro in either direction.
Ages of children: 1 (7 months old)
Life insurance: only mortgage protection insurance.
What specific question do you have or what issues are of concern to you?
Rental properties in my local catchment area have doubled since last year and I am finding it harder to rent and with reduced rental income. I am currently achieving an average rent relative to what others on daft are asking for. My concern is that if ECB rates rise more than 1 quarter percent or rental incomes fall any further, I might be struggling to service the loans. I am currently able to save about 1,500 per month which is I guess my buffer if things go wrong.
We are desperate to extend/refurbish and improve our quality of life….the house we are living in is in a very very poor state.
Worth the risk???
Thanks……????