Age:40
Spouse’s/Partner's age:40
Annual gross income from employment or profession: 75k
Annual gross income of spouse:70k
Monthly take-home pay:6700 monthly combined take home pay.
Type of employment: e.g. Civil Servant, self-employed
Both civil servants
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home:300k
Amount outstanding on your mortgage:180k with 18 years remaining.
What interest rate are you paying? 3.15
Other borrowings – car loans/personal loans etc
None.
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: 257k from savings and inheritance.
Do you have a pension scheme? Yes, both.
Do you own any investment or other property?
No
Ages of children:8 and 9
Life insurance: yes.
What specific question do you have or what issues are of concern to you?
We have significant savings combined with an inheritance and are wondering if we are better served clearing our mortgage now and saving the remainder or paying a portion into the mortgage and investing the rest. As career civil servants we have pension schemes in place but would like to retire early and could consider putting money into avcs or an equivalent if considered sensible.
Any advice welcome.
Spouse’s/Partner's age:40
Annual gross income from employment or profession: 75k
Annual gross income of spouse:70k
Monthly take-home pay:6700 monthly combined take home pay.
Type of employment: e.g. Civil Servant, self-employed
Both civil servants
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home:300k
Amount outstanding on your mortgage:180k with 18 years remaining.
What interest rate are you paying? 3.15
Other borrowings – car loans/personal loans etc
None.
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: 257k from savings and inheritance.
Do you have a pension scheme? Yes, both.
Do you own any investment or other property?
No
Ages of children:8 and 9
Life insurance: yes.
What specific question do you have or what issues are of concern to you?
We have significant savings combined with an inheritance and are wondering if we are better served clearing our mortgage now and saving the remainder or paying a portion into the mortgage and investing the rest. As career civil servants we have pension schemes in place but would like to retire early and could consider putting money into avcs or an equivalent if considered sensible.
Any advice welcome.