Age: 36
Spouse’s age: 35
My Income: 60,000
Spouse's income: 45,000
Take-home pay: Approx €5.8k (3.8k for last 6 months due to wife on unpaid maternity leave
Type of employment – Both private sector. Big companies
Spending or Saving?
At the moment big spender. Wife is just finishing unpaid maternity leave and we are in end of attic extension. (that costs went over budget 5k approx). All of which is being paid by my one income as well as general living costs.
Value of home: €420,000
Amount outstanding on your mortgage: €240,000
What interest rate are you paying? 2.8% Bank of Ireland fixed for another 4 years 28 years remaining
Other borrowings – Attic Extension Loan 20,000 paying 385e per month. 57 months remaining 5.8% Interest Rate. Credit Card balance this month of 5k which im going to transfer to new card and get 12 months interest free, plan is to pay this balance off over the next 12 months. Im due prob 2-5k bonus next December so that will coer it also. It was the costs overrun from the attic.
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Zero. We used to be good but all went into extension and wife for unpaid leave. I have 20k limit on credit card so for any emergency i can dip into that.
Do you have a pension scheme?
Yes. balance of about 70k. I pay 4% of salary and company pay 8%
Wife has small balance around 10k mark and she pays 5% and company pay 5%
Do you own any investment or other property?
No.
Ages of children:
3 and 9 months
Life insurance:
Standard basic mortage cover
My company pay 6x salary if i die plus 2/3 of salary to my wife each month along with regular pension contributions
I also get 2/3 of salary if i have long term illness or accident.
My wife pays 4x if she dies but thats the only additional benefit I believe.
My company pay for best VHI package for the 4 of us. (paying BIK for 4k)
What specific question do you have or what issues are of concern to you? At the moment things are tight as we only have one income plus the overrun costs on the attic. Last year we switched mortgage provider to BOI for the 2% cashback and better rate. We are just about to complete attic conversion that will costs around 35k mark (double bedroom, bathroom and small office so was a big job).
I took out personal loan for 20k over 5 years with rate 5.8% repayments 385e per month. My thinking was not to get extra 20k on mortgage as would be paying it back over the next 28 years and a load of interest. I worked out the personal loan i would be paying over half the interest and it would be clear after 5 years.
Since the personal loans repayments have kicked in it seems like we are living from month to month (just probably because of 1 income when we were always used to 2 incomes). Once the wife is back to work Im thinking of applying to EBS/TSB for another 2% cashback on mortgage. Would I be better looking for extra 15/18k to pay off personal loan. Our 385e repayments would be gone but mortgage repayments would go up by 100e approx for next 25 years or so.
I'm aware we both have good jobs and our problem is really cash flow at the moment that's why I have no problem putting 5k on credit card interest free for year. My question is are we better keeping personal loan or drawing down extra in mortgage for next cashback? We would like to have the extra 300 quid a month to enjoy life and go the odd break away and not to be balancing the book whole time. At the moment our lifestyle doesn''t match our income and we both worked hard to get where we are. No family holiday this year
Spouse’s age: 35
My Income: 60,000
Spouse's income: 45,000
Take-home pay: Approx €5.8k (3.8k for last 6 months due to wife on unpaid maternity leave
Type of employment – Both private sector. Big companies
Spending or Saving?
At the moment big spender. Wife is just finishing unpaid maternity leave and we are in end of attic extension. (that costs went over budget 5k approx). All of which is being paid by my one income as well as general living costs.
Value of home: €420,000
Amount outstanding on your mortgage: €240,000
What interest rate are you paying? 2.8% Bank of Ireland fixed for another 4 years 28 years remaining
Other borrowings – Attic Extension Loan 20,000 paying 385e per month. 57 months remaining 5.8% Interest Rate. Credit Card balance this month of 5k which im going to transfer to new card and get 12 months interest free, plan is to pay this balance off over the next 12 months. Im due prob 2-5k bonus next December so that will coer it also. It was the costs overrun from the attic.
Do you pay off your full credit card balance each month? Yes
Savings and investments:
Zero. We used to be good but all went into extension and wife for unpaid leave. I have 20k limit on credit card so for any emergency i can dip into that.
Do you have a pension scheme?
Yes. balance of about 70k. I pay 4% of salary and company pay 8%
Wife has small balance around 10k mark and she pays 5% and company pay 5%
Do you own any investment or other property?
No.
Ages of children:
3 and 9 months
Life insurance:
Standard basic mortage cover
My company pay 6x salary if i die plus 2/3 of salary to my wife each month along with regular pension contributions
I also get 2/3 of salary if i have long term illness or accident.
My wife pays 4x if she dies but thats the only additional benefit I believe.
My company pay for best VHI package for the 4 of us. (paying BIK for 4k)
What specific question do you have or what issues are of concern to you? At the moment things are tight as we only have one income plus the overrun costs on the attic. Last year we switched mortgage provider to BOI for the 2% cashback and better rate. We are just about to complete attic conversion that will costs around 35k mark (double bedroom, bathroom and small office so was a big job).
I took out personal loan for 20k over 5 years with rate 5.8% repayments 385e per month. My thinking was not to get extra 20k on mortgage as would be paying it back over the next 28 years and a load of interest. I worked out the personal loan i would be paying over half the interest and it would be clear after 5 years.
Since the personal loans repayments have kicked in it seems like we are living from month to month (just probably because of 1 income when we were always used to 2 incomes). Once the wife is back to work Im thinking of applying to EBS/TSB for another 2% cashback on mortgage. Would I be better looking for extra 15/18k to pay off personal loan. Our 385e repayments would be gone but mortgage repayments would go up by 100e approx for next 25 years or so.
I'm aware we both have good jobs and our problem is really cash flow at the moment that's why I have no problem putting 5k on credit card interest free for year. My question is are we better keeping personal loan or drawing down extra in mortgage for next cashback? We would like to have the extra 300 quid a month to enjoy life and go the odd break away and not to be balancing the book whole time. At the moment our lifestyle doesn''t match our income and we both worked hard to get where we are. No family holiday this year
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