E
elmc
Guest
Hello all,
first post and posing a broad question. First, here's a little background on household financial health. Married (both near forty) and blessed with one beautiful daughter (5 y/o). One income, second person on long term disability and unlikely to resume employment. Job security in role with income mediocre at best. Have tracker mortgage (1.59%) of 275K (28 yr term remaining. No other loans. Current income keeps head above water, meeting mortgage and other routine living costs but very frugal lifestyle thereafter (no hols in 5 yrs, 2 old cars (need both unfortunately due to location), no sky, golf, gym membership, very infrequent socialising etc. Against that, between savings (largely proceeds from sale of previous family home 5 yrs ago) and shares, we could put our hands on almost 375K. I'd appreciate any and all advice views on whether we should pay down the mortgage liability or leave the 375K and use it to dip into it as we will invariably have to do to meet daily living costs (& live a little). I acknowledge many may read this and think we're in a reasonable (or even privileged) position compared to many in current climate but we both worry constantly about the right thing to do, what would happen if employment ceased and if the savings were gone, would we ever be able to build up a nest egg again (for daughter's education, rainy day syndrome etc.). As noted, its a source of worry (& often friction!!) in the home so we'd genuinely be appreciative of other views/opinions. I acknowledge similar questions are posed elsewhere on site but hoping that won't be an issue for the moderators as different circumstances set out above. Thanks v much in advance.
first post and posing a broad question. First, here's a little background on household financial health. Married (both near forty) and blessed with one beautiful daughter (5 y/o). One income, second person on long term disability and unlikely to resume employment. Job security in role with income mediocre at best. Have tracker mortgage (1.59%) of 275K (28 yr term remaining. No other loans. Current income keeps head above water, meeting mortgage and other routine living costs but very frugal lifestyle thereafter (no hols in 5 yrs, 2 old cars (need both unfortunately due to location), no sky, golf, gym membership, very infrequent socialising etc. Against that, between savings (largely proceeds from sale of previous family home 5 yrs ago) and shares, we could put our hands on almost 375K. I'd appreciate any and all advice views on whether we should pay down the mortgage liability or leave the 375K and use it to dip into it as we will invariably have to do to meet daily living costs (& live a little). I acknowledge many may read this and think we're in a reasonable (or even privileged) position compared to many in current climate but we both worry constantly about the right thing to do, what would happen if employment ceased and if the savings were gone, would we ever be able to build up a nest egg again (for daughter's education, rainy day syndrome etc.). As noted, its a source of worry (& often friction!!) in the home so we'd genuinely be appreciative of other views/opinions. I acknowledge similar questions are posed elsewhere on site but hoping that won't be an issue for the moderators as different circumstances set out above. Thanks v much in advance.