Age: 45
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 35000
Annual gross income of spouse:55000
Monthly take-home pay 4500
Type of employment: public servants
In general are you: Saving
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home €250000
Amount outstanding on your mortgage: nil
What interest rate are you paying?
Other borrowings – nil
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: 150k (130k earning about 1%, 20k c.u earning less tham 0.5%)
Do you have a pension scheme? work pensions
Do you own any investment or other property? yes worth about €85k mortgage of €55k
Ages of children: 7,10,13,15
Life insurance: yes (only 120k)
Hi
I am wondering would it be more beneficial to pay off rental property mortgage. I have about 11 years left to pay on 55k. my mortgage is €523 per month while income from property is €473 (less any expenses that may occur). I am subsidising mortgage of €600 per annum. I always believed it was beneficail to have a mortgage on the property in order to write off the interest on tax return, however, i am wondering is there any benefit of it at this stage, due to the small amount of mortgage interest and it being only 75%. Anybody advise please?
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 35000
Annual gross income of spouse:55000
Monthly take-home pay 4500
Type of employment: public servants
In general are you: Saving
(a) spending more than you earn, or
(b) saving?
Rough estimate of value of home €250000
Amount outstanding on your mortgage: nil
What interest rate are you paying?
Other borrowings – nil
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: 150k (130k earning about 1%, 20k c.u earning less tham 0.5%)
Do you have a pension scheme? work pensions
Do you own any investment or other property? yes worth about €85k mortgage of €55k
Ages of children: 7,10,13,15
Life insurance: yes (only 120k)
Hi
I am wondering would it be more beneficial to pay off rental property mortgage. I have about 11 years left to pay on 55k. my mortgage is €523 per month while income from property is €473 (less any expenses that may occur). I am subsidising mortgage of €600 per annum. I always believed it was beneficail to have a mortgage on the property in order to write off the interest on tax return, however, i am wondering is there any benefit of it at this stage, due to the small amount of mortgage interest and it being only 75%. Anybody advise please?
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