MovingOnUp
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Yuletide greetings,
Apologies for the lengthy post below just want to give as much information as possible for the best advice.
36 year old male with a gross annual salary of circa 70k.
I currently contribute 260 per month to my private pension while my employer contributes 416. Unfortunately only have 50k in the pension pot as I only started earning decent money in the last few years.
I purchased a house (two bedroomed terrace) in April 2023. Total cost of the house was 290,000. Of this I had saved 89,000. I borrowed 201,000 at a 5 year fixed interest rate of 3.7% hence the total amount repayable is, 310,000.
At the time of purchase my LTV was 69%.
I have since made monthly repayments of 20,558. If possible would somebody mind confirming what my equity in the house is?
I have also spent around 25,000 on renovations, new doors, widow’s, insulation etc so while it’s in quite good condition but would not yet qualify for a green mortgage rate.
I was single when I bought the house with no thoughts of starting a family. A couple of months after moving into the house I met a really nice girl and we are now in a solid relationship and recently discovered that we will be welcoming a baby in 2025.
The house is perfect size for one person or even a couple with a small baby but we will need more space as the baby gets older. My plan was to wait until 2028 when my fixed rate expires and then take action. The baby will be 2 and a half by then.
My preferred plan would be to put an upstairs extension on my current place but considering there is a kitchen extension already it may not be possible, I intend to speak to a structural engineer in the New Year on the matter. If this is not possible I will look at purchasing a bigger 3 or 4 bedroom property.
I intend to start putting money aside for whichever 2028 eventuality I choose starting in January 2025. Have only about 5k saved currently due to the huge costs of the last two years.
Planning to start putting aside 1,200 per month. Some in a higher interest saving account and possibly some in ETF’s.
In relation to my options I have investigated higher interest savings accounts such as Trade Republic which are currently around 3.5% but will presumably be going down following the ECB’s recent announcements? Does anyone have any thoughts on other savings accounts?
Regarding the ETF what sort of return would one expect, what are the taxation implications and how easy is it to manage one’s self?
Ideally I would like to add to my pension but this may not be practicable considering I will need a large lump sum for whatever I decide to do with the house.
Apologies for the lengthy post below just want to give as much information as possible for the best advice.
36 year old male with a gross annual salary of circa 70k.
I currently contribute 260 per month to my private pension while my employer contributes 416. Unfortunately only have 50k in the pension pot as I only started earning decent money in the last few years.
I purchased a house (two bedroomed terrace) in April 2023. Total cost of the house was 290,000. Of this I had saved 89,000. I borrowed 201,000 at a 5 year fixed interest rate of 3.7% hence the total amount repayable is, 310,000.
At the time of purchase my LTV was 69%.
I have since made monthly repayments of 20,558. If possible would somebody mind confirming what my equity in the house is?
I have also spent around 25,000 on renovations, new doors, widow’s, insulation etc so while it’s in quite good condition but would not yet qualify for a green mortgage rate.
I was single when I bought the house with no thoughts of starting a family. A couple of months after moving into the house I met a really nice girl and we are now in a solid relationship and recently discovered that we will be welcoming a baby in 2025.
The house is perfect size for one person or even a couple with a small baby but we will need more space as the baby gets older. My plan was to wait until 2028 when my fixed rate expires and then take action. The baby will be 2 and a half by then.
My preferred plan would be to put an upstairs extension on my current place but considering there is a kitchen extension already it may not be possible, I intend to speak to a structural engineer in the New Year on the matter. If this is not possible I will look at purchasing a bigger 3 or 4 bedroom property.
I intend to start putting money aside for whichever 2028 eventuality I choose starting in January 2025. Have only about 5k saved currently due to the huge costs of the last two years.
Planning to start putting aside 1,200 per month. Some in a higher interest saving account and possibly some in ETF’s.
In relation to my options I have investigated higher interest savings accounts such as Trade Republic which are currently around 3.5% but will presumably be going down following the ECB’s recent announcements? Does anyone have any thoughts on other savings accounts?
Regarding the ETF what sort of return would one expect, what are the taxation implications and how easy is it to manage one’s self?
Ideally I would like to add to my pension but this may not be practicable considering I will need a large lump sum for whatever I decide to do with the house.
