Age: 36
Spouse’s age: 35
Annual gross income from employment or profession:
47k - private
Annual gross income of spouse:
60k - private
Monthly take-home pay
6,500 approx combined
Rough estimate of value of home:
285,000
Amount outstanding on your mortgage:
219,000 @ 3.35%. Overpaying 10% monthly at the moment. 18 months on current fixed rate left, and 23 yrs in total.
No other debt
Savings and investments:
50k maturing end of 2021 from low interest savings account & 12k pot sitting in current account.
Do you have a pension scheme?
Neither have pension yet. Aim to start in 2021
Ages of children:
No children, no plan for them.
What specific question do you have or what issues are of concern to you?
If mortgage is the better option, then is a lump sum the better option OR reduce the term (by 10 yrs) and start using that 12k towards the monthly increased payments. Could handle repayments of up to €1800 p/m vs €1300 now. When I looked at it it seems by paying €12k as a lump sum only saves lessthan €1k €400 in interest. Is the best way to attack the mortgage or to reduce the term? It seems that this is not the best use of the money?
Pensions - Both plan to start pensions next year. Really need to learn more about them and quickly. Any company recommendations? Also, if say €12k was put into one pension as a lump sum, what does this actually mean?
Thanks for any feedback.
Spouse’s age: 35
Annual gross income from employment or profession:
47k - private
Annual gross income of spouse:
60k - private
Monthly take-home pay
6,500 approx combined
Rough estimate of value of home:
285,000
Amount outstanding on your mortgage:
219,000 @ 3.35%. Overpaying 10% monthly at the moment. 18 months on current fixed rate left, and 23 yrs in total.
No other debt
Savings and investments:
50k maturing end of 2021 from low interest savings account & 12k pot sitting in current account.
Do you have a pension scheme?
Neither have pension yet. Aim to start in 2021
Ages of children:
No children, no plan for them.
What specific question do you have or what issues are of concern to you?
- What to do with €12k savings pot?
- Should we switch to be assessed as married couple for tax credits? Is there any benefit?
If mortgage is the better option, then is a lump sum the better option OR reduce the term (by 10 yrs) and start using that 12k towards the monthly increased payments. Could handle repayments of up to €1800 p/m vs €1300 now. When I looked at it it seems by paying €12k as a lump sum only saves less
Pensions - Both plan to start pensions next year. Really need to learn more about them and quickly. Any company recommendations? Also, if say €12k was put into one pension as a lump sum, what does this actually mean?
Thanks for any feedback.
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