Age: 42
Spouse’s/Partner's age: same
Annual gross income from employment or profession: 58000 (+10% for health/pension)
Annual gross income of spouse: 0 (now full time at home with kids so no childcare costs)
Monthly take-home pay ~3200
Type of employment: e.g. PAYE
In general are you:
(a) spending more than you earn, or
(b) saving? SAVING
Rough estimate of value of home 320,000
Amount outstanding on your mortgage: 80,000
What interest rate are you paying? ECB+ 0.75%
Other borrowings – car loans/personal loans etc - None
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: +100k sitting in bank
Do you have a pension scheme? Yes, PRSA worth ~20k only. Also, another type which was non-contributory from a previous career which I believe is worth ~3k per year (I don’t know what it’s called)
Do you own any investment or other property? Yes, house worth ~130k which is now PPR
Ages of children: 2, under 5
Life insurance: No
What specific question do you have or what issues are of concern to you?
We have recently moved from Dublin to a mortgage free home. I need to decide whether to sell the Dublin house (worth ~320k on a tracker) or rent as additional income now and in the medium to long term. I do not want to be a landlord or keep the house but I also do not want to make the mistake of selling if financially it is in our best interests. I am aware my pension is not good, I have savings to topup if recommended(for 2018 now, and then for this year in 2020 at least).
I am assuming that Dublin rents and house prices will be a lot lower in the coming years so unsure how to decide what is the best?
(Apologies if info is too vague, I can provide more detail if requested)
*Edited as interest rate was entered wrong initially
Spouse’s/Partner's age: same
Annual gross income from employment or profession: 58000 (+10% for health/pension)
Annual gross income of spouse: 0 (now full time at home with kids so no childcare costs)
Monthly take-home pay ~3200
Type of employment: e.g. PAYE
In general are you:
(a) spending more than you earn, or
(b) saving? SAVING
Rough estimate of value of home 320,000
Amount outstanding on your mortgage: 80,000
What interest rate are you paying? ECB+ 0.75%
Other borrowings – car loans/personal loans etc - None
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: +100k sitting in bank
Do you have a pension scheme? Yes, PRSA worth ~20k only. Also, another type which was non-contributory from a previous career which I believe is worth ~3k per year (I don’t know what it’s called)
Do you own any investment or other property? Yes, house worth ~130k which is now PPR
Ages of children: 2, under 5
Life insurance: No
What specific question do you have or what issues are of concern to you?
We have recently moved from Dublin to a mortgage free home. I need to decide whether to sell the Dublin house (worth ~320k on a tracker) or rent as additional income now and in the medium to long term. I do not want to be a landlord or keep the house but I also do not want to make the mistake of selling if financially it is in our best interests. I am aware my pension is not good, I have savings to topup if recommended(for 2018 now, and then for this year in 2020 at least).
I am assuming that Dublin rents and house prices will be a lot lower in the coming years so unsure how to decide what is the best?
(Apologies if info is too vague, I can provide more detail if requested)
*Edited as interest rate was entered wrong initially
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