Faointeach
Registered User
- Messages
- 4
Age: 41
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 110,000
Annual gross income of spouse, varies, affected by covid so conservatively saying: 40,000
Monthly take-home pay 5300 (me) 2,500 (partner)
Type of employment:
Me, Public sector , spouse self employed
In general are you, (a) spending more than you earn, or (b) saving?
Saving but without a focus and not particularly strict, just living a quiet life!
Rough estimate of value of home 500,000
Amount outstanding on your mortgage: 168,000
What interest rate are you paying? 2.75
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:
90,000 cash savings
20,000 in kids names saved from child benefit and gifts they have received from grandparents.
Do you have a pension scheme? Yes, defined benefit with death in service benefit for husband. partner no
Do you own any investment or other property? No
Ages of children: 6 and 3
Life insurance: yes for mortgage value and income protection, partner none and not on mortgage
What specific question do you have or what issues are of concern to you?
1)Children’s savings are in an post state savings, should I move this lump sum somewhere?
2)We either need to extend house or buy a bigger one. To do extension would be about 150,00 and to move would need to buy a house with about a 750,000 value. Any advice on how to bridge gap of current savings and money needed for either of these options?
3)Pie in the sky stuff possibly, but was wondering should we aim to pay off mortgage ( that would serve as spouse’s pension in the future (college area/near centre so think will always be able to rent out) and save up over next 5 - 10 years for new house....
4) think as I write this, obvious that I need to sort out life insurance for spouse for mortgage.
Spouse’s/Partner's age: 40
Annual gross income from employment or profession: 110,000
Annual gross income of spouse, varies, affected by covid so conservatively saying: 40,000
Monthly take-home pay 5300 (me) 2,500 (partner)
Type of employment:
Me, Public sector , spouse self employed
In general are you, (a) spending more than you earn, or (b) saving?
Saving but without a focus and not particularly strict, just living a quiet life!
Rough estimate of value of home 500,000
Amount outstanding on your mortgage: 168,000
What interest rate are you paying? 2.75
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:
90,000 cash savings
20,000 in kids names saved from child benefit and gifts they have received from grandparents.
Do you have a pension scheme? Yes, defined benefit with death in service benefit for husband. partner no
Do you own any investment or other property? No
Ages of children: 6 and 3
Life insurance: yes for mortgage value and income protection, partner none and not on mortgage
What specific question do you have or what issues are of concern to you?
1)Children’s savings are in an post state savings, should I move this lump sum somewhere?
2)We either need to extend house or buy a bigger one. To do extension would be about 150,00 and to move would need to buy a house with about a 750,000 value. Any advice on how to bridge gap of current savings and money needed for either of these options?
3)Pie in the sky stuff possibly, but was wondering should we aim to pay off mortgage ( that would serve as spouse’s pension in the future (college area/near centre so think will always be able to rent out) and save up over next 5 - 10 years for new house....
4) think as I write this, obvious that I need to sort out life insurance for spouse for mortgage.