Private sector €150k pa with no dependents, age 47
PPR Mortgage 92k UB tracker on 500k house
BTL 300k mortgage free
No other debt
Through a combination of 100k savings 4 yrs ago and Covid savings/ pay increases I’ve made serious headway into the mortgage - and planning to payoff over the next 3 yrs. I’m on UB tracker but have taken the view that the costs and hassle of moving outweigh the interest gains given I’ll be mortgage free by 50 and am overpaying 1500 a month.
Still maxing pension contributions and pot in equity strategy worth €730k and rainy day fund of 6 mths pay.
BTL still throwing off €10k net, I would prefer to hold onto it as a down size option for my parents who live in the area in the next 5 yrs but eviction ban/SF mood music means unfortunately I think I need to sell once my current tenants leave. I was also hoping to take a career break in a few yrs and use rental income for prsi contributions but without security on ability to control occupancy I think I need to forego this.
My thinking at present is to keep going for 5 yrs, estimate pension to be €1-1.2m at that stage, accumulate €150k to fund a sabattical once mortgage done and then a part-time job/ less pressure through my 50s.
I know I am in a fortunate position but any thoughts on above and if I do sell BTL, is prsa of 300k outside company pension the best option at 52?
PPR Mortgage 92k UB tracker on 500k house
BTL 300k mortgage free
No other debt
Through a combination of 100k savings 4 yrs ago and Covid savings/ pay increases I’ve made serious headway into the mortgage - and planning to payoff over the next 3 yrs. I’m on UB tracker but have taken the view that the costs and hassle of moving outweigh the interest gains given I’ll be mortgage free by 50 and am overpaying 1500 a month.
Still maxing pension contributions and pot in equity strategy worth €730k and rainy day fund of 6 mths pay.
BTL still throwing off €10k net, I would prefer to hold onto it as a down size option for my parents who live in the area in the next 5 yrs but eviction ban/SF mood music means unfortunately I think I need to sell once my current tenants leave. I was also hoping to take a career break in a few yrs and use rental income for prsi contributions but without security on ability to control occupancy I think I need to forego this.
My thinking at present is to keep going for 5 yrs, estimate pension to be €1-1.2m at that stage, accumulate €150k to fund a sabattical once mortgage done and then a part-time job/ less pressure through my 50s.
I know I am in a fortunate position but any thoughts on above and if I do sell BTL, is prsa of 300k outside company pension the best option at 52?