Mcgoldenarches
New Member
- Messages
- 5
Hey all,
I was looking for 2nd opinions.
Personal details
Age:41
Spouse’s/Partner's age:39
Number and age of children: 4 all under 10
Income and expenditure
Annual gross income from employment or profession: self employed
Annual gross income of spouse:0
Monthly take-3200
Type of employment: self-employed
Summary of Assets and Liabilities
Family home worth €800k with a €267k mortgage
Family home
BOI
Interest rate3.2
variable
Buy to let properties
Value:40000
Rental income per year:14400
no debt
Other information which might be relevant
I have an investment property that produces post 1200 per month- this is being sold in the next year as the other co owners wish to sell. I will get my share but will no longer have the additional income. We have a lot of overheads and generally save very little. The intention was to put some of the money from the sale against the mortgage to batter it down when the time comes
My concern is mortgage is variable and I've already been hit with one interest rate hike this year and without the additional rental income from the investment it will be a bit tighter around the house. Im also conscious that energy bills will be without credits soon so household expenses will rise considerably. I am a sole trader.
The intention is to move house in a few years and have proof of savings etc ,currently we save little and without the mortgage that could change things considerably.
However we have been fortunate and will benefit from a lump sum that could clear the mortgage. Would it be wise to use this to pay down the mortgage on the PPR now or invest in another investment property to replace the one sold?
I was looking for 2nd opinions.
Personal details
Age:41
Spouse’s/Partner's age:39
Number and age of children: 4 all under 10
Income and expenditure
Annual gross income from employment or profession: self employed
Annual gross income of spouse:0
Monthly take-3200
Type of employment: self-employed
Summary of Assets and Liabilities
Family home worth €800k with a €267k mortgage
Family home
BOI
Interest rate3.2
variable
Buy to let properties
Value:40000
Rental income per year:14400
no debt
Other information which might be relevant
I have an investment property that produces post 1200 per month- this is being sold in the next year as the other co owners wish to sell. I will get my share but will no longer have the additional income. We have a lot of overheads and generally save very little. The intention was to put some of the money from the sale against the mortgage to batter it down when the time comes
My concern is mortgage is variable and I've already been hit with one interest rate hike this year and without the additional rental income from the investment it will be a bit tighter around the house. Im also conscious that energy bills will be without credits soon so household expenses will rise considerably. I am a sole trader.
The intention is to move house in a few years and have proof of savings etc ,currently we save little and without the mortgage that could change things considerably.
However we have been fortunate and will benefit from a lump sum that could clear the mortgage. Would it be wise to use this to pay down the mortgage on the PPR now or invest in another investment property to replace the one sold?
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