- Age:
51
Spouse’s/Partner's age:
41
Annual gross income from employment or profession:
E67400
Annual gross income spouse:
E27000
Type of employment:
Both private sector employees
Expenditure pattern:
We are both generally 'spenders' we did save in 2018 to buy our current home.
Rough estimate of value of home
E171000 ( just purchased house) 15 year mortgage term.
Mortgage on home
E153600- we've been paying our mortgage for 1 month now.
Mortgage provider:
Haven
Type of mortgage: Tracker, interest only, fixed rate
Variable
Interest rate
3.15%
Other borrowings – car loans/personal loans etc
2 car loans. Mine 358 per month. Out standing balance : 15K.Partner 219 per month.outstanding baalance 10k
Do you pay off your full credit card balance each month?
No. Outstanding balance 6k
Savings and investments:
None
Do you have a pension scheme?
Yes, I pay 6 % into personal pension prsa. Matched by employer. Current pot worth 90k.I also have a frozen uk defined benefit private pension worth 380k which I need to consider what to do with.Spouse does not have any pension arrangements set up.- Do you own any investment or other property?
Yes.became an accidental landlord a few years ago. HOUSE in my name.Worth 300k. Mortgage on this house is 173k tracker rate of 1.05% 14 years left on this mortgage.
Should we sell the rental property. We have used u p our savings to buy our current home. I never intended to become a landlord, but I had to move for work and house did not have enough positive equity at the time. The tax from the rent is very eyewateringly high and as a result does not cover my mortgage payments and associated costs with the house. So it is costing me significantly each year to keep the house.
House rises seem to have slowed down in the area.
If we were to sell the house now, I was thinking of using the equity too take a lump sum of current mortgage, clear loans,put some funds into savings and use the release of monthly payments to increase my pension contributions. Also my partner wishes to start a pension too.
Any advice/ suggestions?