# Any advice on my current position?



## kaiser1 (25 Nov 2007)

Age: 31
   Spouse’s/Partner's age: na

   Annual gross income from employment or profession: circa ~36k gross
   Annual gross income spouse:na

   Type of employment: e.g. Civil Servant,  self-employed
-PAYE / Multinational 

Expenditure pattern: In general are you spending more than you earn or are you saving? No, i dont spend more than I earn, quite frugal, and have most xmas shoppin done already 

   Rough estimate of value of home    €265K
   Mortgage on home  €55k 
   Mortgage provider: FA
   Type of mortgage: Tracker, interest only, fixed rate - Tracker
   Interest rate  4.75%
Currently paying mortgage of €487pm net, also kept SSIA going and now pay extra €250 on top of that too as an extra payment.

   Other borrowings – Nada / Zilch

   Do you pay off your full credit card balance each month? Yup - just paid it off yesterday (€180)
   If not, what is the balance on your credit card? 

   Savings and investments:
    Current ac**** 5k - halifax
Shares 7.5k (most tied up for 3 yrs to avoid income tax) / Goverenment scheme with employer
Halifax regular saver €300pm (1500 at present)
Quinn life China fund 100% €150pm (only started so only 600 in there)
Foresty fund (1997) €500 one off payment/share - matures in another 20 years.
Northern rock (use as emergency fund) €1k
ebs building society €300 again as emergency fund / and as to keep an account open in event of demut.
Irish Nationwide €130 - touch and go if i get the windfall as  need to wait till march 08 but keeping it there till i know for sure.
Local Credit union - €400 use this as saving for holiday fund / pay €100 pm in there now.

Do you have a pension scheme? Yes,  pay  4% employer 6% , plus pay 15% AVCs

   Do you own any investment or other property? 
    No 
   Ages of children: 
    na
   Life insurance: 
    Standard house life insurance, plus work ensures us for 3 x salary

*What specific question do you have or what issues are of concern to you? 
*Main concern is wanting to get rid of mortgage at this point in time, hopefully next month once i have a disposable €5k im going to pay this off mortgage aswell and knock another few years off. plan is to be mortgage free in 3 yrs, i know maybe seems crazy but I hate having loans / 
owing money. Even have a big piggybank in the kitchen and everytime I have ANY change in the pocket it goes in there - this is an extra fund thats going to be paid off mortgage (currently €350 in there!)
 Realise I should have more of a slosh/emergency fund so might add to this in time.

once mortgage is erased plan to invest money that would have otherwise been given to bank in intrest payments, and hopefully become more comfortable in the long term.


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## Brendan Burgess (25 Nov 2007)

Hi Kaiser

You are doing fine. 

Moderate and controlled borrowing is good. You have a loan of €55k which is comfortable. You should not be living frugally so that you become mortgage free. For example, if you want to trade up, you should trade up  and not allow  your dislike of borrowings to stop you. 

I would close out the various savings accounts, except the Irish Nationwide and maybe the EBS, and pay off the mortgage with these. There is no reason to pay 4.75% on your mortgage while earning less than this in a savings account. 

I doubt if you have a share account with the Irish Nationwide. Opened in March 06? You might have a savings account, but not a share account. 

Brendan


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## kaiser1 (26 Nov 2007)

Thks Brendan

the main saving account earns 7% with Halifax so will hang on to that one.
 and yes it is a share account with  Irish nationwide Confirmed with the secectary (opened account 10 yrs ago always kept something in it but let it slip a bit)
wanted to have some exposure to China with the way its going over there so would like to continue this too.


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