S
Sheridan
Guest
Hi,
Looking for some advice please.
Age: 39
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 32K
Annual gross income of spouse: 66K
Type of employment: e.g. both public service jobs
In general we are
(b) saving?
Rough estimate of value of home 450k
Amount outstanding on your mortgage: 105k
What interest rate are you paying? 2.95%
Other borrowings – car loans/personal loans etc car loan 6k
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 1500
Savings and investments: Scots prov with profit 250 per month(year 9 of 15), now worth 26k , also Norwich Union celebration bond (original investment 10k pounds due to mature 2010)
Do you have a pension scheme? Compulsory state (also paying AVC)
Do you own any investment or other property? Have paid a deposit on Portugese property (56k) due to complete in April will need 100K mortgage to cover the balance
Ages of children: (4,6,9,11)
Life insurance: Mortgage life insurance, also have a policy each (not for much )
The original aim of our investments were to provide an deucational fund for the children. However with the Scots prov the guaranteed return is 38.6k after the fifiteen euros which won't cover the investment. If I cash it in now I have only lost a small amount and could pay off car loan, credit card and put in a high interest account. The lump sum investment will mature next Jan and will probably go the same route with that.
Are we mad to be going ahead with the Portugese property? if our deposit was less would consider pulling out but 56k is too much to lose for us.
The important thing for me is to be able to pay the bills, save for the kids education and have a reasonable lifestyle.
Thanks
Looking for some advice please.
Age: 39
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 32K
Annual gross income of spouse: 66K
Type of employment: e.g. both public service jobs
In general we are
(b) saving?
Rough estimate of value of home 450k
Amount outstanding on your mortgage: 105k
What interest rate are you paying? 2.95%
Other borrowings – car loans/personal loans etc car loan 6k
Do you pay off your full credit card balance each month? No
If not, what is the balance on your credit card? 1500
Savings and investments: Scots prov with profit 250 per month(year 9 of 15), now worth 26k , also Norwich Union celebration bond (original investment 10k pounds due to mature 2010)
Do you have a pension scheme? Compulsory state (also paying AVC)
Do you own any investment or other property? Have paid a deposit on Portugese property (56k) due to complete in April will need 100K mortgage to cover the balance
Ages of children: (4,6,9,11)
Life insurance: Mortgage life insurance, also have a policy each (not for much )
The original aim of our investments were to provide an deucational fund for the children. However with the Scots prov the guaranteed return is 38.6k after the fifiteen euros which won't cover the investment. If I cash it in now I have only lost a small amount and could pay off car loan, credit card and put in a high interest account. The lump sum investment will mature next Jan and will probably go the same route with that.
Are we mad to be going ahead with the Portugese property? if our deposit was less would consider pulling out but 56k is too much to lose for us.
The important thing for me is to be able to pay the bills, save for the kids education and have a reasonable lifestyle.
Thanks