K
Karen12
Guest
Age: 30
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: €45,000
Annual gross income of spouse: €40,000
Type of employment: Private sector
In general are you spending more than you earn or are you saving? Saving €2k pm at the moment
Rough estimate of value of home: €340,000
Amount outstanding on your mortgage: €100,000
What interest rate are you paying? 4.6%
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
Savings: €45000 in First Active regular saver & esaver accounts
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 1 newborn
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We are planning to buy a site to build a new house and we hope to use our savings to part finance it. As no suitable site has come up, I’m wondering if we should lodge our savings into our current mortgage as the reduction in interest would yield a better return than the interest it is earning in the savings account. My concern is … Do we need to hold onto the savings for a deposit on a site or will the collateral in our present house enable us to secure a mortgage to buy a site sometime in the future.
Thanking you,
Karen
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: €45,000
Annual gross income of spouse: €40,000
Type of employment: Private sector
In general are you spending more than you earn or are you saving? Saving €2k pm at the moment
Rough estimate of value of home: €340,000
Amount outstanding on your mortgage: €100,000
What interest rate are you paying? 4.6%
Other borrowings – None
Do you pay off your full credit card balance each month? Yes
Savings: €45000 in First Active regular saver & esaver accounts
Do you have a pension scheme? Yes
Do you own any investment or other property? No
Ages of children: 1 newborn
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
We are planning to buy a site to build a new house and we hope to use our savings to part finance it. As no suitable site has come up, I’m wondering if we should lodge our savings into our current mortgage as the reduction in interest would yield a better return than the interest it is earning in the savings account. My concern is … Do we need to hold onto the savings for a deposit on a site or will the collateral in our present house enable us to secure a mortgage to buy a site sometime in the future.
Thanking you,
Karen