TRS Refund Calculation

[Wishes]

I am waiting on a TRS refund to be applied to my current account for years past. The interest applied was 71k.

Could someone please tell me what the calculation of this is please?

 

[stevieob]

i think it depends on your situation (ie single or joint) and how long the period is for
as rates and bands changed over recent years depending on FTB or not

 

[Wishes]

Stevieob, it's a single application. It was for years 2005,2006,2007,2008,2009.

I applied for 2005 in December 2009.

 

[stevieob]

2005 and 2006 is capped at 20% of €4,000
2007, 08, 09 is increased to 20% of €8,000

so if your interest was less that the cap in each of these years, you are entitled to 20% back. if it was more, then you only get 20% back of the max.

why have you waited?
you will loose out as you are paying interest on the amount outstanding, so if trs was being deducted, then the OS amount would be less and interest would be lower!!

 

[Wishes]

2005 and 2006 is capped at 20% of €4,000
2007, 08, 09 is increased to 20% of €8,000

so if your interest was less that the cap in each of these years, you are entitled to 20% back. if it was more, then you only get 20% back of the max.

In my case it's more than the cap in each year. Do I only receive 20% of the 4/8k or 20% of the interest that was added to my mortgage account?

For example 13k was added to my mortgage account in 2009.

Apologies for my lack of knowledge in this department. Thanks for taking the time out to explain.