galgal5003
Registered User
- Messages
- 18
Your age: 37
Your spouse's age: 43
Partner's age if not married:
Number and age of children: 1, 21 months old
Income and expenditure
Annual gross income from employment or profession: 50,000
Annual gross income of spouse/partner: 45,000
Monthly take-home pay: 5,700
Type of employment - e.g. Employee or self-employed.
Employer type: e.g. public servant, private company.
Both enployees at private companies
In general are you:
(a) spending more than you earn, or
(b) saving?
(b) saving
Summary of Assets and Liabilities
Family home value: 280,000
Mortgage on family home: 60,000 remaining
Net equity: 220,000
Cash: 60,000
Defined Contribution pension fund: one DB pension (also pay AVCs, have two separate existing PRSAs), spouse has DC pension - value to be determined.we both worked on the UK so are contributing annually in order to be eligible to claim the full UK state pension
Company shares : €8,000 across ESPP and another work share scheme, spouse has approx €3,000
Total net assets: c €290,000 not including pension assets
Family home mortgage information
Lender: Haven
Interest rate 3.75%
Type of interest rate: tracker, variable, fixed.
If fixed, what is the term remaining of the fixed rate? Variable
If tracker, what is the margin e.g. ECB + 1%
Remaining term: (Original term is not relevant)
Monthly repayment: €380, we are currently overpaying by paying €750 per month instead of €380 and due to pay the mortgage off by Dec 2030 (assuming current overpayment strategy remains as above)
Other borrowings – car loans/personal loans etc
N/A
Do you pay off your full credit card balance each month? Don't gave a credit card
Pension information
Value of pension fund: I have a DB pension which will be based on my final salary (also pay AVCs, have two separate existing PRSAs),
Spouse DC pension value: €220,000
Both of us will be also due to receive full UK state pensions.
Other savings and investments:
Cash €60,000
Shares €11,000
Crypto €3,500 (value fluctuates wildly: invested approx €1,000 during Covid)
Other information which might be relevant
Life insurance: Both of us have through work 3 x salary
What specific question do you have or what issues are of concern to you?
We would like to do a fairly big extension/renovation job on our house. Plans being drawn up at the moment but we're estimating that it will cost around €250,000. We would to hear what you guys think. Are we overstretching ourselves too much? A very quick look on mortgage calculator websites gives us monthly repayments of c€1,500 per month (not including our current mortgage repayments). What's the best strategy to finance the project, given our existing mortgage also?
Thanks in advance.
Your spouse's age: 43
Partner's age if not married:
Number and age of children: 1, 21 months old
Income and expenditure
Annual gross income from employment or profession: 50,000
Annual gross income of spouse/partner: 45,000
Monthly take-home pay: 5,700
Type of employment - e.g. Employee or self-employed.
Employer type: e.g. public servant, private company.
Both enployees at private companies
In general are you:
(a) spending more than you earn, or
(b) saving?
(b) saving
Summary of Assets and Liabilities
Family home value: 280,000
Mortgage on family home: 60,000 remaining
Net equity: 220,000
Cash: 60,000
Defined Contribution pension fund: one DB pension (also pay AVCs, have two separate existing PRSAs), spouse has DC pension - value to be determined.we both worked on the UK so are contributing annually in order to be eligible to claim the full UK state pension
Company shares : €8,000 across ESPP and another work share scheme, spouse has approx €3,000
Total net assets: c €290,000 not including pension assets
Family home mortgage information
Lender: Haven
Interest rate 3.75%
Type of interest rate: tracker, variable, fixed.
If fixed, what is the term remaining of the fixed rate? Variable
If tracker, what is the margin e.g. ECB + 1%
Remaining term: (Original term is not relevant)
Monthly repayment: €380, we are currently overpaying by paying €750 per month instead of €380 and due to pay the mortgage off by Dec 2030 (assuming current overpayment strategy remains as above)
Other borrowings – car loans/personal loans etc
N/A
Do you pay off your full credit card balance each month? Don't gave a credit card
Pension information
Value of pension fund: I have a DB pension which will be based on my final salary (also pay AVCs, have two separate existing PRSAs),
Spouse DC pension value: €220,000
Both of us will be also due to receive full UK state pensions.
Other savings and investments:
Cash €60,000
Shares €11,000
Crypto €3,500 (value fluctuates wildly: invested approx €1,000 during Covid)
Other information which might be relevant
Life insurance: Both of us have through work 3 x salary
What specific question do you have or what issues are of concern to you?
We would like to do a fairly big extension/renovation job on our house. Plans being drawn up at the moment but we're estimating that it will cost around €250,000. We would to hear what you guys think. Are we overstretching ourselves too much? A very quick look on mortgage calculator websites gives us monthly repayments of c€1,500 per month (not including our current mortgage repayments). What's the best strategy to finance the project, given our existing mortgage also?
Thanks in advance.