TRS over paid? Next Step??

[frunzy]

Hi All,
We got a mortgage top up of €50,000 last year over a term of 30 years. Earlier this year we decided to 'up' the repayments and fix them at €500 per month in order to pay it off quicker.We applied for trs in Aug and I just got a letter from our lender stating that revenue would now be paying €170 per month and we'd be paying €330!. I just thought that seemed to good to be true. I applied on line and all the info given was true and correct. Would it have anything to do with the reduction in the term of the mortgage with our request to increase our repayments? I haven't contacted revenue in case they notice their error presuming it is one!!

What would you do?

 

[extopia]

If it's an error it will be discovered eventually. Might as well sort it out now as it's unlikely the Revenue will decide to forget about it once they discover the error, if it is one (and it certainly looks like one).

However it's more likely the bank made the error, as the letter came from them. Rest assured your bank will claw back any underpaid interest that accumulates due to any errors made by anybody!

 

[frunzy]

Thanks Extopia,
I think I will contact our bank but I thought they just go by what revenue send them as I applied giving all our info... I reckon as you said they will realise their error., we are now in a position to pay back the loan but when I got the trs letter naturally I was reluctant to!

Thanks