Are you sure that the increase in mortgage repayments might not be due to changes in the owner occupier mortgage interest relief to which you are entitled? What are the details of the mortgage - start date, term, original amount, outstanding amount, rate etc.?
While you may not be utilising all the TRS amount available your payments should be going up slightly each year even if interest rates were the same as you will be paying less off the interest each year and more off the capital.
If they are paying more interest than the relevant relief threshold and the interest rate has not changed then the repayment should not change. Ultimately we don't have enough information yet to comment authoritatively.While you may not be utilising all the TRS amount available your payments should be going up slightly each year even if interest rates were the same as you will be paying less off the interest each year and more off the capital.
I have a tracker mortgage.
Today I got a letter from my mortgage provider informing me that due to recent interest increase, my montly payment would be going up!
Did you get a letter the last time there was actually a rate increase?
when did the ECB last put up rates? September?
the rate applying to my mortgage was going up by 0.1%
For what it's worth, Bank of Ireland have recently increased their Standard Variable Rate by 0.1% for existing customers.
Do you mean that they changed the margin chargeable on new tracker mortgages? After all if somebody truly has a tracker mortgage already drawn down then the only time the gross (before interest relief) rate/repayment should change is when the ECB rate changes and there was no rate change in January 2008.Bank of Ireland increased their tracker rates from the 22nd of January last, so perhaps that's whats happened...
The APR on the tracker has moved from 5.20% to 5.30%.