thirtysomething
Registered User
- Messages
- 6
Hi - 1st time poster here.
Age: 38
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 58,000
Annual gross income of spouse: 18,000
Spouse is self employed consultant (part time) with minimal business overheads - business is growing and projected to turnover 25,000 in 2015
Monthly take-home pay approx: 4500 combined
Type of employment: PAYE - IT
In general are you:
(a) spending more than you earn, or
(b) saving?
B
Rough estimate of value of home: 190k
Amount outstanding on your mortgage: 130k
What interest rate are you paying? std Var with AIB, about 4.5%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? NO
If not, what is the balance on your credit card? 1900
Paying back approx 150-200 per month
Savings and investments:
Started putting 1500 per month between us into savings recently.
Separately we have about 30k in savings for kids future.
Do you have a pension scheme? Yes
500 per month going in between employee/employer/avc
Do you own any investment or other property? NO
Ages of children: 3 & 8
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
Our house is in positive equity (market value - mortgage left = ~50k) and we are thinking about selling it and then trading up to a new home. However we are not in a rush to move into a new home straight away as we would like to buy a site and build a new house.
The current plan is to release the equity on our existing home and use this as a deposit for mortgage to build a new house.
The thinking on this is that we will get more for our money by building and it will be exactly the house that we want. Without having got official quotes, I reckon we can buy a site and build a really nice 4/5 bed house (<2k sq ft) for ~280k - buying an equivalent existing house in same area would be 350k+.
In the interim we plan to stay with parents for a while and then rent until new house is ready.
We are very lucky to not be in negative equity and actually able to exit our house with some nice money in the bank.
I'm just wondering why this all seems so obvious - am I missing a catch somewhere?
Age: 38
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 58,000
Annual gross income of spouse: 18,000
Spouse is self employed consultant (part time) with minimal business overheads - business is growing and projected to turnover 25,000 in 2015
Monthly take-home pay approx: 4500 combined
Type of employment: PAYE - IT
In general are you:
(a) spending more than you earn, or
(b) saving?
B
Rough estimate of value of home: 190k
Amount outstanding on your mortgage: 130k
What interest rate are you paying? std Var with AIB, about 4.5%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? NO
If not, what is the balance on your credit card? 1900
Paying back approx 150-200 per month
Savings and investments:
Started putting 1500 per month between us into savings recently.
Separately we have about 30k in savings for kids future.
Do you have a pension scheme? Yes
500 per month going in between employee/employer/avc
Do you own any investment or other property? NO
Ages of children: 3 & 8
Life insurance: Yes
What specific question do you have or what issues are of concern to you?
Our house is in positive equity (market value - mortgage left = ~50k) and we are thinking about selling it and then trading up to a new home. However we are not in a rush to move into a new home straight away as we would like to buy a site and build a new house.
The current plan is to release the equity on our existing home and use this as a deposit for mortgage to build a new house.
The thinking on this is that we will get more for our money by building and it will be exactly the house that we want. Without having got official quotes, I reckon we can buy a site and build a really nice 4/5 bed house (<2k sq ft) for ~280k - buying an equivalent existing house in same area would be 350k+.
In the interim we plan to stay with parents for a while and then rent until new house is ready.
We are very lucky to not be in negative equity and actually able to exit our house with some nice money in the bank.
I'm just wondering why this all seems so obvious - am I missing a catch somewhere?