Age: 34
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: €105000
Annual gross income of spouse: 55000
Monthly take-home pay €7000 approx. I max out my AVC.
Type of employment: Both private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home €430000
Amount outstanding on your mortgage: €250000
What interest rate are you paying? 2.25% - 3 yr fixed, 25 years left
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? N/a
Savings and investments: €23,000 (Rainy Day Fund)
Do you have a pension scheme? Yes occupational, current value is approx. 82,000. Her fund value is about 30,000
Do you own any investment or other property? Yes. Current value 340,000, outstanding mortgage is 170,000. Rental income is 2000 pm. After interest, tax and other costs I think I net about 600pm
Ages of children: 6,5,3,1
Life insurance: Death in service and mortgage protection.
What specific question do you have or what issues are of concern to you?
Should I sell the rental and use proceeds against PPR mortgage? I think its currently a good investment for me with a good monthly net income. On the other hand I think I would net 160,000 approx if I sold it and I don’t think there would be CGT due to PPR relief which I would qualify for with this house as we lived there until recently.
I would like to be mortgage free as soon as possible which is what is driving me towards selling but given that it’s a good investment with good monthly net income I am finding it hard to decide.
Spouse’s/Partner's age: 34
Annual gross income from employment or profession: €105000
Annual gross income of spouse: 55000
Monthly take-home pay €7000 approx. I max out my AVC.
Type of employment: Both private sector
In general are you:
(a) spending more than you earn, or
(b) saving?
Saving.
Rough estimate of value of home €430000
Amount outstanding on your mortgage: €250000
What interest rate are you paying? 2.25% - 3 yr fixed, 25 years left
Other borrowings – car loans/personal loans etc None
Do you pay off your full credit card balance each month? N/a
Savings and investments: €23,000 (Rainy Day Fund)
Do you have a pension scheme? Yes occupational, current value is approx. 82,000. Her fund value is about 30,000
Do you own any investment or other property? Yes. Current value 340,000, outstanding mortgage is 170,000. Rental income is 2000 pm. After interest, tax and other costs I think I net about 600pm
Ages of children: 6,5,3,1
Life insurance: Death in service and mortgage protection.
What specific question do you have or what issues are of concern to you?
Should I sell the rental and use proceeds against PPR mortgage? I think its currently a good investment for me with a good monthly net income. On the other hand I think I would net 160,000 approx if I sold it and I don’t think there would be CGT due to PPR relief which I would qualify for with this house as we lived there until recently.
I would like to be mortgage free as soon as possible which is what is driving me towards selling but given that it’s a good investment with good monthly net income I am finding it hard to decide.