TRS not changed to 30%

Anyone know if Bank of Ireland have updated their systems yet? I have not heard anything from them and today TRS is the same as it was in January so looks unlikely they have, anyone heard from BOI?
 

thats good to know, am mortgaged with PTSB myself. It is a very slow process, updating the TRS.
 
I rang revenue in January and they confirmed that they had already given PTSB the details ! It looks like PTSB is just not in any sort of hurry to update their books. This is now May....so they really don't have any excuse !
 
Don_08 said:
This is very annoying. We will actually be giving up our TRS at the end of June as will be emigrating and renting out the house. All this talk of backdating - will that even apply to us?
Click to expand...

did you buy between 2004 - 2008? If not, then no. If yes, then for 5 months you would be entitled to and when you rent it out you are no longer entitled.
 
This is a strange one, i'm with PTSB and i'm pretty sure that my relief increased last January. I didnt get any confirmation but it was a messy period with a couple of interest rate drops after the infamous 6.05% SVR i was on. Unfortunatley i'm in year 7 so im going to see a drop next year.

Mortagage is 270K
Term 360 months.
Remaining 286 months.
Interest rate 5.19%
Current TRS amount is €260.12 (married couple)
I tried working it out on a few on line calculators and it seems close enough.
Next year i'm expecting TRS to drop to €150 right?
 
allie12 said:
Kaza, call them back- tell them you are onto revenue, ask that the owed monies not be applied as a lump sum and get them to confirm in writing. If enough people keep at them they may just buck up!!
Click to expand...

just to let you know if the trs is paid to your mortgage as a backdated lump sum and not as the monthly regular, you are in fact entitled to request this lump sum to be refunded to you.

usually the only way it would be paid as a lump sum is if it was for previous years.
so if it is paid this year it should come off the monthly payment.
if it is paid next year it will be a lump sum which can be refunded to you.
 
Re query from whatstracker,

We have a mortgage with PTSB and are 1 year ahead of you, i.e. in year 8. However PTSB have been giving us 25% (€125) rather than 30% (€150) interest relief for the past four months. They've told me over the phone that once it's adjusted to 30%, I can give them a call and they will refund the overpayment, which is €100 so far, back to our current account.
 
I spoke with revenue yesterday who stated that most banks had implemented the change but ptsb had not. I rang ptsb today as my mortgage is with them and they said they might have an update in June and the backdated payment will be paid over the remaining months of the year. Revenue said that ptsb would be paying it against my principal, conflicting answers!
 
I got a voicemail (saved it) from PTSB confirming that the TRS will be spread out over the last part of the year and will not be paid against the principle. They cannot hoowever confirm this in writing!
 
Terrible it's taking so long to apply it when the other banks have done it. No reasonable explanation for the delay.
 
I spoke to PTSB today and the guy on the phone said that the increase will happen in June. He confirmed that for my mortgage in June - that the TRS will be at 30%
 
Just called Ulster Bank, they still have not implimented the 30% and was told that they have no definite time frame, they are having "system issues".
Said it should be before the end of the year...
 
alexandra123 said:
I spoke to PTSB today and the guy on the phone said that the increase will happen in June. He confirmed that for my mortgage in June - that the TRS will be at 30%
Click to expand...

Great! I should see a few decreases in my June payment then, TRS to 30%, plus back dated TRS, plus 0.5% decrease.
 
Paulk said:
My TRS is substantially higher this month. I'm assuming this means that the 30% increase has been applied and backdated.

Did anybody else with KBC notice the same?
Click to expand...

Paul, mine jumped from 40 euro or so up to 71. I think they may have paid whatever was owed for the year so far on top as well, but not definite on that
 
Update on this in respect of my AIB mortgage.

As per Allie12 in post #50 it appears as though the intention is to pay a level amount from May onwards so that the correct total for the year will be paid by the end of the year.

In my case I am owed approx €120 in underpayments for the first 4 months (was being paid about €150pm based on 25% rather than €180pm based on 30%)

I'm now getting €195pm from May (€180pm correct amount, plus an extra €15pm until the end of the year to cover the €120 in underpayments to date).

I could get annoyed that I'm not getting back the underpayments immediately with interest, but I've worked out that the difference is costing me about 60cent in interest, so it's probably not worth the effort!!
 
Called and spoke to PTSB again today (seriously stalking them to get clarification on things!!), and the TRS will be applied from our next payment, also the % shown online for the interest rate will take 16 days to update but the reduced rate of 4.69% is applied from today. All in all itlooks like we will be getting over €400 reduction PM till the end of the year!!
 
I am on a Tracker and was getting 136.91 for the past few months this month I got 177.99 does this amount include some of the money which is due since January? I am not sure how to calculate how much I am entitled to. 2012 is year seven for me. How do you know how much interest you will be paying for the coming year, or perhaps that is not how it is calculated?
 

Looks like you're in the exact same boat as me.

Say you were on a tracker of ECB + 0.75% (current interest rate of 1.75%) and had about €375k outstanding on the mortgage, the amount of interest you are expected to pay in 2012 is quite close to €375k * 1.75%. This is about €6.5k.

Because you are in the 7th year you are entitled to 30% of this, roughly €2k for the year or €165 per month.

The bank has only been paying 25% (as it struggles to get its systems to use 30% ) so you will have been only receiving €135pm since January.

What the bank is now doing is immediately upping your relief to the correct amount of €165pm and spreading the underpayments since January over the remaining months of 2012 by adding approximately €15pm onto your relief, taking you to approximately €180pm.
 
You must log in or register to reply here.
Menu
Log in
Register