Age: 37
Age of spouse:35
Annual gross income from employment: €55,000
Annual gross income of spouse from employment: €60,000
Type of employment: Public sector
Type of employment spouse: Private sector
Expenditure pattern: Pay all bills on time, expenditure rarely exceeds income
Estimate value of home: €100,000
Mortgage on home: €211,000, 27 yr term left- €760.95pm, €73.17 TRS
Mortgage provider: BOI
Type of mortgage: Tracker
Interest Rate: 1.5%
Other borrowings: None
No credit card
Savings: €35,000 in bonds and certs An Post
Pension scheme: I pay €323.23 per 2 weeks, spouse pays €245.21 per month
Any other properties: Yes, value of house €100,000, mortgage left on house: €145,000, tracker rate of 1.35% with BOI, 20 years left at €653 per month. €600 rental income per month.
Ages of children: 5, 19 months and one on way
Life Assurance: Both have it
Specific question: Want a bigger house as soon as possible and wonder should we save our money or overpay our mortgages to pay off as soon as possible? Also, what to do with €35k savings?
Age of spouse:35
Annual gross income from employment: €55,000
Annual gross income of spouse from employment: €60,000
Type of employment: Public sector
Type of employment spouse: Private sector
Expenditure pattern: Pay all bills on time, expenditure rarely exceeds income
Estimate value of home: €100,000
Mortgage on home: €211,000, 27 yr term left- €760.95pm, €73.17 TRS
Mortgage provider: BOI
Type of mortgage: Tracker
Interest Rate: 1.5%
Other borrowings: None
No credit card
Savings: €35,000 in bonds and certs An Post
Pension scheme: I pay €323.23 per 2 weeks, spouse pays €245.21 per month
Any other properties: Yes, value of house €100,000, mortgage left on house: €145,000, tracker rate of 1.35% with BOI, 20 years left at €653 per month. €600 rental income per month.
Ages of children: 5, 19 months and one on way
Life Assurance: Both have it
Specific question: Want a bigger house as soon as possible and wonder should we save our money or overpay our mortgages to pay off as soon as possible? Also, what to do with €35k savings?