Age: 38
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 67k
Annual gross income of spouse: n/a
Monthly take-home pay -3,400
Type of employment: private sector American multinational.
In general are you:
(a) spending more than you earn, or
(b) saving? Saving every month
Rough estimate of value of home Apartment bought about 10 years ago now worth around 70k
Amount outstanding on your mortgage: 126,000
What interest rate are you paying? 1.65% Tracker mortgage with halifax. 18 years left.
Other borrowings – car loans/personal loans etc 0
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: 15k in credit union.
7.5k in bank savings.
40k in Quinn life index funds.
I save 280 a month into the credit union. 160 a month into bank savings and 450 a month into quinn index funds. Also make an overpayment on the mortgage of 150 a month.
Do you have a pension scheme? Yes. Defined contribution with the following details. In pension scheme 14 years. Currently 80k in scheme. Contributions are:
employer 180 per month
employee 120 per month
AVC's 280 per month
Do you own any investment or other property? No
Ages of children: none
Life insurance: No dependents so a life insurance policy that covers the mortgage only.
What specific question do you have or what issues are of concern to you?
I'm just looking for general investment advice. Apart from buying an apartment at the wrong time i'm not doing too bad but I'm trying to consider the following options.
Should I continue my savings as they are now. Should I reduce savings each month and increase my mortgage overpayments. Should i increase pension contributions and lower other monthly savings.
Also the 40k in index funds have a charge of between 1% and 1.5% per anumn. Should I remove my money from them and invest in ETF's instead. Note that I would pay tax of approx 4k if I do this making this less attractive even if the charges on ETF's are lower. Also the tax situation on ETF's doesn't appear to be simple.
I would like to sell the apartment some day in the future and buy a small 3 bed house but with the apartment in negative equity thats a long way away at the moment.
Spouse’s/Partner's age: n/a
Annual gross income from employment or profession: 67k
Annual gross income of spouse: n/a
Monthly take-home pay -3,400
Type of employment: private sector American multinational.
In general are you:
(a) spending more than you earn, or
(b) saving? Saving every month
Rough estimate of value of home Apartment bought about 10 years ago now worth around 70k
Amount outstanding on your mortgage: 126,000
What interest rate are you paying? 1.65% Tracker mortgage with halifax. 18 years left.
Other borrowings – car loans/personal loans etc 0
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: 15k in credit union.
7.5k in bank savings.
40k in Quinn life index funds.
I save 280 a month into the credit union. 160 a month into bank savings and 450 a month into quinn index funds. Also make an overpayment on the mortgage of 150 a month.
Do you have a pension scheme? Yes. Defined contribution with the following details. In pension scheme 14 years. Currently 80k in scheme. Contributions are:
employer 180 per month
employee 120 per month
AVC's 280 per month
Do you own any investment or other property? No
Ages of children: none
Life insurance: No dependents so a life insurance policy that covers the mortgage only.
What specific question do you have or what issues are of concern to you?
I'm just looking for general investment advice. Apart from buying an apartment at the wrong time i'm not doing too bad but I'm trying to consider the following options.
Should I continue my savings as they are now. Should I reduce savings each month and increase my mortgage overpayments. Should i increase pension contributions and lower other monthly savings.
Also the 40k in index funds have a charge of between 1% and 1.5% per anumn. Should I remove my money from them and invest in ETF's instead. Note that I would pay tax of approx 4k if I do this making this less attractive even if the charges on ETF's are lower. Also the tax situation on ETF's doesn't appear to be simple.
I would like to sell the apartment some day in the future and buy a small 3 bed house but with the apartment in negative equity thats a long way away at the moment.
Am old school here so I just flag it for discussion