Personal details
Age: Early forties
Spouse’s/Partner's age: Late forties
Number and age of children: Three children, six, nine and twelve
Income and expenditure
Annual gross income from employment or profession: Zero (Stay at home mom)
Annual gross income of spouse: 180k
Monthly take-home pay N/A
Type of employment: e.g. Tech Employee
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving around 30k per year
Summary of Assets and Liabilities
Family home worth €1m.
Cash of €800k
Defined Contribution pension fund: Husband has a DC Pension for about 20 years but I don’t know the value
Company shares : 100k in stock options
Buy to Let Property worth €400+k with mortgage of €250k
Other borrowings – car loans/personal loans etc
No other borrowings
Do you pay off your full credit card balance each month? Yes
Buy to let properties
Value: 400k approx
Rental income per year: 19k
Rough annual expenses other than mortgage interest : Insurance and mtg assurance 1200 per year
Lender N/A
Interest rate ECB +0.8%
Other savings and investments: none
Do you have a pension scheme? Husbands, max contributions which are being matched by his employer to 4% of income
Life insurance: None
What specific question do you have or what issues are of concern to you?
We are currently well off financially with no debts and a paid off mortgage on our PPR. We are mortgage free on our PPR.
We have a rental property with the local authority on a 10 year lease which will shortly end. The lease is for market rate * 0.8 and is payable whether there are tenants in the property or not.
The LA are responsible for the maintenance of the property and the behaviour of the tenants, sparing us from being actual landlords, which is an absolute no-go for us.
The income from the property is negligible in real terms and we’re not confident in the asset class going forward. Also, the asset is getting old and may be undesirable as a property if we go another 10 years with the lease. The LA have declined to purchase the property from us, so the choice is to have the property returned to us, in the same condition we gave to them save for fair wear and tear, or hang onto it for another 10 years.
If we do decide to hold onto it, we have another decision to make, namely should we pay off the mortgage with our free cash?
We’rer trying to shore up our financial future a bit before the girls are getting older and we want to ensure that we can provide for their education while being able to enjoy life in both the meantime and in our later years.
Any questions/comments welcome.
Age: Early forties
Spouse’s/Partner's age: Late forties
Number and age of children: Three children, six, nine and twelve
Income and expenditure
Annual gross income from employment or profession: Zero (Stay at home mom)
Annual gross income of spouse: 180k
Monthly take-home pay N/A
Type of employment: e.g. Tech Employee
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving around 30k per year
Summary of Assets and Liabilities
Family home worth €1m.
Cash of €800k
Defined Contribution pension fund: Husband has a DC Pension for about 20 years but I don’t know the value
Company shares : 100k in stock options
Buy to Let Property worth €400+k with mortgage of €250k
Other borrowings – car loans/personal loans etc
No other borrowings
Do you pay off your full credit card balance each month? Yes
Buy to let properties
Value: 400k approx
Rental income per year: 19k
Rough annual expenses other than mortgage interest : Insurance and mtg assurance 1200 per year
Lender N/A
Interest rate ECB +0.8%
Other savings and investments: none
Do you have a pension scheme? Husbands, max contributions which are being matched by his employer to 4% of income
Life insurance: None
What specific question do you have or what issues are of concern to you?
We are currently well off financially with no debts and a paid off mortgage on our PPR. We are mortgage free on our PPR.
We have a rental property with the local authority on a 10 year lease which will shortly end. The lease is for market rate * 0.8 and is payable whether there are tenants in the property or not.
The LA are responsible for the maintenance of the property and the behaviour of the tenants, sparing us from being actual landlords, which is an absolute no-go for us.
The income from the property is negligible in real terms and we’re not confident in the asset class going forward. Also, the asset is getting old and may be undesirable as a property if we go another 10 years with the lease. The LA have declined to purchase the property from us, so the choice is to have the property returned to us, in the same condition we gave to them save for fair wear and tear, or hang onto it for another 10 years.
If we do decide to hold onto it, we have another decision to make, namely should we pay off the mortgage with our free cash?
We’rer trying to shore up our financial future a bit before the girls are getting older and we want to ensure that we can provide for their education while being able to enjoy life in both the meantime and in our later years.
Any questions/comments welcome.