Needtomove
Registered User
- Messages
- 23
Age: 41
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: 36,000 plus €6000 Bonus(4 day week)
Spouse: €36,000
Type of employment: Both Private sector
In general are you:
(a) Breaking Even
Rough estimate of value of home 380,000
Amount outstanding on your mortgage: 198,000
What interest rate are you paying? 4.2 % BOI( looking in to Re mortgaging for lower interest rate at present due to good LTV)
Other borrowings – car loans/personal loans etc : Car loan PCP so think about 18k on car left
Do you pay off your full credit card balance each month? No
If not what is the balance on your credit card. €800
Savings and investments: Credit union loan of 6k..savings 3k
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes..Please see all details below...my query relatea to this....
Ages of children: baby, 4 and 5
Life insurance: bank BOI mortgage
What specific question do you have or what issues are of concern to you?
My question relates to my investment property (original.home)
It is let out last 4 years, all income declared.and tax compliant..all taxes..expenses paid and up to date
so: mortgage outstanding 85,500
rate 2.75%
mortgage pm.€690
management fees pm €55
letting agent €90pm
Rent received €950pm
so.after expenses above €100pm left..I use this towards tax...after expenses tax bill circa 2k per year so we end up paying circa €800 per year out of our own money as well as any repairs needed etc
now...I find out from.speaking to.estate agents after paying o/s mortgage , solicitor and estate agent we could potentially net €50k
We have 14 years left on the mortgage
We are so tempted to sell..pay off our debt ( c union
car and Credit card...total €22k) have a nice family holiday abroad(5 years so far since last one) and save the €24k in a long term account we cannot touch until kids start college
We both have fairly good pension scheme at work for our own futures, we pay childcare and live month to month..cannot save for big things/luxury like a nice holiday
We are confused!Please help!Based on figures above
what would you all advise?Sell now?or keep as an investment to be sold when mortgage paid off in 14 years time and two eldest kids in college?
Thank you
Spouse’s/Partner's age: 38
Annual gross income from employment or profession: 36,000 plus €6000 Bonus(4 day week)
Spouse: €36,000
Type of employment: Both Private sector
In general are you:
(a) Breaking Even
Rough estimate of value of home 380,000
Amount outstanding on your mortgage: 198,000
What interest rate are you paying? 4.2 % BOI( looking in to Re mortgaging for lower interest rate at present due to good LTV)
Other borrowings – car loans/personal loans etc : Car loan PCP so think about 18k on car left
Do you pay off your full credit card balance each month? No
If not what is the balance on your credit card. €800
Savings and investments: Credit union loan of 6k..savings 3k
Do you have a pension scheme? Yes
Do you own any investment or other property? Yes..Please see all details below...my query relatea to this....
Ages of children: baby, 4 and 5
Life insurance: bank BOI mortgage
What specific question do you have or what issues are of concern to you?
My question relates to my investment property (original.home)
It is let out last 4 years, all income declared.and tax compliant..all taxes..expenses paid and up to date
so: mortgage outstanding 85,500
rate 2.75%
mortgage pm.€690
management fees pm €55
letting agent €90pm
Rent received €950pm
so.after expenses above €100pm left..I use this towards tax...after expenses tax bill circa 2k per year so we end up paying circa €800 per year out of our own money as well as any repairs needed etc
now...I find out from.speaking to.estate agents after paying o/s mortgage , solicitor and estate agent we could potentially net €50k
We have 14 years left on the mortgage
We are so tempted to sell..pay off our debt ( c union
car and Credit card...total €22k) have a nice family holiday abroad(5 years so far since last one) and save the €24k in a long term account we cannot touch until kids start college
We both have fairly good pension scheme at work for our own futures, we pay childcare and live month to month..cannot save for big things/luxury like a nice holiday
We are confused!Please help!Based on figures above
what would you all advise?Sell now?or keep as an investment to be sold when mortgage paid off in 14 years time and two eldest kids in college?
Thank you