Age:44, Single no children
Income and expenditure
Annual gross income from employment or profession: €160k (salary + car allowance)
Annual gross income of spouse: NA
Monthly take-home pay: €6800
Type of employment: e.g. Civil Servant, self-employed: PAYE private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Summary of Assets and Liabilities
Family home worth €800k with a €410k mortgage
Cash of €25k
Current Defined contribution Pension fund: €200k (contributing with AVC to 25%). Forecasted Lump sum €216k.
Company shares : €80k
Potential Redundancy of ~€100-135k (Depending on SCSB decision)
Family home mortgage information
Lender PTSB - Split mortgage
Part 1 tracker +1.8% (3.05%)
€200k
19 yrs remaining
(€1180 pm)
Part 2 - fixed to Jul 2023 2.7% - Current option to fix this in next 30 days @2.8% for 5 yrs at zero cost
€230k (€20k prepaid)
19 yrs remaining
(€1306 pm)
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
PCP Car - €390 pm
Other savings and investments:
Do you have a pension scheme? yes
Do you own any investment or other property? no
Other information which might be relevant
Life insurance: Linked to house, Death in service 5x salary
What specific question do you have or what issues are of concern to you?
Should I use a potential redundancy towards reducing mortgage? Should I lock in on the 5 yr rate now - or wait till I have received payment and reduce capital then? Assume it is sensible to pay full tax liability now and save tax free option to pension draw down? or should I keep paying mortgage and use capital as an investment opportunity - maybe just into pension??
Income and expenditure
Annual gross income from employment or profession: €160k (salary + car allowance)
Annual gross income of spouse: NA
Monthly take-home pay: €6800
Type of employment: e.g. Civil Servant, self-employed: PAYE private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving
Summary of Assets and Liabilities
Family home worth €800k with a €410k mortgage
Cash of €25k
Current Defined contribution Pension fund: €200k (contributing with AVC to 25%). Forecasted Lump sum €216k.
Company shares : €80k
Potential Redundancy of ~€100-135k (Depending on SCSB decision)
Family home mortgage information
Lender PTSB - Split mortgage
Part 1 tracker +1.8% (3.05%)
€200k
19 yrs remaining
(€1180 pm)
Part 2 - fixed to Jul 2023 2.7% - Current option to fix this in next 30 days @2.8% for 5 yrs at zero cost
€230k (€20k prepaid)
19 yrs remaining
(€1306 pm)
(No need to tell us the monthly repayments or what term is left)
Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? Yes
If not, what is the balance on your credit card?
PCP Car - €390 pm
Other savings and investments:
Do you have a pension scheme? yes
Do you own any investment or other property? no
Other information which might be relevant
Life insurance: Linked to house, Death in service 5x salary
What specific question do you have or what issues are of concern to you?
Should I use a potential redundancy towards reducing mortgage? Should I lock in on the 5 yr rate now - or wait till I have received payment and reduce capital then? Assume it is sensible to pay full tax liability now and save tax free option to pension draw down? or should I keep paying mortgage and use capital as an investment opportunity - maybe just into pension??