Age: 36
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 60k
Annual gross income of spouse: c. 60k
Monthly take-home pay: Not too sure
Type of employment: e.g. Civil Servant, self-employed: Both public sector Gardaí
In general are you:
(a) spending more than you earn, or
(b) saving? both very good savers
Rough estimate of value of home €420,000
Amount outstanding on your mortgage: €325,000
Repayment: €1399 per month
What interest rate are you paying? 3% 5 year fixed in Jan 2019
Other borrowings – car loans/personal loans etc - no loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: Between us €100,000
Do you have a pension scheme? yes, public sector post 95
Do you own any investment or other property? Yes value - 215,000, outstanding bal - 187,000, rate - tracker +1.15%. Rent €1000 per month mortgage repayment €750 per month
Ages of children: 0
Life insurance: Life insurance on both mortgages. extra policy taken out both of us - Life cover lump sum €200,000. Critical illness - 72,000. Personal accident cover €500 per week.
What specific question do you have or what issues are of concern to you?
We both have money sitting in credit union accounts. We both wouldn't be risk takers with money as both got stung back in 2007 with property.
So I'm wondering with our savings:
1. pay a lump sum off the mortgage of our PPR and keep sum for a rainy day
2. over pay our mortgage per month (max we can pay is €139 because of our fixed rate)
3. do both which i think we can
4. Invest some and keep a sum for a rainy day
We both want to have children in the immediate future (while i know this isn't guaranteed) and dont want to lock away money that we might need for that by paying off the mortgage/investing money. Especially paying off the lump sum, once the money is gone its gone. i know its in equity in our PPR but we dont plan on moving or selling ever.
Also with the rental property, i have only rented it in 2019 so our first tax bill isnt due until Oct this year so I'm not sure on the tax due. I have heard that i could do a AVC, which neither of us have to off set the tax payment. How does that work?
Pension
With both of us being guards we can both retire at 55, receive a pension and lump sum. should we both be paying a AVC anyway regardless of the rental property?
While i know financially we are in a good position i want to make sure we are being wise with our money.
Thanks everyone in advance
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 60k
Annual gross income of spouse: c. 60k
Monthly take-home pay: Not too sure
Type of employment: e.g. Civil Servant, self-employed: Both public sector Gardaí
In general are you:
(a) spending more than you earn, or
(b) saving? both very good savers
Rough estimate of value of home €420,000
Amount outstanding on your mortgage: €325,000
Repayment: €1399 per month
What interest rate are you paying? 3% 5 year fixed in Jan 2019
Other borrowings – car loans/personal loans etc - no loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 0
Savings and investments: Between us €100,000
Do you have a pension scheme? yes, public sector post 95
Do you own any investment or other property? Yes value - 215,000, outstanding bal - 187,000, rate - tracker +1.15%. Rent €1000 per month mortgage repayment €750 per month
Ages of children: 0
Life insurance: Life insurance on both mortgages. extra policy taken out both of us - Life cover lump sum €200,000. Critical illness - 72,000. Personal accident cover €500 per week.
What specific question do you have or what issues are of concern to you?
We both have money sitting in credit union accounts. We both wouldn't be risk takers with money as both got stung back in 2007 with property.
So I'm wondering with our savings:
1. pay a lump sum off the mortgage of our PPR and keep sum for a rainy day
2. over pay our mortgage per month (max we can pay is €139 because of our fixed rate)
3. do both which i think we can
4. Invest some and keep a sum for a rainy day
We both want to have children in the immediate future (while i know this isn't guaranteed) and dont want to lock away money that we might need for that by paying off the mortgage/investing money. Especially paying off the lump sum, once the money is gone its gone. i know its in equity in our PPR but we dont plan on moving or selling ever.
Also with the rental property, i have only rented it in 2019 so our first tax bill isnt due until Oct this year so I'm not sure on the tax due. I have heard that i could do a AVC, which neither of us have to off set the tax payment. How does that work?
Pension
With both of us being guards we can both retire at 55, receive a pension and lump sum. should we both be paying a AVC anyway regardless of the rental property?
While i know financially we are in a good position i want to make sure we are being wise with our money.
Thanks everyone in advance