Age:
38
Spouse’s/Partner's age:
N/A
Annual gross income from employment or profession:
€75,500
Annual gross income spouse:
N/A
Monthly take-home pay:
€4,200
Type of employment:
Private sector
Expenditure pattern:
I am generally a good saver
Rough estimate of value of home
€375,000
Mortgage on home
€274,000
Amount outstanding on your mortgage: Just 3 months into repaying first time buyer mortgage. 27 year term. Currently pay €1,300/mth.
Mortgage provider:
EBS
Type of mortgage: Tracker, interest only, fixed rate
Variable
Interest rate
3.3%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
€47,000 in saving account earning about 1%
€36,000 in regular savers account earning 3%
Do you have a pension scheme?
No
Do you own any investment or other property?
No
Ages of children:
N/A
Life insurance:
Mortgage protection only
What specific question do you have or what issues are of concern to you?
From doing some reading here, I think now that I have the mortgage I should put most of my saving’s against the mortgage. Keep a rainy day contingency of around €20K. Each month I also have €1,000 that goes into regular savings @ 3%. I am concerned that I should be doing something else with this €1,000. My options could be to:
a) continue regular saving’s at 3%
d) overpay the mortgage on a monthly basis
c) Start a pension plan (this is an area that I do not know much about and as I edge towards 40, this is fast becoming a big concern!)
Given my age, what would others recommend to do with the €1,000 per month to work better for my future?
Any suggestions and advice welcome! Thanks!
38
Spouse’s/Partner's age:
N/A
Annual gross income from employment or profession:
€75,500
Annual gross income spouse:
N/A
Monthly take-home pay:
€4,200
Type of employment:
Private sector
Expenditure pattern:
I am generally a good saver
Rough estimate of value of home
€375,000
Mortgage on home
€274,000
Amount outstanding on your mortgage: Just 3 months into repaying first time buyer mortgage. 27 year term. Currently pay €1,300/mth.
Mortgage provider:
EBS
Type of mortgage: Tracker, interest only, fixed rate
Variable
Interest rate
3.3%
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month?
Yes
Savings and investments:
€47,000 in saving account earning about 1%
€36,000 in regular savers account earning 3%
Do you have a pension scheme?
No
Do you own any investment or other property?
No
Ages of children:
N/A
Life insurance:
Mortgage protection only
What specific question do you have or what issues are of concern to you?
From doing some reading here, I think now that I have the mortgage I should put most of my saving’s against the mortgage. Keep a rainy day contingency of around €20K. Each month I also have €1,000 that goes into regular savings @ 3%. I am concerned that I should be doing something else with this €1,000. My options could be to:
a) continue regular saving’s at 3%
d) overpay the mortgage on a monthly basis
c) Start a pension plan (this is an area that I do not know much about and as I edge towards 40, this is fast becoming a big concern!)
Given my age, what would others recommend to do with the €1,000 per month to work better for my future?
Any suggestions and advice welcome! Thanks!