Personal details
Age:53
Spouse’s/Partner's age:49
Number and age of children: Three ages 10, 12, 14
Income and expenditure
Annual gross income from employment or profession:€70k
Annual gross income of spouse:€6k
Monthly take-home pay €5300
Type of employment: e.g. Civil Servant, self-employed:
self employed, director in a limited company with my wife
In general are you:
(a) spending more than you earn, or
(b) saving?
constantly in the red of at least €300-€500 per month in overdraft so spending more than we earn.
Summary of Assets and Liabilities
Family home worth €380k mortgage of €370k interest only at 1% above Ecb rates. 8 years left on the mortgage.
Cash of €0
Combined pension fund: €480k
Company shares : none
Buy to Let Property: none
Family home mortgage information
Lender Kbc now Boi
Interest rate 1% above Ecb , 8 years remaining
If fixed, what is the term remaining of the fixed rate?
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Personal loan of €20,000 paying back €233 /month, loan taken out recently to pay back a family loan and dental expenses for 2 kids.
Do you pay off your full credit card balance each month? Yes ( try not to use it)
If not, what is the balance on your credit card? €0
Buy to let properties
Value: none
Rental income per year: none
Rough annual expenses other than mortgage interest :
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments: only €12,000 in a savings certificate hoping to keep towards college fund for kids. Trying to save €300/month to add to this.
Do you have a pension scheme? Yes, private pensions both paid up pensions and current. Fund value is roughly €480k ( included in this is wife’s paid up pensions of €180k)
Do you own any investment or other property? None
Other information which might be relevant, budget every month to pay bills etc.
Life insurance: yes, full cover for mortgage amount costing €4300 annually
What specific question do you have or what issues are of concern to you?
I work full time and wife works in the home. Currently have €300,000 sitting in company account, when mortgage is due hoping to avail of retirement relief to use this money to clear the mortgage. should have in excess of €450,000 in company in 8 years. We don’t want to use tax free lump sums from pension to try to clear the mortgage.
With three kids no opportunity to save regularity for college etc. In the red every month for day to day living and bills, can’t see any way out of this. Specific question is this plan feasible to clear the mortgage.
Many thanks for any advice.
Age:53
Spouse’s/Partner's age:49
Number and age of children: Three ages 10, 12, 14
Income and expenditure
Annual gross income from employment or profession:€70k
Annual gross income of spouse:€6k
Monthly take-home pay €5300
Type of employment: e.g. Civil Servant, self-employed:
self employed, director in a limited company with my wife
In general are you:
(a) spending more than you earn, or
(b) saving?
constantly in the red of at least €300-€500 per month in overdraft so spending more than we earn.
Summary of Assets and Liabilities
Family home worth €380k mortgage of €370k interest only at 1% above Ecb rates. 8 years left on the mortgage.
Cash of €0
Combined pension fund: €480k
Company shares : none
Buy to Let Property: none
Family home mortgage information
Lender Kbc now Boi
Interest rate 1% above Ecb , 8 years remaining
If fixed, what is the term remaining of the fixed rate?
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Personal loan of €20,000 paying back €233 /month, loan taken out recently to pay back a family loan and dental expenses for 2 kids.
Do you pay off your full credit card balance each month? Yes ( try not to use it)
If not, what is the balance on your credit card? €0
Buy to let properties
Value: none
Rental income per year: none
Rough annual expenses other than mortgage interest :
Lender
Interest rate
If fixed, what is the term remaining of the fixed rate?
Other savings and investments: only €12,000 in a savings certificate hoping to keep towards college fund for kids. Trying to save €300/month to add to this.
Do you have a pension scheme? Yes, private pensions both paid up pensions and current. Fund value is roughly €480k ( included in this is wife’s paid up pensions of €180k)
Do you own any investment or other property? None
Other information which might be relevant, budget every month to pay bills etc.
Life insurance: yes, full cover for mortgage amount costing €4300 annually
What specific question do you have or what issues are of concern to you?
I work full time and wife works in the home. Currently have €300,000 sitting in company account, when mortgage is due hoping to avail of retirement relief to use this money to clear the mortgage. should have in excess of €450,000 in company in 8 years. We don’t want to use tax free lump sums from pension to try to clear the mortgage.
With three kids no opportunity to save regularity for college etc. In the red every month for day to day living and bills, can’t see any way out of this. Specific question is this plan feasible to clear the mortgage.
Many thanks for any advice.