S
Is this your PPR or an investment? If it's an investment then it may make sense to leave the mortgage as it is (and maybe ven opt for interest only) in order to maximise the amount of interest that you can write off against rental income (Interest only mortgage).Currently have a mortgage on apartment of 300k
Including taxes?Sold old house and left with about 150k after all clear.
You'd need to post more details about your overall situation such as any other debts/savings/investments, short/medium/long term goals, attitude to risk/volatility etc. In general it is prudent to create a well diversified portfolio but translating that into specific decisions is the hard part.No idea what to do with this.
Should I put all 150 in against mortgage ?
Keep some aside for a rainy day ?
Or look at diversifying and putting part of it into mortgage and rest into other deposits or investment ?
If it was always your PPR, never rented out and sold within 12 months of vacating it then no CGT would be due. I just wan't sure from the original post.Do not believe there are taxes owing on this, but can look into it.
The SD clawback only applies if you rent it out within 5 years of purchase as an owner occupier. Some people seem to assume that it applies even if it always your PPR but you sell it within the 5 years.Plan to live in apartment for at least five years so as to not pay clawback stamp duty.
Might be worth reducing the mortgage so? See the calculator that I linked to estimate the potential savings.All debts, credit cards etc, cleared bar the mortgage of 300k
You mean repayments or something else?If work situation remains stable, can cover the cost of this mortgage as is.
Better to put €10K @ 5% gross CAR into Rabo and the rest at 4.3% gross CAR in Northern Rock since Rabo only pay 3.75% gross CAR on the balance over €10K.Short term have put half (70k) into Rabo while I figure out what to do
Usually you only need to plan to have a few months emergency fund available on demand to cover you while you find a new job. And you may be entitled to Jobseeker's Benefit if out of work too.Medium term, I want to plan for a rainy day, i.e make sure im covered if there is a down turn in job market etc.
What pension cover do you have?Long term I suppose financial stability and a long happy retirement.
Presumably you already have mortgage protection life assurance (to clear the mortgage if you die). Be careful with mortgage repayment protection insurance as they can often be expensive, bad value for money and pay out only in very specific circumstances (e.g. you cannot get any job - not just in your preferred sector) and for limited periods of time (cumulative). In some cases income protection or permanent health insiurance might be a better deal. You'd need to get professional advice.Re rainy day, possibly something like mortgage protection in case of redunancy
You are contributing your maximum age related tax relief percentage of income already?Pension, have the max allowable through a work PRSA pension.
.Pension, have the max allowable through a work PRSA pension
You are contributing your maximum age related tax relief percentage of income already?
Yes - if your other finances are in order and you can afford to maximise you pension contributions to avail of maximum tax/PRSI relief then it's not a bad idea to do so.Yes just up to that limit, while I can afford it anyways unless financial situation changes, does that make sense ?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?