Mortgage Calculations

H

HomersCash

Registered User
Messages
48
Hi,

Looking for info on precisely calculating my mortgage repayment.
Essentially, I just want to be able to prove the bank are charging me the correct monthly amount.

Details;
PTSB
30 yr mortgage
310K
29 yrs to go
On Tracker
ECB + 0.5%
Currently at 2.3%
(The latest 0.25 ECB cut has yet to hit)

Specific reason, the past few 0.5 ECB rate cuts meant a nice chunk off the monthly repayment.
This last 0.5 cut didn't seem so much.

Mortgage Repayment
@ 2.8 = 1172.24
@ 2.3 = 1120.65

Don't get me wrong, the €50 less is fantastic, I just recall the previous cuts being more significant.

Thanks.
 
Those calculations seem to incorporate the mortgage interest relief that you are entitled to. This may have changed since the recent ECB rate cut. How long has it been since you first purchased the property?
 
I am in a similar position,

€335k over 30 years 28 years to go, PTSB ECB + 1.68

I know that the + 1.68 reduces the impact of successive ECB decreases.

My repayments have decreased from €1,460 a month Nov 08 to €1,350 a month at ECB of 1.50% + 1.68. Because I don't have all the information, I need to be sure that I am not being ripped off.

I have repeatedly asked PTSB for a written calculation breakdown since January, but to no avail.

I've logged a complaint with the Financial Ombudsman, and I hope this gets me the information I need.
 
€1,460 a month Nov 08 to €1,350 a month at ECB of 1.50% + 1.68
Click to expand...

that seems very little. But again, a lot could depend on your entitlements and ceilings on your mortgage interest relief.

How long since you purchased your first home?

FYI:

From PTSB today -

"
Further to the ECB Rate decrease to 1.25% announced on the 2nd of April 2009 please find below a summary of how this will apply to our variable mortgage rates.

0.25% Decrease on Variable Rates Effective Thursday 30th April 2009

All of our Variable and Tracker Home Loan customers will benefit by the full 0.25% reduction. This will be the sixth decrease since November 2008 and will position us mid-table versus our competitors.
"
 
Before mortgage tax relief the payments would be (2.8%) = €1273 and (2.3%) = 1192.
The difference in your payments must be to do with the tax relief - but they should be able to tell you ?
 
Jonathan.OB said:
that seems very little. But again, a lot could depend on your entitlements and ceilings on your mortgage interest relief.

How long since you purchased your first home?
Click to expand...


We are first time buyers, purchased November 2006, so we would have maximum mortgage interest relief.

So, I really need to see full calculations from PTSB to assure me that all is ok.

The media are constantly reporting on the monthly repayments of average mortgages of €300k+, have dropped by ~ €300-€400 per month.

I know my friends has too.
 
PTSB gave me an explanation as to how the monthly repayment is calculated.

(Rate X Balance remaining)/ ( 12 X (1-((Rate/12 ) + 1) ^ - Repayments left))

eg ( 0.0318 X 321,912.67)/ (12 X(1-((0.0318/12) + 1 ) ^ -331)) = 1,461.85

less TRS of 170.52 gives repayment of 1,291.33 per month.

At least I can see how the repayment is calculated each month.
 
STEINER said:
I am in a similar position,

€335k over 30 years 28 years to go, PTSB ECB + 1.68

I know that the + 1.68 reduces the impact of successive ECB decreases.

My repayments have decreased from €1,460 a month Nov 08 to €1,350 a month at ECB of 1.50% + 1.68. Because I don't have all the information, I need to be sure that I am not being ripped off.

I have repeatedly asked PTSB for a written calculation breakdown since January, but to no avail.

I've logged a complaint with the Financial Ombudsman, and I hope this gets me the information I need.
Click to expand...

Can you not go to the regulator about that? If they don't send out the information? Is it covered in CPC or Data Protection?
 
Can you not go to the regulator about that? If they don't send out the information? Is it covered in CPC or Data Protection?
Click to expand...

I think Steiners has received the info since:

PTSB gave me an explanation as to how the monthly repayment is calculated.

(Rate X Balance remaining)/ ( 12 X (1-((Rate/12 ) + 1) ^ - Repayments left))

eg ( 0.0318 X 321,912.67)/ (12 X(1-((0.0318/12) + 1 ) ^ -331)) = 1,461.85

less TRS of 170.52 gives repayment of 1,291.33 per month.

At least I can see how the repayment is calculated each month.
Click to expand...
 
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