Personal details
Age: 34
Spouse's age: 34
Number and age of children: One. – 8 months old, plan to have one more.
Income and expenditure
Annual gross income from employment or profession: €100K
Annual gross income of spouse/partner: €54k
Monthly take-home pay: €4,800 + €3,100 = €7,900
Type of employment: Both semi-state, predominately working remotely in Clare, one day a week in the office in Dublin.
Employer type: Permanent employees
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving – slightly over €3k per month (once we have purchased home will revert to €2k per month realistically with childcare, increase pension contributions etc.)
Rough estimate of value of home: N/A – Currently renting €1,500 per month
Amount outstanding on your mortgage: N/A
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc – No loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Savings- €200k (deposit account) incudes redundancy payment €76k
Do you have a pension scheme? Yes both have DC pensions - €84k and spouse €32k
Currently not maxing our pension as concentrating on purchasing home. Contributing 7% and 7% matched from employer and spouse is 5% and 5% matched from employer. These are max employer contributions. Plan to increase contributions once we buy a house.
Do you own any investment or other property? No, but spouse is an only child and will inherit house valued at approx. €260k in next number of years as father is quite elderly
Life insurance: Yes both have 4 times salary through work but an area we must review now that there are 3 of us.
What specific question do you have or what issues are of concern to you?
1.We are currently in the process of purchasing our first home (mortgage approval for €535k), had originally set our budget between €450k & €550k range however a forever house has come on the market for €670k and would require no work on improvements. Contemplating making an offer but concerned it would put us under unnecessary pressure.
2. Had initially planned to have a smaller mortgage, using surplus to maximise pension and grow other investments with the hope of retiring at 60. Do you think the larger mortgage would significantly impact this?
3. Outside the above is there anything you advise we should focus on, all advise is welcomed!!
As a long term follower of the page, I’m really grateful for the resource and the knowledge of the contributors is remarkable.
Thanks
Age: 34
Spouse's age: 34
Number and age of children: One. – 8 months old, plan to have one more.
Income and expenditure
Annual gross income from employment or profession: €100K
Annual gross income of spouse/partner: €54k
Monthly take-home pay: €4,800 + €3,100 = €7,900
Type of employment: Both semi-state, predominately working remotely in Clare, one day a week in the office in Dublin.
Employer type: Permanent employees
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving – slightly over €3k per month (once we have purchased home will revert to €2k per month realistically with childcare, increase pension contributions etc.)
Rough estimate of value of home: N/A – Currently renting €1,500 per month
Amount outstanding on your mortgage: N/A
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc – No loans
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Savings- €200k (deposit account) incudes redundancy payment €76k
Do you have a pension scheme? Yes both have DC pensions - €84k and spouse €32k
Currently not maxing our pension as concentrating on purchasing home. Contributing 7% and 7% matched from employer and spouse is 5% and 5% matched from employer. These are max employer contributions. Plan to increase contributions once we buy a house.
Do you own any investment or other property? No, but spouse is an only child and will inherit house valued at approx. €260k in next number of years as father is quite elderly
Life insurance: Yes both have 4 times salary through work but an area we must review now that there are 3 of us.
What specific question do you have or what issues are of concern to you?
1.We are currently in the process of purchasing our first home (mortgage approval for €535k), had originally set our budget between €450k & €550k range however a forever house has come on the market for €670k and would require no work on improvements. Contemplating making an offer but concerned it would put us under unnecessary pressure.
2. Had initially planned to have a smaller mortgage, using surplus to maximise pension and grow other investments with the hope of retiring at 60. Do you think the larger mortgage would significantly impact this?
3. Outside the above is there anything you advise we should focus on, all advise is welcomed!!
As a long term follower of the page, I’m really grateful for the resource and the knowledge of the contributors is remarkable.
Thanks