Trs

S

stevieob

Registered User
Messages
39
Hi all

Our morgaage is a tracker with perm tsb and we got a small reduction in repayment due to TRS change. This must have missed me as we took out our loan in December 04 and as far as I can see, there is no change to our TRS rate. Our interest for 09 was only about 8k so we are under the threshold and entitled to the full 20% TRS, so how was there a change.

Asked the bank, and they sent out some complicated letter with an actuarial formula, with a key that doesnt make sense, but none of it really makes sense does it...... there was no change in TRS and they were specific that this is why our repayment has changed.

Anyone help here?
 
as you state your interest for Last year was 8k.
as this is below the ceiling your trs is calculated at 20% of the interest broken up into 12 chunks.
i suspect this year you will pay even less interest than last year so your trs will drop slightly.
good luck next year when your ceiling is 15% of the ceiling which will be 3,000 per person.
 
oh you got an increase.

did you top up your mortgage.
did you have a payment break last year.
the only other thing would be that either your bank reported incorrectly last year to the revenue the amount of interest, or the revenue reported the incorrect ceiling to the bank last year.
 
yea i have always being putting extra in per month, some months more than others, but always a bit extra

never had a payment break

annual report has trs exactly at 20% of interest as am below the ceiling
 
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