Age: 43
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: €85k
Annual gross income of spouse: €48k
Monthly take-home pay: €7,625
Type of employment: e.g. Civil Servant: self-employed I work as a Construction professional and my wife works in Insurance.
In general are you:
(a) spending more than you earn, or
(b) saving? We are saving circa €2k/mth
Rough estimate of value of home: We are currently renting
Amount outstanding on your mortgage:
What interest rate are you paying?
Other borrowings – car loans/personal loans etc: No loans.
Do you pay off your full credit card balance each month? Yes.
If not, what is the balance on your credit card?
Savings and investments: €340k in cash & deposit and €100k in stocks and shares.
Do you have a pension scheme? Yes.
Do you own any investment or other property? I also own 8 acres of land which had planning for 12 houses which has since expired. Current agricultural value is €80k.
Ages of children: 12, 10, 8.
Life insurance: Yes
What specific question do you have or what issues are of concern to you? We are currently looking to purchase a house in Tipperary for €450k. It is 2,600 sq.ft with a 500 sq.ft studio and is on 2 acres. It has a high level of finishes. This might sound expensive for Tipperary but the price reflects the type of house, quality of finishes etc. We intend to rent the studio on short term lets / homestays as it is close to a tourist town (Cashel). We both work in Dublin and we both work from home 2 days a week (so there is someone at home 4 days a week to collect kids etc). We have mortgage approval of €430k over 20 years. My question is how much deposit we should pay taking into account the cash we have available? Some of my friends are saying to only pay a 20% deposit and invest the remaining cash into other medium risk investments. Others are telling me to pay circa €200k deposit to keep the loan to value (LTV) close to 50% due to our age etc. All advice welcome!
Spouse’s/Partner's age: 44
Annual gross income from employment or profession: €85k
Annual gross income of spouse: €48k
Monthly take-home pay: €7,625
Type of employment: e.g. Civil Servant: self-employed I work as a Construction professional and my wife works in Insurance.
In general are you:
(a) spending more than you earn, or
(b) saving? We are saving circa €2k/mth
Rough estimate of value of home: We are currently renting
Amount outstanding on your mortgage:
What interest rate are you paying?
Other borrowings – car loans/personal loans etc: No loans.
Do you pay off your full credit card balance each month? Yes.
If not, what is the balance on your credit card?
Savings and investments: €340k in cash & deposit and €100k in stocks and shares.
Do you have a pension scheme? Yes.
Do you own any investment or other property? I also own 8 acres of land which had planning for 12 houses which has since expired. Current agricultural value is €80k.
Ages of children: 12, 10, 8.
Life insurance: Yes
What specific question do you have or what issues are of concern to you? We are currently looking to purchase a house in Tipperary for €450k. It is 2,600 sq.ft with a 500 sq.ft studio and is on 2 acres. It has a high level of finishes. This might sound expensive for Tipperary but the price reflects the type of house, quality of finishes etc. We intend to rent the studio on short term lets / homestays as it is close to a tourist town (Cashel). We both work in Dublin and we both work from home 2 days a week (so there is someone at home 4 days a week to collect kids etc). We have mortgage approval of €430k over 20 years. My question is how much deposit we should pay taking into account the cash we have available? Some of my friends are saying to only pay a 20% deposit and invest the remaining cash into other medium risk investments. Others are telling me to pay circa €200k deposit to keep the loan to value (LTV) close to 50% due to our age etc. All advice welcome!