# What to do?



## dopeydave (30 Aug 2010)

Age: 30
Spouse’s/Partner's age: 35

Annual gross income from employment or profession: 30000
Annual gross income of spouse: 28000

Type of employment: Employed

In general are you:
Saving about 600 p/m

Rough estimate of value of home : 210000
Amount outstanding on your mortgage: 171,000 - 17 years left
*What interest rate are you paying?3.25 AIB variable rate*

Other borrowings – car loan 220 p/m ends Dec 2011 

Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? 

Savings and investments: €20,000 in AIB deposit account

Do you have a pension scheme? No

Do you own any investment or other property? No

Ages of children: 0

Life insurance: Yes

*What specific question do you have or what issues are of concern to you?*

*We've been saving slowing for years without any real target or idea of what to do with it.*

*Not sure what to do with €20,000 savings and regular monthly savings of €600. Want to either put in deposit at a decent return or maybe pay it off the mortage. Should we start pensions or try to overpay mortgage every month?*

Thanks in advance.

Dopey


----------



## dopeydave (30 Aug 2010)

Thanks for your reply. It's helping me to think about this in a different way.

I'll do some maths and post again later / tomorrow.


----------



## Fitzer123 (30 Aug 2010)

Hi dave,

Is it possible to clear the car loan without incurring any penalty ? If so, I would assume it is incurring a higher interest rate than your mortgage. I would look at clearing this loan and putting the €220 p/m against either the mortgage / pension as suggested


----------

