Collie0708
Registered User
- Messages
- 4
Age: 41
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 140K
Annual gross income of spouse: 50K
Type of employment: e.g. private industry
Saving approx 2-3K per month
Rough estimate of value of home: 375K
Amount outstanding on your mortgage: 0
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc - 20k / 700pm
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Do you have a pension scheme? Yes I have an old defined benefit pension worth 17k per annum when I reach 65 and a DC pension worth 120k currently contributing the max amount within revenue limit and expect this to increase substantially over the next number of years . Wife also has pension value approx. 70K. Both of us are maxing pension contributions
Do you own any investment or other property? No
Ages of children: 7,10
Life insurance: Yes 500K each and both have 3 times salary through work
What specific question do you have or what issues are of concern to you?
We are looking to complete and extensive refurbishment and extension of our current house which we plan on staying in for good we are starting to build our plans at the minute and forecast this will cost us 200k.
We currently have cash savings of c100k and an investment fund with 160k where we add 2k per month.
I had previously planned on using all the cash savings and borrowing money to fund the extension but obviously this is quite expensive and it probably makes more sense to sell some of the investments to fund the project but this makes me feel nervous about the dramatic reduction in our savings.
Any advise of what to do?
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: 140K
Annual gross income of spouse: 50K
Type of employment: e.g. private industry
Saving approx 2-3K per month
Rough estimate of value of home: 375K
Amount outstanding on your mortgage: 0
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc - 20k / 700pm
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card? N/A
Savings and investments:
Do you have a pension scheme? Yes I have an old defined benefit pension worth 17k per annum when I reach 65 and a DC pension worth 120k currently contributing the max amount within revenue limit and expect this to increase substantially over the next number of years . Wife also has pension value approx. 70K. Both of us are maxing pension contributions
Do you own any investment or other property? No
Ages of children: 7,10
Life insurance: Yes 500K each and both have 3 times salary through work
What specific question do you have or what issues are of concern to you?
We are looking to complete and extensive refurbishment and extension of our current house which we plan on staying in for good we are starting to build our plans at the minute and forecast this will cost us 200k.
We currently have cash savings of c100k and an investment fund with 160k where we add 2k per month.
I had previously planned on using all the cash savings and borrowing money to fund the extension but obviously this is quite expensive and it probably makes more sense to sell some of the investments to fund the project but this makes me feel nervous about the dramatic reduction in our savings.
Any advise of what to do?