Age:
46
Spouse’s/Partner's age:
45
Annual gross income from employment or profession:
E0 as on long term sick leave, but E50,000 otherwise
Annual gross income spouse:
E15,000
Type of employment:
Full-Time, but currently on invalidity pension
Part-time
Expenditure pattern:
Just buy essentials
Rough estimate of value of home
E290,000
Mortgage on home - E195,000 - includes arrears of E28,000
Mortgage provider: Pepper
Type of mortgage: Variable rate
Interest rate: 3.25%
Other borrowings – car loans/personal loans etc
Family - E20,000
Do you pay off your full credit card balance each month?
No Credit Card
Savings and investments:
None
Do you have a pension scheme?
Me: Defined Benefit based on final salary
Partner: No
Do you own any investment or other property?
Buy to let property - 1 bed apartment
Value: E190,000
Rental income per year: E9,000
Rough annual expenses other than mortgage interest : E1,600
Lender: Pepper
Interest rate: 3.25%, Interest Only - E537 /month. Interest only mortgage finished in 9 years when the total of the mortgage will have to be paid
Rent: E750/month which is far below similar properties in the area, but tenants have been there for a long time.
Ages of children:
16
14
11.
Other
I recently received a lump sum payment of E750,000
What specific question do you have or what issues are of concern to you?
I received a monthly income continuation payment from my employer up until now. That has stopped so we don’t have enough monthly income to cover bills and expenses, and I can't return to work for at least 2 years.
My question is, what is the best way to utilise the E750,000 payment? I imagine paying the loan back to family and paying off the mortgage on our home are the first things we should do.
What to do about the buy-to-let?
How can I invest the money that will generate some sort of income while I am on invalidity, which will be another 2 years at least.
46
Spouse’s/Partner's age:
45
Annual gross income from employment or profession:
E0 as on long term sick leave, but E50,000 otherwise
Annual gross income spouse:
E15,000
Type of employment:
Full-Time, but currently on invalidity pension
Part-time
Expenditure pattern:
Just buy essentials
Rough estimate of value of home
E290,000
Mortgage on home - E195,000 - includes arrears of E28,000
Mortgage provider: Pepper
Type of mortgage: Variable rate
Interest rate: 3.25%
Other borrowings – car loans/personal loans etc
Family - E20,000
Do you pay off your full credit card balance each month?
No Credit Card
Savings and investments:
None
Do you have a pension scheme?
Me: Defined Benefit based on final salary
Partner: No
Do you own any investment or other property?
Buy to let property - 1 bed apartment
Value: E190,000
Rental income per year: E9,000
Rough annual expenses other than mortgage interest : E1,600
Lender: Pepper
Interest rate: 3.25%, Interest Only - E537 /month. Interest only mortgage finished in 9 years when the total of the mortgage will have to be paid
Rent: E750/month which is far below similar properties in the area, but tenants have been there for a long time.
Ages of children:
16
14
11.
Other
I recently received a lump sum payment of E750,000
What specific question do you have or what issues are of concern to you?
I received a monthly income continuation payment from my employer up until now. That has stopped so we don’t have enough monthly income to cover bills and expenses, and I can't return to work for at least 2 years.
My question is, what is the best way to utilise the E750,000 payment? I imagine paying the loan back to family and paying off the mortgage on our home are the first things we should do.
What to do about the buy-to-let?
How can I invest the money that will generate some sort of income while I am on invalidity, which will be another 2 years at least.