Age: 30
Spouse’s/Partner's age: 30
1 child
Annual gross income from employment or profession:
Annual gross income spouse: 26,000 / 20,000
Type of employment: both employee
Expenditure pattern: spending
Rough estimate of value of home
Mortgage on home : just about to sign, mortgage will be approx 182k
value : 220k
Mortgage provider: EBS
Type of mortgage: fixed rate Interest rate , 4.88
Other borrowings – car loan, 19k (repay 400pm over 5yr) / credit union 23k(repay 300pm over 10yr) / mbna loan 9k(repay 200pm over 5 yr), ub loan 11k (repay 220 over 5 yr))
Do you pay off your full credit card balance each month? no, 100 pm between two
If not, what is the balance on your credit card? 4k
Savings and investments: 3k with cu, tied to loan
Do you have a pension scheme? partner does through work, 100 pm
Do you own any investment or other property? no
Ages of children: 7
Life insurance: tied to house and one covers both of us with proceeds to child if worst should happen, held in trust
What specific question do you have or what issues are of concern to you?
we are just closing on a house purchase for just under 160,000. we have been provided with a mortgage on the house for 130,000 and we borrowed the rest from family and the CU loan.
we have been approved extra monies to do up the house (50k) and wanted to also pay off some of our debt with this money. we should only have to spend about 25 - 30k to renovate.
the house value after this will be about 240k.
we are struggling with all the debt and the purchase is causing alot of stress.
we dont know weather to
1. forget the whole lot and spend the 20k on debts and go back to renting ?
2. go ahead do up the house and pay back the debts with the monies left over from the 50k extra we have been approved? that would be about 25k on the debts - the mortgage will work out at about 930pm
3. god only knows....or maybe aam could help
thanks in advance!
Spouse’s/Partner's age: 30
1 child
Annual gross income from employment or profession:
Annual gross income spouse: 26,000 / 20,000
Type of employment: both employee
Expenditure pattern: spending
Rough estimate of value of home
Mortgage on home : just about to sign, mortgage will be approx 182k
value : 220k
Mortgage provider: EBS
Type of mortgage: fixed rate Interest rate , 4.88
Other borrowings – car loan, 19k (repay 400pm over 5yr) / credit union 23k(repay 300pm over 10yr) / mbna loan 9k(repay 200pm over 5 yr), ub loan 11k (repay 220 over 5 yr))
Do you pay off your full credit card balance each month? no, 100 pm between two
If not, what is the balance on your credit card? 4k
Savings and investments: 3k with cu, tied to loan
Do you have a pension scheme? partner does through work, 100 pm
Do you own any investment or other property? no
Ages of children: 7
Life insurance: tied to house and one covers both of us with proceeds to child if worst should happen, held in trust
What specific question do you have or what issues are of concern to you?
we are just closing on a house purchase for just under 160,000. we have been provided with a mortgage on the house for 130,000 and we borrowed the rest from family and the CU loan.
we have been approved extra monies to do up the house (50k) and wanted to also pay off some of our debt with this money. we should only have to spend about 25 - 30k to renovate.
the house value after this will be about 240k.
we are struggling with all the debt and the purchase is causing alot of stress.
we dont know weather to
1. forget the whole lot and spend the 20k on debts and go back to renting ?
2. go ahead do up the house and pay back the debts with the monies left over from the 50k extra we have been approved? that would be about 25k on the debts - the mortgage will work out at about 930pm
3. god only knows....or maybe aam could help
thanks in advance!