R
RayChandler
Guest
Age: 29
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 49K + 6K bonus/stock (this is quite reliable, even now)
Annual gross income of spouse: 0K, she is giving up work
Type of employment: e.g. Civil Servant, self-employed . Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving? I would say we are neutral right now, want to save more
Rough estimate of value of home: N/A (Renters)
Amount outstanding on your mortgage: N/A
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc
26K Euro in loans ( but denominated in dollars ), 16 year term, ~7.5% interest rate
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:
10K total:
6.5K in stock tax shelter, cannot access for 3 years without paying 42% tax
2.3K cash
1.2K in stock
Do you have a pension scheme? Yes, Hybrid DB and DC. Partner has none
Do you own any investment or other property? No
Ages of children: One due later in year
Life insurance: None
Main monthly outgoings:
Rent: 750
Car insurance: 75
Loan repayments: ~260 (depends on USD/EUR exchange rate)
Charity; 100
ESB/GAS:100
Broadband/Mobiles: 100
We are moving from a double income to a single income in advance of the birth of our first child in the autumn. I would like advice on what I should do regarding the US loans mentioned above (We are both originally from the states0. Eventually we would like to buy a house here for somewhere in the 200K range. Do the loans affect our borrowing ability over here? How big a risk is the exchange rate?
We might be getting 20K from a relation to help with a house deposit when we decide to buy, but this is not certain, so we really need to start saving more for a deposit if we are to buy. I think we could maybe save about 300/month when the single income kicks in, but at that rate, we would be a very long time saving the 20K needed for a 10% deposit.
Any advice?
Spouse’s/Partner's age: 29
Annual gross income from employment or profession: 49K + 6K bonus/stock (this is quite reliable, even now)
Annual gross income of spouse: 0K, she is giving up work
Type of employment: e.g. Civil Servant, self-employed . Private Sector
In general are you:
(a) spending more than you earn, or
(b) saving? I would say we are neutral right now, want to save more
Rough estimate of value of home: N/A (Renters)
Amount outstanding on your mortgage: N/A
What interest rate are you paying? N/A
Other borrowings – car loans/personal loans etc
26K Euro in loans ( but denominated in dollars ), 16 year term, ~7.5% interest rate
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:
10K total:
6.5K in stock tax shelter, cannot access for 3 years without paying 42% tax
2.3K cash
1.2K in stock
Do you have a pension scheme? Yes, Hybrid DB and DC. Partner has none
Do you own any investment or other property? No
Ages of children: One due later in year
Life insurance: None
Main monthly outgoings:
Rent: 750
Car insurance: 75
Loan repayments: ~260 (depends on USD/EUR exchange rate)
Charity; 100
ESB/GAS:100
Broadband/Mobiles: 100
We are moving from a double income to a single income in advance of the birth of our first child in the autumn. I would like advice on what I should do regarding the US loans mentioned above (We are both originally from the states0. Eventually we would like to buy a house here for somewhere in the 200K range. Do the loans affect our borrowing ability over here? How big a risk is the exchange rate?
We might be getting 20K from a relation to help with a house deposit when we decide to buy, but this is not certain, so we really need to start saving more for a deposit if we are to buy. I think we could maybe save about 300/month when the single income kicks in, but at that rate, we would be a very long time saving the 20K needed for a 10% deposit.
Any advice?