Fixed Rate Mortgage Repayments

L

L.J

Registered User
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I thought that the repayments stayed the exact same each month if you opted for a fixed rate mortgage - is this the case or could they vary slightly?

I noticed the amount due went up in Dec & it is again gone up for the next payment due at end January - This is a new mortgage and TRS was applied directly for first time in Dec, and as a result the new repayment is less TRS, but when added together total a slightly higher figure.

I have queried and was advised that is was because the payment date changed - I then wrote for clarification and they replied without answering that particular query and the next reply went into formulas etc (way over my head).

I'm now wondering what my repayment is and if will continue to change monthly??
 
Like you, I thought they'd be the exact same.
But thinking about it now, I guess it's down to when they process the direct debit. If it's on the first of every month, then some months will have 30 days interest and others 31 days.
It'll be interesting to see if it goes down slightly in February.
 
Hi, my fixed rate repayment has been the very same since my first payment last February. What bank are you with?
 
Hi - PTSB

I had thought it would be same - it was for Oct/Nov.

The latest letter is explaining the formula based on the remaining term of the mortgage & it's going up!! Surely if that were the case it would go down....

Thanks
 
I checked with the Financial Regulator - copy of reply below for info
The Financial Regulator is an independent watchdog set up by the Government to regulate firms that provide financial services, and help you make informed decisions about your personal finances. For information on personal finance you can call into our Information Centre, Monday to Friday from 9.30am to 5pm. Our Information Centre is located at 6-8 College Green, Dublin 2.

With a fixed-rate mortgage, your interest rate and repayments are fixed for a set time, After that time, your rate changes to a variable rate or you may be offered another fixed-rate option. A fixed rate means your repayments cannot increase for a set period of time, and your repayments will not fall if rates fall. If your mortgage repayments have changed recently it may be due to the change in tax relief at source for mortgages, please see information at the following link http://www.revenue.ie/en/tax/it/leaflets/tax-relief-source-mortgage-interest-relief.html#section1.

This is not so in my case.....
 
I recieved a statement from ptsb, and was told my repayment was now a different amount,i phoned to ask why it changed as it has been the exact same for the last year and i was told it was to do with the budget changes ,which are being implemented at a different TRS tax rate
 
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