Q: We are thinking about trading up our family home in Co Limerick to be a little closer to the city. We are not in negative equity and have seen suitable properties for around €250,000. Our house is valued at €191,000. We have a balance of €91,000 left on our current mortgage. How much can we borrow as a second-time buyers, and what other costs do we need to consider in selling our home?
Question: I FINALLY sat down to review our household budget and I’ve discovered we have insurance cover for a few things and I’m not even sure what they are, or if we need them. We have mortgage protection with our bank since we took out our mortgage 15 years ago. My wife has serious illness cover from €50,000 paid by her employer. And I took out an income protection policy seven years ago, but I’m also paying for serious illness cover of €70,000. Do I need both? We have two children in school.
Question: After 24 years of marriage, I decided to separate from my husband and we are now trying to come to an agreement on the equitable division of assets. We have two adult children who are still living at home. I would like to stay in the house and my husband, who is a director of a successful company, said that I can have three-quarters of the house rather than half, so long as I give up any claim on his pension. I am 52. I can afford the mortgage on the remaining quarter as I now have a part-time job, but I wonder if this is a good deal?
Joey Sheahan gives top tips on the Irish independent’s Home Economics with Sinead Ryan.