# Advice



## nutty (25 Feb 2010)

Age: 31
Spouse’s/Partner's age: 31

Annual gross income from employment or profession: *60K including bonuses
*Annual gross income of spouse:*29K*

Type of employment: *Both private sector. Both jobs as secure as they can be
*In general are you:

saving? *YES*

Rough estimate of value of home *Purchased in July 2008 (market had cooled somewhat for 375K. Not Sure now? 320K??
*Amount outstanding on your mortgage: *283K*
What interest rate are you paying?* Tracker ECB +1.05%*

Other borrowings – car loans/personal loans etc *None*

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: *About 53K in various Credit union accounts*

Do you have a pension scheme? *Yes. Non contributory pension and contribute 3% (3% matched by employer) per month salary to it. Equity based. Work scheme
*
Do you own any investment or other property? *Have approximately 31K dollars of shares in company shares. Decent dividend
*
Ages of children: *NONE
*
Life insurance: *Both covered for 300K each*


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

I realise I should probably put a least a chunk of my savings in a better interest yielding location yes? 

Am I over exposed to shares having a lot of company shares and my AVC's is currently mostly in shares. Or am I fine considering my age?

Im happy at the moment on the tracker mortgage. as we are overpaying by about 500 euro a month. Should I divert this money to a high interest account instead?

We are still unsure if where we are living will be where we are living in 3 to 5 years.........thats my only real worry. If I had to sell, hoping not to be in neg equity and not having a hope in hell of getting a tracker tha next time out, albeit we'd be talking about cheaper prices


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## chlipps (25 Feb 2010)

Financially you are doing well. 

You do need to move the money from the CU.. Interest rate in CU is practically 0%. Check out the best buys in the deposits section. Spread to a few banks.

The interest rate on the tracker is low so I would have the money earning higher rate of interest somewhere else if possible. However, I know that for peace of mind, some people like to get their debts down to reduce their risks.


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## Hobbs256 (28 Feb 2010)

How much are you saving a month?


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## nutty (1 Mar 2010)

Approximately 700 euro between the two of us


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## UFC (2 Mar 2010)

The interest offered in deposit accounts is higher than the interest being paid on your mortgage. Therefore it makes sense to stop overpaying your mortgage and to divert this money into a deposit account. You should also move your savings into this (or for safety, a different) deposit account.

You are doing well financially and should not be worried.


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