Both retired Civil Service.Age: 60
Spouse’s/Partner's age: 60
Annual gross income from employment or profession: €34,000
Annual gross income of spouse: €23,000
Monthly take-home pay €3,400
Type of employment: e.g. Civil Servant retired.
In general are you:
(a) spending more than you earn
Rough estimate of value of home €320 k
Amount outstanding on your mortgage: €68k
€24k @ 1.3% (2 years left)What interest rate are you paying?
€44k @4.3%. (10 years left)
We contacted Bank (BOI) and enquired about consolidating our mortgages.Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card?
Savings and investments: None
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: Grown Up.
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
They would offer €68k @ 3.5% for 10 years. €672 pm
We are currently paying €1015.23 + €461.06 = €1476.29 pm
By consolidating our mortgage we would save €800 pm
We were both working full time when we took out the mortgage and all was good but as we are now
retirees and would like to pursue other projects we would like to release some equity and enjoy life.
We are looking for advice around this and are wondering if it would be advisable to maybe switch
mortgage providers and maybe get a better rate?
Not very good at all this and maybe should have done this a number of years ago but it is the
present and time to enjoy life.
Also pay (€67.38 + €42.40)=€109.38 for mortgage protection and after doing some searching can
do that for €31.00 pm. Another saving.
Thanking you, Lyonsie.