C
coaster27
Guest
Age: 29
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 57500
Annual gross income of spouse:50000
Type of employment: e.g. Civil Servant, self-employed - Employed in private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
saving
Rough estimate of value of home 250000
Amount outstanding on your mortgage: 367000
What interest rate are you paying?
4.90 until the end of March moving on to a tracker rate 1.25 above ecb
Other borrowings – car loans/personal loans etc
4k loan with credit union for car against 7k shares
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? 1k
Savings and investments: 10k in joint credit union, 7k each in individual credit union of which one has a 4k loan against as detailed above.
Do you have a pension scheme? yes
Do you own any investment or other property? no
Ages of children: none but thinking of starting a family soon
Life insurance: no
What specific question do you have or what issues are of concern to you?
My specific question is if we should overpay our mortgage when our rate moves to the tracker? Our monthly repayments have been 1,893pm and this will drop to 1339pm saving us over 500 euro pm. Are we better off decreasing the mortgage length from 35 years to 22 years which will keep in line with original repayments. Or would it be better to save the money? Is there any benefit in overpaying the mortgage considering that we would like to think that we could trade up in a number of years as we are considering starting a family.
All advice appreciated.
Spouse’s/Partner's age: 30
Annual gross income from employment or profession: 57500
Annual gross income of spouse:50000
Type of employment: e.g. Civil Servant, self-employed - Employed in private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
saving
Rough estimate of value of home 250000
Amount outstanding on your mortgage: 367000
What interest rate are you paying?
4.90 until the end of March moving on to a tracker rate 1.25 above ecb
Other borrowings – car loans/personal loans etc
4k loan with credit union for car against 7k shares
Do you pay off your full credit card balance each month?
If not, what is the balance on your credit card? 1k
Savings and investments: 10k in joint credit union, 7k each in individual credit union of which one has a 4k loan against as detailed above.
Do you have a pension scheme? yes
Do you own any investment or other property? no
Ages of children: none but thinking of starting a family soon
Life insurance: no
What specific question do you have or what issues are of concern to you?
My specific question is if we should overpay our mortgage when our rate moves to the tracker? Our monthly repayments have been 1,893pm and this will drop to 1339pm saving us over 500 euro pm. Are we better off decreasing the mortgage length from 35 years to 22 years which will keep in line with original repayments. Or would it be better to save the money? Is there any benefit in overpaying the mortgage considering that we would like to think that we could trade up in a number of years as we are considering starting a family.
All advice appreciated.