paddyodoors
Registered User
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Age: 34
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 81k
Annual gross income of spouse: 72k
Type of employment: private sector
In general are you: Saving
Rough estimate of value of home: 450k
Amount outstanding on your mortgage: 350k
What interest rate are you paying? Split as follows:
290k = ECB +.6 // 60k = ECB +1.1 (top up loan mid financial fall out)
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? Yes (usually)
Savings and investments: Save 1-2k pm in high int deposit acc’s (FA regular saver etc), saving for house extension. Current total Circa 65k
Do you have a pension scheme? Yes both have company plan
AVCs – ME 20% Spouse 10%
Do you own any investment or other property? No
Ages of children: 11 Months + 2 years 4 months – possibility of a 3rd in a year or 2
Life insurance: Covered via mortgage protection and work policies
What specific question do you have or what issues are of concern to you?
Whilst we earn a good wage currently, we both could potentially be made redundant by the turn of the year due to our respective company situations. I am in present company less that 2 years, spouse has 12 years (13y in March). I estimate roughly that the redundancies NET would be 15k and spouse 92k
I think it makes sense for my spouse to look for the redundancy with this potential large lump sum . We pay 1600 a month in childcare costs and she would prefer to work locally part time rather than commuting and working full time anyway
Obviously the part time role will probably take an age to find in the current environment and the base salary would be a fraction of what she earns now, but we can easily manage on one salary once you remove/reduce the childcare costs.
Just wondering what people’s thoughts were on this, if my job was secure maybe this would make the decision easier/different? Appreciate your thoughts.
thanks Paddy