3 mortgages, 2 rental properties, 1 family - what are the best options?

You say you need the two cars, but your spouse works from home and you work 0.5 hours. You are spending a lot on the car loans, do you really need 2 cars at all?

Obviously you are making great savings now on childcare, and are careful spenders on day to day and probably more so now when you have more time to cook from scratch and shop around.

I think you should make your €40K savings work for you, not have car loans, and use this money for the house maintenance. And use the Childrens allowance for your everyday costs, new shoes, uniforms etc.

As well as focusing on the big money items like the mortgage, also focus more on the day to day. Reducing your wages by more than 50 % was a big lifestyle change so all spendings and needs (like 2 cars) should be looked at.
 
Re the need for 2 cars, the problem is on those days when I work transportation is still needed get the children to and from school etc, at a minimum. They are too young and it is too far & not safe enough for them to walk/cycle.

My own car finance was taken out almost 3 years ago before COVID and before I had any intention of taking a step back - but circumstances and priorities change. That was ironically the first car I used finance for - I've been a car owner since the late 1990s - and I am not planning on repeating it again once the finance ends on this one.

Although I live in one north Dublin suburb and work in another, it would take me probably 3 x longer to get to and from work by public transport (with several interchanges), not to mention that the times don't match my work shifts in healthcare, having to transport kids, etc.
I come from an urban area in the south east so I am grateful for the fact that there is public transport at all, but I just can't match the services to my needs without losing a lot of time that I don't have on an awkward commute.
 
An update to my original post as our situation with regard to properties is changing rapidly...

My husband currently has his rental property on the market, it should be going sale agreed in the next couple of weeks; my estimate on valuation was accurate.
I thought I would at least wait until my husband's sale had cleared before making any decision re. selling my own rental property.
However, my tenants have recently given notice and will be moving out in November, which moves the timelines a lot closer!

I will have no problem letting the property as, apart from the market/lack of supply, it's a house in an excellent location and in good condition.
But there has also been another ECB rate increase and as I am in an RPZ I cannot increase the rents to keep pace when interest rates rise further or match market equivalents in the area.

I am seriously considering selling up now when I have vacant possession.
I had tentative valuation in Aug which placed the property back on the price I paid for it in 2005 (€248k). I would use any capital realised from a sale to reduce the outstanding mortgage on PPR (currently €520k) and to build up AVC and savings for kids college etc.

......any advice??
 
You're public sector. Have you explored buying back years to enhance your pension (to cover time on leave/time part-time etc)
The terms of pre- 2012 defined benefit pension will probably never be as generous again.
If you're that category perhaps look at that. It may be better value than avcs .
 
A final update on my original post - my former home/rental property is now sold, as is my husbands!

All was straightforward and despite some delays with the purchasers solicitor, the sale of my house went through a few weeks ago.

We have paid a lump sum off our mortgage and as per the advice above, I am now looking to buy back some years for my public-sector pension.

Thanks to all who contributed.
 
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