lone_merchant
Registered User
- Messages
- 2
Age: 38
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 45.5K
Annual gross income of spouse: 18K
Monthly take-home pay: €1026 (part of budget plan in credit union, mortgage and some bills taken at source)
Spouse: €1250
Type of employment: e.g. Civil Servant, self-employed: Public Servant
In general are you:
(a) spending more than you earn, or - breaking even
(b) saving? - no savings
Rough estimate of value of home: 270K
Amount outstanding on your mortgage: 203K approx
What interest rate are you paying? - think 3.99% with Ulster Bank, 7 Year Fixed Rate, started 2017, 28 years
Other borrowings – car loans/personal loans etc
ME: Credit Union loan - 11,800 - repayments deducted at source (payroll)
Owe parents approx. 14K due to loan for purchase of house - I repay €260 p/mth
SPOUSE: Credit Union loan - 10.8K - repay €300 p/mth
Car loan PCP: €300 p/mth
Do you pay off your full credit card balance each month? - No credit card
If not, what is the balance on your credit card?
Savings and investments: - No savings scheme
Do you have a pension scheme? - Both of us have pension through job
Do you own any investment or other property? - No
Ages of children: 4
Life insurance: €55 p/mth
We're left with very little disposable income at the end of each month. We don't save as we have nothing to save. We're habitual borrowers, instead of trying to save we borrow. Our total loan repayments each month is approx. €850, not including car finance.
I'm looking for advice on how best to manage the loan debt, consolidate loans into one loan? Look at switching mortgage? I don't know much about switching mortgage, maybe this would reduce our monthly mortgage amount but the breakage fee with UB may be high.
Any advice would be welcome.
Spouse’s/Partner's age: 36
Annual gross income from employment or profession: 45.5K
Annual gross income of spouse: 18K
Monthly take-home pay: €1026 (part of budget plan in credit union, mortgage and some bills taken at source)
Spouse: €1250
Type of employment: e.g. Civil Servant, self-employed: Public Servant
In general are you:
(a) spending more than you earn, or - breaking even
(b) saving? - no savings
Rough estimate of value of home: 270K
Amount outstanding on your mortgage: 203K approx
What interest rate are you paying? - think 3.99% with Ulster Bank, 7 Year Fixed Rate, started 2017, 28 years
Other borrowings – car loans/personal loans etc
ME: Credit Union loan - 11,800 - repayments deducted at source (payroll)
Owe parents approx. 14K due to loan for purchase of house - I repay €260 p/mth
SPOUSE: Credit Union loan - 10.8K - repay €300 p/mth
Car loan PCP: €300 p/mth
Do you pay off your full credit card balance each month? - No credit card
If not, what is the balance on your credit card?
Savings and investments: - No savings scheme
Do you have a pension scheme? - Both of us have pension through job
Do you own any investment or other property? - No
Ages of children: 4
Life insurance: €55 p/mth
We're left with very little disposable income at the end of each month. We don't save as we have nothing to save. We're habitual borrowers, instead of trying to save we borrow. Our total loan repayments each month is approx. €850, not including car finance.
I'm looking for advice on how best to manage the loan debt, consolidate loans into one loan? Look at switching mortgage? I don't know much about switching mortgage, maybe this would reduce our monthly mortgage amount but the breakage fee with UB may be high.
Any advice would be welcome.