Age: 30
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 47K - private sector.
Annual gross income of spouse: 36K - semi state body.
In general are you:
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home.
House – 330K.
Apartment – 200K.
Amount outstanding on your mortgage:
House – 280K.
Apartment – 130K.
What interest rate are you paying?
House – Fixed @ 5.1% for 5 years, 3.5yrs remaining of fix term.
Apartment – variable – unsure of rate but repayment is 750 per month.
Other borrowings – car loans/personal loans etc
Car Loan – 7K, 2 yrs remaining.
Personal Loan – 17K – 4 yrs remaining.
Credit union Loan - 8k - 1 yr remaining.
Owe a family member 2K.
Owe Solicitor fees of 2200.
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 5,000
Savings and investments:
4000 in credit union
Do you have a pension scheme?
Yes both do through work.
Do you own any investment or other property?
We live in my house, while the apartment is idle. Unable to rent out as it is an affordable housing property.
Ages of children: 3 months.
Life insurance:
Both have life assurance for mortgages.
We both have life insurance policies through work.
Other monthly outgoings:
Mortgage on house – 1230
Mortgage on apartment – 750
Sky – 26.
Broadband/Phone – 45.
Mobile phones - 40.
Groceries – 500.
ESB & Gas – 90.
Petrol/Car maintenance – 240.
Cigarettes – 250.
Life assurance Premium – 36.
Going out - 150.
Property management fees - 150per month.
house and car insurance are paid for the yr, but will both be due for renewal in December.
What specific question do you have or what issues are of concern to you?
I’m on paid maternity leave until the start of august. I’m receiving state maternity benefit plus my company is paying the balance so effectively I’m on full pay at the moment. As per Irish law I have the option of taking an additional 4 months unpaid maternity leave and we are trying to figure out how we can make this work for us.
I’ve contacted my mortgage company to take a payment holiday but this is not an option, although I can go on interest only for one year which would mean a reduction of about 250 a month.
I’ve spoken to the bank and they have said I could take a payment holiday on both loans.
We have already cut back on sky package and grocery bill.
I’m getting child benefit.
I’m wondering does it make sense for us to avail of the interest only on mortgage, and take a payment holiday on loans in the current climate so I can stay home with our daughter for an additional few months. As we are not married I understand my partner can’t avail of my tax credits? Would there be any additional benefit we may be entitled to?
Ideally we would rent out the apartment but it just isn’t an option. However we may be able to rent out one room which would generate about 400euro a month.
If i can take the unpaid leave it would mean we wouldn't be paying out on childcare during those months.
Can anyone see any other way we can make savings/adjust payments?
Thanks!!
Eims
Spouse’s/Partner's age: 32
Annual gross income from employment or profession: 47K - private sector.
Annual gross income of spouse: 36K - semi state body.
In general are you:
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home.
House – 330K.
Apartment – 200K.
Amount outstanding on your mortgage:
House – 280K.
Apartment – 130K.
What interest rate are you paying?
House – Fixed @ 5.1% for 5 years, 3.5yrs remaining of fix term.
Apartment – variable – unsure of rate but repayment is 750 per month.
Other borrowings – car loans/personal loans etc
Car Loan – 7K, 2 yrs remaining.
Personal Loan – 17K – 4 yrs remaining.
Credit union Loan - 8k - 1 yr remaining.
Owe a family member 2K.
Owe Solicitor fees of 2200.
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 5,000
Savings and investments:
4000 in credit union
Do you have a pension scheme?
Yes both do through work.
Do you own any investment or other property?
We live in my house, while the apartment is idle. Unable to rent out as it is an affordable housing property.
Ages of children: 3 months.
Life insurance:
Both have life assurance for mortgages.
We both have life insurance policies through work.
Other monthly outgoings:
Mortgage on house – 1230
Mortgage on apartment – 750
Sky – 26.
Broadband/Phone – 45.
Mobile phones - 40.
Groceries – 500.
ESB & Gas – 90.
Petrol/Car maintenance – 240.
Cigarettes – 250.
Life assurance Premium – 36.
Going out - 150.
Property management fees - 150per month.
house and car insurance are paid for the yr, but will both be due for renewal in December.
What specific question do you have or what issues are of concern to you?
I’m on paid maternity leave until the start of august. I’m receiving state maternity benefit plus my company is paying the balance so effectively I’m on full pay at the moment. As per Irish law I have the option of taking an additional 4 months unpaid maternity leave and we are trying to figure out how we can make this work for us.
I’ve contacted my mortgage company to take a payment holiday but this is not an option, although I can go on interest only for one year which would mean a reduction of about 250 a month.
I’ve spoken to the bank and they have said I could take a payment holiday on both loans.
We have already cut back on sky package and grocery bill.
I’m getting child benefit.
I’m wondering does it make sense for us to avail of the interest only on mortgage, and take a payment holiday on loans in the current climate so I can stay home with our daughter for an additional few months. As we are not married I understand my partner can’t avail of my tax credits? Would there be any additional benefit we may be entitled to?
Ideally we would rent out the apartment but it just isn’t an option. However we may be able to rent out one room which would generate about 400euro a month.
If i can take the unpaid leave it would mean we wouldn't be paying out on childcare during those months.
Can anyone see any other way we can make savings/adjust payments?
Thanks!!
Eims