Mortgage and TRS

O

orwell

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Morgage currently with GE Money(Long Story), rate is 6.2% fixed for 3 years, with 1 year of this over. Monthly mortgage is€1745 before TRS, checjed today and was told todaymy TRS is €300 per month..
2 questions:

1 With interest rates rising isit worth my whiletrying to remortgage with "normal" bank...Both ICB reports are now clear?

2 How is TRS worked out,joint mortgage, I am first time buyer but husband is not so does this €300 per month sound right.

Thanks in advance for advice/suggestion
 
There is more than likely a penalty if you leave GE before the end of the fixed rate. That fixed rate - even for a "sub prime" lender is not looking too bad now that most lenders have upped rates. Firat Active , ICS , BOI are all more than that for 3 yr fixed rates. With the possible penalty (check with GE), the legal fees and the small differences in rates - you may as well stay where you are for another 2 years. (Unless you owe less than 80% of the house value - then it could be worth looking at NIB or Halifax or EBS.
 
orwell said:
2 How is TRS worked out,joint mortgage, I am first time buyer but husband is not so does this €300 per month sound right.
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See here for the maximum relief limits for each of you:

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Thanks for your replies guys, When we bought the property it was 420k which is now down to 395k but thankfully we only borrowed 285k over 30 so will have at those that you have mentioned Irishlinks
Clubman, checked out that site about TRS,stillnot getting it, I figure trs for my husband should be €50 per month as non FTB and mine should be €166per month so can't understand how theyare paying trs of €300!!
 
Two people on mortgage - one FTB the other not - qualify for relief at 20% on a maximum of €10K + €3K = €13K @ 20% = €2.6K p.a. or €217 p.m. If you pay more than €13K interest annually then you get the full relief. If you pay less then you get relief on the lower amount actually paid. While your spouse may have bought before are you sure that he is not still within his 7 year "FTB" relief period? If so then the max relief would be €20K @ 20% = €4K p.a. or €333 p.m. You also need to look at how much interest you are actually paying in to know whether or not the max relief applies.
 
No he is definetlynot getting ftb asI checked it out with trs people a while ago, probably best to contact them and see what way we are receiving our TRS..
Another quick question, just been on NIB website and can get a better rate of interest for mortgage with them..would you know if the fact that I have my mortgage with GE Money will go against us in an application,If I am honest and upfront about husband bad credit rating in the past which is no longer on his ICB report what arethe chancesof them approving us?
 
orwell said:
No he is definetlynot getting ftb asI checked it out with trs people a while ago, probably best to contact them and see what way we are receiving our TRS..
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Are you absolutely sure that he doesn't still qualify for "FTB" relief by having some of his "FTB" relief period remaining? If the figures don't seem to add up after checking what I mentioned above then by all means flag this with the lender and Revenue to get clarification. If the incorrect relief is not being applied then you need to sort it out.
Another quick question, just been on NIB website and can get a better rate of interest for mortgage with them..would you know if the fact that I have my mortgage with GE Money will go against us in an application
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They will presumably take all relevant details (including past credit history and the fact that you are currently with a "subprime" lender due to credit issues) into account. Probably no harm in trying for a more competitive lender though bearing in mind the comments above about possible penalties for leaving a "subprime" lender early.
 
IFAnd its a big If I could switch the mortgage I'd have to pay 6 months to Ge as penalty, need to find out what that is as to be honest I'll be leaving when fixed rate is over in 2 years so will eventually have to pay solicitors fees..need to workout 6 months interest versus 2 years in savings from reduced mortgage....Might not get anywhere anyway...
Was on to TRs crowd few months ago, I had only been receiving trs as non ftb even though this is my first mortgage, gave them my husbands details and his ftb has ran out, he bought in 2000 and when they changed the tax years few years ago that used up 2 of his years apparantly..DOn't understand because it was only about 3 months I was dealing with them regarding this and I got €1600 credited to my account due to their error and the told me the new trs would be applied to my mortgage from June which was €300....
 
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