Elmer duff
Registered User
- Messages
- 1
Hi,
I am nearing a decision point on whether to sell my current home or keep it and rent it out and move. It would be great if I could get some advice.
My current situation is I work in a shift role in Pharma, my basic rate is €58000 per annum, the shift bonus and add-ons come to 49%. This brings my salary to €86,000 a year.
My bonus is between €8,000 and €11000 a year.
In total I salary forego about €12,000 a year.
My pension is based on my salary, 12% company contribution and 8% my own contribution, I also have been putting an extra 3% into AVCs.
I have a side business that earns me €15000, but I am hampered by lack of space and facilities, a move to a new more suitable home, could mean I treble this easily enough.
My wife earns €16000 a year.
My current home is valued at €250,000 and the outstanding mortgage is €160000.
My current mortgage repayment is €1000 a month.
I have €70000 in savings.
If I bring my current mortgage below €125000, and switch to a new provider with a LTV ratio of around 50% I could re-mortgage (25 years) with a new payment of around €600, properties in my estate are being rented out for €1300 a month.
by the time all that is organised (6 months to a year from now), With salary forego money and extra saving I would have about €60000 as a deposit for a new home.
I would probably need a mortgage product that offers 90% of the house value.
So ball park the new mortgage is €380000 over 25years (so a repayment of about €1800 a month)
Or I could sell my home now, have the bones of €200000 and purchase a new home/premises for about €250000... So a repayment of about €1300 a month...
It seems like a no brainer to keep my current house and switch mortgage?
I am nearing a decision point on whether to sell my current home or keep it and rent it out and move. It would be great if I could get some advice.
My current situation is I work in a shift role in Pharma, my basic rate is €58000 per annum, the shift bonus and add-ons come to 49%. This brings my salary to €86,000 a year.
My bonus is between €8,000 and €11000 a year.
In total I salary forego about €12,000 a year.
My pension is based on my salary, 12% company contribution and 8% my own contribution, I also have been putting an extra 3% into AVCs.
I have a side business that earns me €15000, but I am hampered by lack of space and facilities, a move to a new more suitable home, could mean I treble this easily enough.
My wife earns €16000 a year.
My current home is valued at €250,000 and the outstanding mortgage is €160000.
My current mortgage repayment is €1000 a month.
I have €70000 in savings.
If I bring my current mortgage below €125000, and switch to a new provider with a LTV ratio of around 50% I could re-mortgage (25 years) with a new payment of around €600, properties in my estate are being rented out for €1300 a month.
by the time all that is organised (6 months to a year from now), With salary forego money and extra saving I would have about €60000 as a deposit for a new home.
I would probably need a mortgage product that offers 90% of the house value.
So ball park the new mortgage is €380000 over 25years (so a repayment of about €1800 a month)
Or I could sell my home now, have the bones of €200000 and purchase a new home/premises for about €250000... So a repayment of about €1300 a month...
It seems like a no brainer to keep my current house and switch mortgage?
