Age: 39
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: €70,000
Annual gross income of spouse: €53,000
Monthly take-home pay - €6,350
Type of employment: e.g. Civil Servant, self-employed – I am public sector, spouse is private sector.
In general are you:
(a) spending more than you earn, or
(b) saving?
At a juncture!
Rough estimate of value of home - €500k
Amount outstanding on your mortgage: €260k
What interest rate are you paying?
€157,862 Tracker 1.75
€105,000 SVR 3.15
Other borrowings – car loans/personal loans etc - None
Do you pay off your full credit card balance each month? Yes
Monthly Outgoings –
Savings and investments:
€25k each for 2 x children – currently sitting in current account, plan to put into long term savings for when children grown up – state savings type thing – need some advice here
€10k sitting in PTSB instance access savings account
Do you have a pension scheme? Yes, me Public Sector, Pre 2013, DB scheme. OH has private pension scheme – not contributing as much as he could be
Do you own any investment or other property? No
Ages of children: 6 & 8
Life insurance: Mortgage insurance on reducing balance
What specific question do you have or what issues are of concern to you?
Without getting into too specific details, above is a synopsis of our current financial situation. We have recently had some large financial outlays while getting work done to our forever home as well as receiving some funds via inheritance.
I guess in terms of our mortgage – we have a tracker on a portion of it – given the high SVR rate is there any consideration to moving the full balance to a lower fixed rate?
Our plan is to commence overpaying our mortgage now with the view to clearing in 10-11 years, while saving at the same time, as per the sample month’s budget above.
Anything else we should be doing/considering/
Where should we invest/ save the €50k for our 2 x children?
Spouse’s/Partner's age: 42
Annual gross income from employment or profession: €70,000
Annual gross income of spouse: €53,000
Monthly take-home pay - €6,350
Type of employment: e.g. Civil Servant, self-employed – I am public sector, spouse is private sector.
In general are you:
(a) spending more than you earn, or
(b) saving?
At a juncture!
Rough estimate of value of home - €500k
Amount outstanding on your mortgage: €260k
What interest rate are you paying?
€157,862 Tracker 1.75
€105,000 SVR 3.15
Other borrowings – car loans/personal loans etc - None
Do you pay off your full credit card balance each month? Yes
Monthly Outgoings –
Mortgage | €1,737.00 |
Savs | €1,400.00 |
Bills | €700 |
Childcare | €730.00 |
Savings and investments:
€25k each for 2 x children – currently sitting in current account, plan to put into long term savings for when children grown up – state savings type thing – need some advice here
€10k sitting in PTSB instance access savings account
Do you have a pension scheme? Yes, me Public Sector, Pre 2013, DB scheme. OH has private pension scheme – not contributing as much as he could be
Do you own any investment or other property? No
Ages of children: 6 & 8
Life insurance: Mortgage insurance on reducing balance
What specific question do you have or what issues are of concern to you?
Without getting into too specific details, above is a synopsis of our current financial situation. We have recently had some large financial outlays while getting work done to our forever home as well as receiving some funds via inheritance.
I guess in terms of our mortgage – we have a tracker on a portion of it – given the high SVR rate is there any consideration to moving the full balance to a lower fixed rate?
Our plan is to commence overpaying our mortgage now with the view to clearing in 10-11 years, while saving at the same time, as per the sample month’s budget above.
Anything else we should be doing/considering/
Where should we invest/ save the €50k for our 2 x children?
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