TRS changes not yet being applied

B

booleyman

Guest
This an issue I have with First Active for not yet applying the new rates of mortgarte interest releif (from 20% to 25%) in years 1 and 2 of my mortgage despite the fact that the changes were announced in the October 2008 Budget.

FA have said they will not be in a position to apply the new rates until 'sometime this summer' - a delay of alomst 9 months!. Though they state any amounts will be backdated this will simply be credited to the mortage account, meaning the real benefit is being lost to me on a monthly basis.

Revenue have said all the necessary information has been passed onto the banks as required.

How can they justify this delay ? It seems absurd when thay can vary interest rates on a monthly basis and notify customers accordingly.

Any others with similar complaint?
 
its not that simple.
these things take time,

your trs will be sorted in july
and backdated,
thus meaning any trs due will come off your dds from july to dec,
thus meaning you will be paying alot less than your dds from jan to june,

you are still going to benefit, so i cant see your problem.
 
I know its not simple but it is not transparent either of how and when the lender is going to apply the change. I'm with Ulster Bank and never received a letter with an update, other than the initial letter noting the delay. In the meantime, I have also received letters noting mistakes they've made in relation to tracker changes etc.
 
I haven't even received a letter as AKA has!

20% to 25% not that simple ? Are you still working with an abacus?
 
there isnt just one band of 25% now, there are 4 bands, 25%, 22.5% 20% and 15% which will disappear from may.

well expect the change to come in july.
 
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