Edenbridge14
Registered User
- Messages
- 19
Age: 47
Spouse’s/Partner's age: 68
Annual gross income from employment or profession: €60,000
Annual gross income of spouse: 30,000 - pension - retired
Monthly take-home pay €3,800 (including 800 rent a room from Granny flat on side of family home)
Type of employment: Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home €500,000
Amount outstanding on your mortgage: €60,000
What interest rate are you paying? 0.9% tracker - BOI - 9 years
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? N/a
Savings and investments: €33,000 (Rainy Day Fund)
Do you have a pension scheme? Public Sector pension - last 5 years
Do you own any investment or other property? No
Ages of children: 20 & 17
Life insurance: Death in service, 150,000 & mortgage protection.
What specific question do you have or what issues are of concern to you?
1. Should I surrender the tracker on family home and remortgage for 200,000 to purchase a second property?
This mortgage is 50% LTV so should get a preferential rate
The repayments on this mortgage of 200,000 over 20 years is approx 1100 a month.
In addition to this there is the rental income from the granny flat which is 800.
Collectively both rental incomes cal pay the mortgage off in the 20 years - any excess would be put straight into a pension pot which is tax free.
At the end of 20 years i have the 2nd property paid off - i can move into that and rent out the family home.
2. As the hubby is 68 i will be taking this mortgage out in both our names but obviously i am the main earner. He does have life insurance of 100k. But could this be a problem with his age in the proposed plan of remortgaging obove?
Any advice ?
Spouse’s/Partner's age: 68
Annual gross income from employment or profession: €60,000
Annual gross income of spouse: 30,000 - pension - retired
Monthly take-home pay €3,800 (including 800 rent a room from Granny flat on side of family home)
Type of employment: Public Sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home €500,000
Amount outstanding on your mortgage: €60,000
What interest rate are you paying? 0.9% tracker - BOI - 9 years
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? N/a
Savings and investments: €33,000 (Rainy Day Fund)
Do you have a pension scheme? Public Sector pension - last 5 years
Do you own any investment or other property? No
Ages of children: 20 & 17
Life insurance: Death in service, 150,000 & mortgage protection.
What specific question do you have or what issues are of concern to you?
1. Should I surrender the tracker on family home and remortgage for 200,000 to purchase a second property?
This mortgage is 50% LTV so should get a preferential rate
The repayments on this mortgage of 200,000 over 20 years is approx 1100 a month.
In addition to this there is the rental income from the granny flat which is 800.
Collectively both rental incomes cal pay the mortgage off in the 20 years - any excess would be put straight into a pension pot which is tax free.
At the end of 20 years i have the 2nd property paid off - i can move into that and rent out the family home.
2. As the hubby is 68 i will be taking this mortgage out in both our names but obviously i am the main earner. He does have life insurance of 100k. But could this be a problem with his age in the proposed plan of remortgaging obove?
Any advice ?