Familyman77
Registered User
- Messages
- 157
Up dating my money makeover after some changes / helpful input
Age: 43
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 65k
Annual gross income of spouse: n/a homemaker
Monthly take-home pay €4750 ( this figure includes ICTC tax credit €3300 per annum, €5000 net per annum bonus paid weekly )
Type of employment: e.g. Civil Servant, self-employed
Private Sector construction industry
In general are you:
(a) spending more than you earn, or
(b) saving?
Keeping savings steady at 20k, 8k in daily spending account ( which include holidays etc ) and then overpaying approx €500 a month on mortgage
Rough estimate of value of home
€350000
Amount outstanding on your mortgage:
€125000 16.5 years left at €800 per month ( plus €80..0 PPI )
What interest rate are you paying?
2.75% <50% LTV
Other borrowings – car loans/personal loans etc
No other debt
Do you pay off your full credit card balance each month?
N/A
If not, what is the balance on your credit card?
Savings and investments: €20k in CU
Do you have a pension scheme?
Work one is CWPS scheme I pay €20 and work pays €40 per week. Employer wont contribute higher to this. Current value €45k
Separate one is executive pension plan started 2019. Has 190k value and would expect employer to contribute average of 20k per year to this .
Do you own any investment or other property?
No
Ages of children: 4 and 8
Life insurance: with mortgage, also have PPI and have Death in service cover with small industry pension
What specific question do you have or what issues are of concern to you?
I've kept the variable rate as I'm keen to overpay the mortgage as I'm hopeful that the pension contributions shown above will continue ( I dont make any AVCs )
I'm sure I read on another post suggesting that I should in fact fix for 5 years and even with penalties it would be cheaper in the long run . Is this the case
Age: 43
Spouse’s/Partner's age: 37
Annual gross income from employment or profession: 65k
Annual gross income of spouse: n/a homemaker
Monthly take-home pay €4750 ( this figure includes ICTC tax credit €3300 per annum, €5000 net per annum bonus paid weekly )
Type of employment: e.g. Civil Servant, self-employed
Private Sector construction industry
In general are you:
(a) spending more than you earn, or
(b) saving?
Keeping savings steady at 20k, 8k in daily spending account ( which include holidays etc ) and then overpaying approx €500 a month on mortgage
Rough estimate of value of home
€350000
Amount outstanding on your mortgage:
€125000 16.5 years left at €800 per month ( plus €80..0 PPI )
What interest rate are you paying?
2.75% <50% LTV
Other borrowings – car loans/personal loans etc
No other debt
Do you pay off your full credit card balance each month?
N/A
If not, what is the balance on your credit card?
Savings and investments: €20k in CU
Do you have a pension scheme?
Work one is CWPS scheme I pay €20 and work pays €40 per week. Employer wont contribute higher to this. Current value €45k
Separate one is executive pension plan started 2019. Has 190k value and would expect employer to contribute average of 20k per year to this .
Do you own any investment or other property?
No
Ages of children: 4 and 8
Life insurance: with mortgage, also have PPI and have Death in service cover with small industry pension
What specific question do you have or what issues are of concern to you?
I've kept the variable rate as I'm keen to overpay the mortgage as I'm hopeful that the pension contributions shown above will continue ( I dont make any AVCs )
I'm sure I read on another post suggesting that I should in fact fix for 5 years and even with penalties it would be cheaper in the long run . Is this the case