Age: 45
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 58000
Annual gross income of spouse: 36000 (4 day week)
Monthly take-home pay €5100
Type of employment: Local Government
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home 260,000
Amount outstanding on your mortgage: 115,000
What interest rate are you paying? 0.75% tracker (former BOSI) 15 years left
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? yes, sometimes I would have surplus money in creditcard say 100/month
If not, what is the balance on your credit card?
Savings and investments: 7,000 saved (had to replace Car from savings 11k in Dec 18), saving about 600/month
Do you have a pension scheme? Yes basic public service pension plus 200/month AVC (me only)
Do you own any investment or other property? No
Ages of children: 12, 10, 8
Life insurance: Mortgage protection only, death in service benefit
What specific question do you have or what issues are of concern to you?
In January I returned to work full time so now would have about €400 /month. We got the notion of overpaying the mortgage to have it payed off by time first child is finished secondary, and spouse would be also be back on 5 day. I thought that was better value than a regular saver rate. It was probably a bit of a kneejerk, but we have only done it for 5 or 6 months at this stage. We are focusing on the fact that we potentially could have two in college at the same time for a few years and could service a loan having no mortgage. As I write this I'm thinking any future loan will higher interest than either current mortgage or current saver rates - but i dont know what to do with that information. Thanks in advance
marzic
Spouse’s/Partner's age: 46
Annual gross income from employment or profession: 58000
Annual gross income of spouse: 36000 (4 day week)
Monthly take-home pay €5100
Type of employment: Local Government
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Rough estimate of value of home 260,000
Amount outstanding on your mortgage: 115,000
What interest rate are you paying? 0.75% tracker (former BOSI) 15 years left
Other borrowings – car loans/personal loans etc
None
Do you pay off your full credit card balance each month? yes, sometimes I would have surplus money in creditcard say 100/month
If not, what is the balance on your credit card?
Savings and investments: 7,000 saved (had to replace Car from savings 11k in Dec 18), saving about 600/month
Do you have a pension scheme? Yes basic public service pension plus 200/month AVC (me only)
Do you own any investment or other property? No
Ages of children: 12, 10, 8
Life insurance: Mortgage protection only, death in service benefit
What specific question do you have or what issues are of concern to you?
In January I returned to work full time so now would have about €400 /month. We got the notion of overpaying the mortgage to have it payed off by time first child is finished secondary, and spouse would be also be back on 5 day. I thought that was better value than a regular saver rate. It was probably a bit of a kneejerk, but we have only done it for 5 or 6 months at this stage. We are focusing on the fact that we potentially could have two in college at the same time for a few years and could service a loan having no mortgage. As I write this I'm thinking any future loan will higher interest than either current mortgage or current saver rates - but i dont know what to do with that information. Thanks in advance
marzic