Age:
32
Spouse’s age:
40
Annual gross income from employment or profession:
E35,000 (although on 1 yr contract)
Annual gross income spouse:
E35,000
Type of employment:
Me: teacher, Spouse: Private Sector
Expenditure pattern:
Generally good savers
Rough estimate of value of home
E150,000
Mortgage on home
E75,000 - 13yrs left on mortgage
Mortgage provider:
AIB
Type of mortgage:
Tracker variable
Interest rate
1.95%, paying approx €540 per month.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes - currently nothing on either of our credit cards. Cards are rarely used.
Savings and investments:
E66,000 savings, mostly lying in current/low interest savings accounts.
Do you have a pension scheme?
Contributing to public sector
Spouse pays approx E110 monthly, matched by employer.
Do you own any investment or other property?
No.
Ages of children:
12 weeks
Life insurance:
Currently only on spouse, as he had this for mortgage before we married. In process of organising joint insurance.
What specific question do you have or what issues are of concern to you?
Obviously we have plenty of savings and little debt other than the mortgage, but since the arrival of the newborn we are now considering the future and the best way to invest our money in case of any unforeseen circumstances. For example, I am off on maternity and I do not have a permanent teaching post, up to now getting all my teaching experience through 1yr contracts. So there is no guarantee of employment when I return to the work force in September.
Also, in the next 2 or 3 years we would like to begin building our own home, plus there is the likelihood of at least 1 more baby (if all goes to plan).
We were trying to work out if there would be any benefit paying a lump sum off the mortgage capital, and try to reduce the remaining term to say 10yrs or less. Or even increase our monthly mortgage spend while the interest rates are so low and we can afford it. Or would we be better to invest it in a few 1yr or 2yr accounts and try to gain a few extra thousand that way?
Any thoughts welcomed.
32
Spouse’s age:
40
Annual gross income from employment or profession:
E35,000 (although on 1 yr contract)
Annual gross income spouse:
E35,000
Type of employment:
Me: teacher, Spouse: Private Sector
Expenditure pattern:
Generally good savers
Rough estimate of value of home
E150,000
Mortgage on home
E75,000 - 13yrs left on mortgage
Mortgage provider:
AIB
Type of mortgage:
Tracker variable
Interest rate
1.95%, paying approx €540 per month.
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes - currently nothing on either of our credit cards. Cards are rarely used.
Savings and investments:
E66,000 savings, mostly lying in current/low interest savings accounts.
Do you have a pension scheme?
Contributing to public sector
Spouse pays approx E110 monthly, matched by employer.
Do you own any investment or other property?
No.
Ages of children:
12 weeks
Life insurance:
Currently only on spouse, as he had this for mortgage before we married. In process of organising joint insurance.
What specific question do you have or what issues are of concern to you?
Obviously we have plenty of savings and little debt other than the mortgage, but since the arrival of the newborn we are now considering the future and the best way to invest our money in case of any unforeseen circumstances. For example, I am off on maternity and I do not have a permanent teaching post, up to now getting all my teaching experience through 1yr contracts. So there is no guarantee of employment when I return to the work force in September.
Also, in the next 2 or 3 years we would like to begin building our own home, plus there is the likelihood of at least 1 more baby (if all goes to plan).
We were trying to work out if there would be any benefit paying a lump sum off the mortgage capital, and try to reduce the remaining term to say 10yrs or less. Or even increase our monthly mortgage spend while the interest rates are so low and we can afford it. Or would we be better to invest it in a few 1yr or 2yr accounts and try to gain a few extra thousand that way?
Any thoughts welcomed.