Income details
Net monthly €3100 ,private sector , full time with company since '04.
Net monthly income spouse: €2300, full time with company since '07.
Married ,both late 20's.
Do you need a car for work or do you use public transport? We have 1 car
Number of children 0- 2 years old: First baby due in a few weeks
Home loan
Lender: Bank of Scotland, 28 years left
Amount outstanding: 260000
Value of home: 180000
Interest rate: tracker , ecb +1.5%
Monthly repayment € 847.54 ( the most recent June ecb cut has not been applied yet, so this amount will reduce in August)
Amount in arrears- no arrears, we have never missed a payment.
Credit Union (both have accounts and history with CU , currently have no savings or loans but have used in the past)
Amount of shares €0
Amount of loan outstanding €0
No other loans , both have credit cards but small balances are cleared every month.
Other savings and investments as of July
Rabo €56500
Do you expect any lump sums in the medium term
No
How important is retaining the family home to you?
Which of the following best describes your situation?
I don't care about keeping the family home. -we are happy to stay here for the next few years.
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it. - We don't care about keeping it,would prefer not to be landlords in the future so ideally we could sell up in a few years. We will keep it though if that makes the most financial sense.
Any other relevant information
What is your preferred realistic outcome ?
We would like the freedom to be able to move/build a new home within the next 2/3years . We like our house which is in suburbia but our preferred option is to live and raise our family in the countryside,in a modest home before child starts school.
Budget required for move would be about €150000
I would like advice on how to best reach our goal .
Is it even worth applying for a mortgage with another lender as we are in negative equity with BOSI.
Do we keep saving for the next few years, fund the move ourselves and rent out our current home?
Net monthly €3100 ,private sector , full time with company since '04.
Net monthly income spouse: €2300, full time with company since '07.
Married ,both late 20's.
Do you need a car for work or do you use public transport? We have 1 car
Number of children 0- 2 years old: First baby due in a few weeks
Home loan
Lender: Bank of Scotland, 28 years left
Amount outstanding: 260000
Value of home: 180000
Interest rate: tracker , ecb +1.5%
Monthly repayment € 847.54 ( the most recent June ecb cut has not been applied yet, so this amount will reduce in August)
Amount in arrears- no arrears, we have never missed a payment.
Credit Union (both have accounts and history with CU , currently have no savings or loans but have used in the past)
Amount of shares €0
Amount of loan outstanding €0
No other loans , both have credit cards but small balances are cleared every month.
Other savings and investments as of July
Rabo €56500
Do you expect any lump sums in the medium term
No
How important is retaining the family home to you?
Which of the following best describes your situation?
I don't care about keeping the family home. -we are happy to stay here for the next few years.
I would like to keep it, but will get rid of it if it means I can get rid of the mortgage associated with it. - We don't care about keeping it,would prefer not to be landlords in the future so ideally we could sell up in a few years. We will keep it though if that makes the most financial sense.
Any other relevant information
What is your preferred realistic outcome ?
We would like the freedom to be able to move/build a new home within the next 2/3years . We like our house which is in suburbia but our preferred option is to live and raise our family in the countryside,in a modest home before child starts school.
Budget required for move would be about €150000
I would like advice on how to best reach our goal .
Is it even worth applying for a mortgage with another lender as we are in negative equity with BOSI.
Do we keep saving for the next few years, fund the move ourselves and rent out our current home?