Age: 32
Spouse’s/Partner's age: 33
Spouse’s/Partner's age: 33
Annual gross income from employment or profession: 52k
Annual gross income spouse:62k
Annual gross income spouse:62k
Type of employment: permanent
Expenditure pattern: We save 1350 a month, mortgage, bills and food, plus fuel = 3234, remainder - 1868 gets spent on insurance, car upkeep, holidays, house improvements (we built 2 years ago, lots of outstanding jobs to finish)
Rough estimate of value of home 600K
Mortgage on home 270k
Mortgage provider:AIB
Type of mortgage: Tracker for 88k, fixed for remainder
Interest rate: fixed at 3.45% for another 1.5 years, tracker - not sure, lowest one they have though
Rough estimate of value of home 600K
Mortgage on home 270k
Mortgage provider:AIB
Type of mortgage: Tracker for 88k, fixed for remainder
Interest rate: fixed at 3.45% for another 1.5 years, tracker - not sure, lowest one they have though
Other borrowings – none
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
If not, what is the balance on your credit card?
Savings and investments: have a total of around 12000 euro between us in respective company share schemes. Also, SSIA matured, have 37000, being drip fed currently in high interest regular savers accounts (AIB and EBS)
Do you have a pension scheme? Yes - one non contributory, also paying 7% AVC and one contibutory (15% in total, 5% from company, 10 % from husband
Do you own any investment or other property? no
Ages of children: one on the way
Life insurance: mortgage, and both have 3 times salary with work
What specific question do you have or what issues are of concern to you?
I have 2 specific queries.
Firstly, I would like to set up a college fund for our impending arrival, I'm thinking 20,000 of the SSIA money into a Quinn fund - any comments on this welcome.
Firstly, I would like to set up a college fund for our impending arrival, I'm thinking 20,000 of the SSIA money into a Quinn fund - any comments on this welcome.
Secondly, we have just started to track our monthly expenditure, and the house will be finished very soon, so should have approximately 2500 a month to invest. I am thinking of switching mortgages when the fixed mortgage period is up, in 18 months time, to an offset mortgage, by my calculations, this would allow us to pay off the mortgage in approx 5 to 7 years. I would like your opinions on this also. This mortgage would be for approx 250K