Age: 36
Spouse’s/Partner's age: 31
Annual gross income from employment or profession: 51000 +2000 bonus
Annual gross income of spouse: 7300 approx.
Monthly take-home pay 3870
Type of employment: Private Sector
In general are you:
Saving approximately 500 a month
Rough estimate of value of home 200,000
Amount outstanding on your mortgage: 160,000 Approximately (10 years in to a 35 year mortgage)
What interest rate are you paying? 3.7% Variable
Other borrowings – car loans/personal loans etc: No loans
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: Approximately 15000 between savings and prize bonds
Do you have a pension scheme? No
Do you own any investment or other property? No
Ages of children: 10, 6, 4
Life insurance: Included in mortgage
What specific question do you have or what issues are of concern to you?
My concern is that we are saving every month but i am sure there is a use for this either in overpaying our mortgage, setting up a pension or maybe a mixture of a few things. All i am looking for is opinions from people who know more about finances than i do, and that is very little!!