The personal loans are almost certainly much more expensive than your mortgage so you should be prioritising these for repayment first.Other borrowings – car loans/personal loans etc
Do you pay off your full credit card balance each month? yes
2 personal loans
10k car 1
6k car 2
are looking to see if we should look to overpay our mortgage or possibly ceasing pensions contributions and putting those sums + more in a 2nd property or other investment
This is presumably going to jump significantly at the end of the fixed rate period so you need to factor this into your short term plans.Family home mortgage information
Lender AIB
Interest rate 2.35%
If fixed, what is the term remaining of the fixed rate? Fixed rate until Feb 24
Some basic things you should do first, including a full tax review, have you claimed for everything you can claim for, are your tax credits being used to their full advantage etc. ?
Secondly, your rainy day fund needs building up, good that you are saving 800pm but ring fence some of that away in it's own account, perhaps in the Credit Union so you are not tempted to use it.
there are a number of options here, one is to go to someone like Taxback (No connection) and they will do all the donkey work for you in terms of claiming back, however they will take a cut themselves but it can be easier. You can do a self assessment but if you've not done it before, it can seem dauntingAny tips on how the Op or others can do a full tax review themselves?
I thought as a married couple, paye earners, that tax claims and credits sort themselves out?
Not really.both pensions are max'd out (employer contributions are exactly that - free money, so thanks for the advise there, no change)
Agreed and an easy decision to make here. How would fund a deposit ? Legal fees to buy ? Initial fit out for letting ? When you have no loans, a rainyday fund and college fees for the kids sorted maybe come back and think about it again. See you in 3 yearsAnd forget about investing in a second property
Would strongly advise against using a service like Taxback. My partner has accidently signed up to them one year and found the service poor and it hard to cancel them as her tax advisers. Their commission is sizeable and once used they set themselves up for future years automatically and even change the bank details Revenue hold for you on MyAccount on Revenue.ie to their company bank details. They didnt seem to even do due diligence on the return they submitted (such as asking for your medical expenses for the year, other income sources etc.) so they are not even claiming back all of your entitlements.there are a number of options here, one is to go to someone like Taxback (No connection) and they will do all the donkey work for you in terms of claiming back, however they will take a cut themselves but it can be easier. You can do a self assessment but if you've not done it before, it can seem daunting
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