We are getting married shortly. Himself is currently in the process of selling his house and we are hoping to close a sale for approx €340/350k shortly. The outstanding mortgage on the home is approx €35k.
We live in 'my' house. My outstanding mortgage is about €165k. It's difficult to say what it is worth but I would estimate that it would be worth twice the mortgage amount as it is a largish self build. I am on a tracker so my repayments are only about €500 per month.
I am so all over the place money wise that I don't even know what my tracker rate is! I am just wondering what the best route is if we find ourselves in the fortunate position of having approx €300k.
My first question is - Should we repay the mortgage on our home? If the interest rate on the tracker is less than some savings rate, does this mean that we should not pay off the mortgage - but should if mortgage interest rates rise??
Mortgages aside, what investments would be advisable? A mixture I'm sure? (I know there are loads of threads to advise me, which I will try to get around to reading)
We are comfortable on a day to day basis - we both have good incomes. I am public sector, however I have a car loan & €3k on a credit card. Himself is in the building trade but is doing okay and has no loans except one commercial vehicle lease.
Would anybody support the notion of purchasing an investment property? Outdated notion?
I hope I am correct in saying that there are no CGT issues here in relation to the sale of the house? Even if it goes through after we get married?
I hope to add his name to ownership of 'my' house. Straight forward?