Thanks for taking time to read and reply . Always found advice here a great help
Age: 38
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 55000
Annual gross income of spouse:38000
Monthly take-home pay 5800
Type of employment: e.g. Civil Servant, self-employed :Private both
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 500000
Amount outstanding on your mortgage: 130000 with 11 years left
What interest rate are you paying? 2.75 Variable
Other borrowings – car loans/personal loans etc none all paid
Do you pay off your full credit card balance each month? Yes balance of 0
If not, what is the balance on your credit card?
Savings and investments:
50000€ In deposit account used as emergency fund if needed. Children’s benefit kept separate for education needs in future.
Do you have a pension scheme?
Yes DC for myself 55k fund approx, 8% ER &6%EE and small company PRSA scheme for spouse 18k fund
Do you own any investment or other property?
We will inherit a couple of properties in Long term
Ages of children:
1 & 4
Life insurance 4e: both have death in service 4&2 times with company plans, no other policy bar mortgage protection obviously
specific question do you have or what issues are of concern to you?
We have actively overpaying mortgage to be mortgage free between the ages 45-47 hopefully . My own personal thought is to continue down this road as fortunately it’s the only debt we have ... Creche fees won’t last forever and to put what money left over into reducing this balance rather than a deposit account . Also my pension needs an increase in AVC’s I suspect .
Toyed with the idea of setting up a EFT /shares however lack of knowledge and expertise put me off. Some house renovations are on the horizon but not large and mainly manageable from emergency fund. LTV is very good due to large deposit also.
We are just looking for some outside thoughts on our situation/ plan? Any improvements to it and recommendations? Investments and /or pension advice.
Age: 38
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 55000
Annual gross income of spouse:38000
Monthly take-home pay 5800
Type of employment: e.g. Civil Servant, self-employed :Private both
In general are you:
(a) spending more than you earn, or
(b) saving? Saving
Rough estimate of value of home 500000
Amount outstanding on your mortgage: 130000 with 11 years left
What interest rate are you paying? 2.75 Variable
Other borrowings – car loans/personal loans etc none all paid
Do you pay off your full credit card balance each month? Yes balance of 0
If not, what is the balance on your credit card?
Savings and investments:
50000€ In deposit account used as emergency fund if needed. Children’s benefit kept separate for education needs in future.
Do you have a pension scheme?
Yes DC for myself 55k fund approx, 8% ER &6%EE and small company PRSA scheme for spouse 18k fund
Do you own any investment or other property?
We will inherit a couple of properties in Long term
Ages of children:
1 & 4
Life insurance 4e: both have death in service 4&2 times with company plans, no other policy bar mortgage protection obviously
specific question do you have or what issues are of concern to you?
We have actively overpaying mortgage to be mortgage free between the ages 45-47 hopefully . My own personal thought is to continue down this road as fortunately it’s the only debt we have ... Creche fees won’t last forever and to put what money left over into reducing this balance rather than a deposit account . Also my pension needs an increase in AVC’s I suspect .
Toyed with the idea of setting up a EFT /shares however lack of knowledge and expertise put me off. Some house renovations are on the horizon but not large and mainly manageable from emergency fund. LTV is very good due to large deposit also.
We are just looking for some outside thoughts on our situation/ plan? Any improvements to it and recommendations? Investments and /or pension advice.