Interest rate change & TRS question

R

Richel

Guest
Hi

I am married and we have just come off a fixed rate mortgage of 4.86%. We are going down to a tracker variable of 2.25%. We currently owe 335k on our mortgage and currently get 182.90 per month TRS. As our repayments are going down I am wondering if anyone would be able to help me and let me know what our TRS will drop to.

Kind regards
 
I'm in a similar situation and my TRS has not dropped. I expect this is because I have paid over the threshold of €10000 p/a already. I presume in January it will drop as it will be a new year and I will be paying less interest. However, the budget may also change things on that front so who knows.

If you ring Revenue, they will be able to tell you for sure.
 
your TRS depends on the amount of interest your paying each month...if your now paying less interest on the tracker than on the fixed rate then you get less interest relief...the lower interest rates has saved the govt. €€€€ in interset relief
 
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