Age: 44
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 109k plus 6 to 9% bonus
Annual gross income of spouse: 10,000 invalidity pension
Monthly take-home pay: Approx 5000
Spouse take home: 820 per month
Child allowance: 280 per month
Total: 6000
Type of employment: Public sector civil service equivalent
In general are you:
(a) spending more than you earn, or
(b) saving?
Now saving but have been “breaking even” until now with refurbishment of house
Rough estimate of value of home: €435,000
Amount outstanding on your mortgage: €260,000
What interest rate are you paying? 2.6%
Other borrowings – car loans/personal loans etc:
Home improvement loan of 13k paying down at 485 per month.
No car loan
Do you pay off your full credit card balance each month? Yes.
Savings and investments: 14k savings - saving bonus payments, odd additional savings plus 280 a month child allowance
Do you have a pension scheme? Yes, approx 11% of my salary going into it. No AVCs. Employer puts 9%. Balance at around 300k. Partner had pension when working balance only 30k
Do you own any investment or other property? No
Ages of children: 4 and 6
Life insurance: Mortgage protection plus 8 times salary by employers. Small other life insurance policy that was linked to property I used to own. Also have income protection in work.
Partner has mortgage protection but no life insurance.
What specific question do you have or what issues are of concern to you?
We are considering selling our house and upgrading to a larger house in better neighbourhood. This will result in a mortgage of about 360k on a house of 525k purchase price. Equity in sale should also clear down existing home loan. No requirement for any further house refurbishment
Are we crazy to do this in our situation?
Partner will hopefully return to work over next 2-3 years on a reduced hours basis due to health issues. Possible income of about 25 to 30k per year reduced hours.
Other items. Will inherit about 200k in a 5 to 10 year timescale.
Spouse’s/Partner's age: 43
Annual gross income from employment or profession: 109k plus 6 to 9% bonus
Annual gross income of spouse: 10,000 invalidity pension
Monthly take-home pay: Approx 5000
Spouse take home: 820 per month
Child allowance: 280 per month
Total: 6000
Type of employment: Public sector civil service equivalent
In general are you:
(a) spending more than you earn, or
(b) saving?
Now saving but have been “breaking even” until now with refurbishment of house
Rough estimate of value of home: €435,000
Amount outstanding on your mortgage: €260,000
What interest rate are you paying? 2.6%
Other borrowings – car loans/personal loans etc:
Home improvement loan of 13k paying down at 485 per month.
No car loan
Do you pay off your full credit card balance each month? Yes.
Savings and investments: 14k savings - saving bonus payments, odd additional savings plus 280 a month child allowance
Do you have a pension scheme? Yes, approx 11% of my salary going into it. No AVCs. Employer puts 9%. Balance at around 300k. Partner had pension when working balance only 30k
Do you own any investment or other property? No
Ages of children: 4 and 6
Life insurance: Mortgage protection plus 8 times salary by employers. Small other life insurance policy that was linked to property I used to own. Also have income protection in work.
Partner has mortgage protection but no life insurance.
What specific question do you have or what issues are of concern to you?
We are considering selling our house and upgrading to a larger house in better neighbourhood. This will result in a mortgage of about 360k on a house of 525k purchase price. Equity in sale should also clear down existing home loan. No requirement for any further house refurbishment
Are we crazy to do this in our situation?
Partner will hopefully return to work over next 2-3 years on a reduced hours basis due to health issues. Possible income of about 25 to 30k per year reduced hours.
Other items. Will inherit about 200k in a 5 to 10 year timescale.