Age: 47
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 98K
Annual gross income of spouse: 85K
Monthly take-home pay : 9K
Type of employment: IT Multinational , Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving around 3K/month
Rough estimate of value of home : 590K
Amount outstanding on your mortgage: 286K ( life of mortgage 11 years)
What interest rate are you paying? 2.75% ( Less than 50% LTV)
Other borrowings – car loans/personal loans etc Nothing
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: Currently I have 80K to invest and 50K for rainy days (illness, kids future college , ..etc)
Do you have a pension scheme? Yes, Employer pension since 15 years , I pay 5% he pays 7%. Planing to use AVC once I reach 50 years old. Spouse Civil Servant pension.
Do you own any investment or other property? One Investment property ( market value 250K , fully paid off , no mortgage , generates 13K net profit a year). I can not claim mortgage interest relief from my current investment property as the mortgage is fully paid off
Ages of children: 11 and 8 years old.
Life insurance: Yes , Employer Life insurance for myself , not for spouse.
I am Looking for the best way to invest the 80K now ?
a) Shall I pay off part of my mortgage and reduce the life of my PPR mortgage to maybe 7 years ( direct 2.75% saving, hassle free)
b) I can use the 80K as down payment to purchase a new investment property in a prime area ( city center location , ..etc) . I do not mind to continue being a landlord. This way I can claim mortgage interest relief. Is it now good time to buy a property ?
c) Do something with my pension now ?
Other option is to sell my current investment property to pay off all my PPR mortgage. But I will still have some cash to invest .
ah ... I am fully ignorant when it comes to investing in shares , Gold,....etc.
Thanks in advance for your valuable feedback.
Spouse’s/Partner's age: 39
Annual gross income from employment or profession: 98K
Annual gross income of spouse: 85K
Monthly take-home pay : 9K
Type of employment: IT Multinational , Civil Servant
In general are you:
(a) spending more than you earn, or
(b) saving? Saving around 3K/month
Rough estimate of value of home : 590K
Amount outstanding on your mortgage: 286K ( life of mortgage 11 years)
What interest rate are you paying? 2.75% ( Less than 50% LTV)
Other borrowings – car loans/personal loans etc Nothing
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: Currently I have 80K to invest and 50K for rainy days (illness, kids future college , ..etc)
Do you have a pension scheme? Yes, Employer pension since 15 years , I pay 5% he pays 7%. Planing to use AVC once I reach 50 years old. Spouse Civil Servant pension.
Do you own any investment or other property? One Investment property ( market value 250K , fully paid off , no mortgage , generates 13K net profit a year). I can not claim mortgage interest relief from my current investment property as the mortgage is fully paid off
Ages of children: 11 and 8 years old.
Life insurance: Yes , Employer Life insurance for myself , not for spouse.
I am Looking for the best way to invest the 80K now ?
a) Shall I pay off part of my mortgage and reduce the life of my PPR mortgage to maybe 7 years ( direct 2.75% saving, hassle free)
b) I can use the 80K as down payment to purchase a new investment property in a prime area ( city center location , ..etc) . I do not mind to continue being a landlord. This way I can claim mortgage interest relief. Is it now good time to buy a property ?
c) Do something with my pension now ?
Other option is to sell my current investment property to pay off all my PPR mortgage. But I will still have some cash to invest .
ah ... I am fully ignorant when it comes to investing in shares , Gold,....etc.
Thanks in advance for your valuable feedback.
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