TableCandleBar
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AGE: 27
Spouse’s/Partner's age: Im single
Annual gross income from employment or profession: E98,000 Base salary. And E100,000+ annually on RSU Stock
Monthly take home pay: E10,000 (approx...)
Expenditure pattern: Fairly low, I save quite a lot.
Rough estimate of value of home: E340,000
Mortgage on home Remaining: E180,000
Type of mortgage: 10 year. Fixed for 4 years. Currently at the end of year 1.
Interest rate : @ 2.80%
Other borrowings: None
Do you pay off your full credit card balance each month? No credit card
Savings and investments:
E135,000
Do you have a pension scheme?
Yes, company matched. Currently over 20k.
Do you own any investment or other property? No.
Ages of children: No children
What specific question do you have or what issues are of concern to you?
I'm quite lucky with a decent job. I'm just after finishing my first year of paying off my mortgage. It's a 4 year fixed rate. The property I bought is a 2 bed apartment and I'm renting out the second room. While I've been paying this off I've been able to save a lot on the side and I'm wondering what I should be doing with it. My initial plan when I bought this place was to continue to pay off the mortgage at the fixed rate until year 4 at which point I would be able to move to a variable rate mortgage and pay it off early. However I could potentially pay it off next year (with a breakage fee) since I am saving more than I initially planned. I quite like the idea of having a second property slightly outside the city but I realise this is probably not the best idea financially.
As I see it now my options are:
a) Continue to pay this off for the remainder of the fixed term and invest / save on the side (looking for some advice on what I could do here for the next 3 years to maximise savings. Currently savings are simply sitting in my bank/savings account)
b) Pay mortgage off next year (with a breakage fee), I should be able to so this with change which I can potentially invest elsewhere.
c) Invest in a second property (next year, at which point I should have 200k in savings)
d) none of the above, let me know.
Thank you.
Spouse’s/Partner's age: Im single
Annual gross income from employment or profession: E98,000 Base salary. And E100,000+ annually on RSU Stock
Monthly take home pay: E10,000 (approx...)
Expenditure pattern: Fairly low, I save quite a lot.
Rough estimate of value of home: E340,000
Mortgage on home Remaining: E180,000
Type of mortgage: 10 year. Fixed for 4 years. Currently at the end of year 1.
Interest rate : @ 2.80%
Other borrowings: None
Do you pay off your full credit card balance each month? No credit card
Savings and investments:
E135,000
Do you have a pension scheme?
Yes, company matched. Currently over 20k.
Do you own any investment or other property? No.
Ages of children: No children
What specific question do you have or what issues are of concern to you?
I'm quite lucky with a decent job. I'm just after finishing my first year of paying off my mortgage. It's a 4 year fixed rate. The property I bought is a 2 bed apartment and I'm renting out the second room. While I've been paying this off I've been able to save a lot on the side and I'm wondering what I should be doing with it. My initial plan when I bought this place was to continue to pay off the mortgage at the fixed rate until year 4 at which point I would be able to move to a variable rate mortgage and pay it off early. However I could potentially pay it off next year (with a breakage fee) since I am saving more than I initially planned. I quite like the idea of having a second property slightly outside the city but I realise this is probably not the best idea financially.
As I see it now my options are:
a) Continue to pay this off for the remainder of the fixed term and invest / save on the side (looking for some advice on what I could do here for the next 3 years to maximise savings. Currently savings are simply sitting in my bank/savings account)
b) Pay mortgage off next year (with a breakage fee), I should be able to so this with change which I can potentially invest elsewhere.
c) Invest in a second property (next year, at which point I should have 200k in savings)
d) none of the above, let me know.
Thank you.