Age: 31
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: €30,800
Annual gross income of spouse: €30,700
Monthly take-home pay: Net pay approx. €2091 Partner €2000
Type of employment: IT / Finance
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home Renting
Amount outstanding on your mortgage: N/A
What interest rate are you paying?
Other borrowings – car loans/personal loans etc. None
Do you pay off your full credit card balance each month? Yes by DD
If not, what is the balance on your credit card?
Savings and investments: €43,000 in BoI Investment funds, €6,000 current account BOI
Partner has €11,000 in savings account maybe a few quid else were.
We both have a combined regular savings of €350 a month
Do you have a pension scheme? No Partner Yes
Do you own any investment or other property? Yes worth about €220,000 approx. (will be getting it valued next week).
Ages of children: None
Life insurance: No
What specific question do you have or what issues are of concern to you?
I planned to get engaged this year and also apply for a mortgage. (The various banks will lend us only 130k (to my girlfriend) as my job is a rolling 12 month contract) I hope to be made permanent this year bringing the potential amount we can borrow up to 277k but this is how it stands at the moment.
I was very fortunate recently and was gifted a vacant property worth around 220k by a relative more or less out of the blue, got the keys last week and have been doing a bit of clean up (painting, cleaning gutters, etc.) I considered moving in, but it’s far away from where we work and not in the best area, we also love where we rent at the moment.
My question is should I rent this property out? (as I work on contract might be a sensible income buffer although my job is fairly secure, although I have zero experience as a landlord) Or should I just sell it right away and use the cash to buy a house with a smallish mortgage. Or any other ideas, (I was told here are the keys do what you want) We were always good at having few quid saved, but am not used to something like this.. Many thanks,
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: €30,800
Annual gross income of spouse: €30,700
Monthly take-home pay: Net pay approx. €2091 Partner €2000
Type of employment: IT / Finance
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home Renting
Amount outstanding on your mortgage: N/A
What interest rate are you paying?
Other borrowings – car loans/personal loans etc. None
Do you pay off your full credit card balance each month? Yes by DD
If not, what is the balance on your credit card?
Savings and investments: €43,000 in BoI Investment funds, €6,000 current account BOI
Partner has €11,000 in savings account maybe a few quid else were.
We both have a combined regular savings of €350 a month
Do you have a pension scheme? No Partner Yes
Do you own any investment or other property? Yes worth about €220,000 approx. (will be getting it valued next week).
Ages of children: None
Life insurance: No
What specific question do you have or what issues are of concern to you?
I planned to get engaged this year and also apply for a mortgage. (The various banks will lend us only 130k (to my girlfriend) as my job is a rolling 12 month contract) I hope to be made permanent this year bringing the potential amount we can borrow up to 277k but this is how it stands at the moment.
I was very fortunate recently and was gifted a vacant property worth around 220k by a relative more or less out of the blue, got the keys last week and have been doing a bit of clean up (painting, cleaning gutters, etc.) I considered moving in, but it’s far away from where we work and not in the best area, we also love where we rent at the moment.
My question is should I rent this property out? (as I work on contract might be a sensible income buffer although my job is fairly secure, although I have zero experience as a landlord) Or should I just sell it right away and use the cash to buy a house with a smallish mortgage. Or any other ideas, (I was told here are the keys do what you want) We were always good at having few quid saved, but am not used to something like this.. Many thanks,