UB fixed mortgage but payment has changed.

S

shootingstar

Registered User
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634
Hi

Just quick Q. I have fixed mortgage with UB. For the last few months the same figure has been debited from my account. Only this month they have taken €8 more? I noticed this only yesterday and i called them yesterday only to be put on hold far too long for my liking and ended up hanging up twice. Will try again this morning.. can anyone shed some light as to why this may have happened?
 
Could your mortgage interest relief have reduced thus leading to higher repayments net of relief? For example if you finished up on your "FTB" 7 year preferential relief period perhaps?
 
Clubman, should I have received any documentation for same? My mortgage was only taken out 4 years ago next month.
 
Can you post details of your mortgage - i.e. original amount, term and rate? Do you have any details from your statements before and after the repayment change?
 
I only ever receive a statement once a year from UB. Whih is due in next month.

If you can remember you & I discussed me fixing my mortgage last Aug, which I did. since then I have been paying €715.00 per month (sept oct nov dec). But Jan repayment was €723.15 when debited out of my acc the beginning of jan, I only spotted it this week. mortgage amount is €160,000. Term 30 yrs (4 years into it next month) fixed since aug 07 at... (cant remember but i have it on paper at home)

Regarding TRS - should i have been notified that there may well be changes made etc?

Pardon my ignorance on this topic!!...
 
You should be still receiving the full trs for seven years as long as this is your first purchase. Another reason could be that the interest amount is now less so you get less relief. This seems the most likely as the interest on that amount would be around 4.5k per annum this year as oppose to about 5k last year.
 
What is the fixed rate that started in August and what rate(s) were you paying before that in 2007? Alternatively when you get your latest statement see what the interest bill was for 2007 and then compare that to your capital outstanding multiplied by the fixed rate in effect. As elcato says perhaps your annual interest bill for 2007 was more than that on the fixed rate for 2008 so you may get less relief and thus your repayment may rise slightly.
 
ClubMan said:
What is the fixed rate that started in August and what rate(s) were you paying before that in 2007? Alternatively when you get your latest statement see what the interest bill was for 2007 and then compare that to your capital outstanding multiplied by the fixed rate in effect. As elcato says perhaps your annual interest bill for 2007 was more than that on the fixed rate for 2008 so you may get less relief and thus your repayment may rise slightly.
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I have written to them quering this so I should hear back iun the next few days.

As regards ratehttp://www.askaboutmoney.com/showthread.php?t=56538s etc - I posted here a few months ago.
 
I've read the other thread and am unclear as to what rate you fixed on and for how long. Basically you need to post accurate detailed info about your mortgage for people to comment. At this stage it might just be as easy to wait for your statement or call them asking for an interim summary on the account. It's taking too many to-ing and fro-ing posts to get this information posted here as far as I can see.
 
i fixed on 4.95 for 5 yrs which began last aug 07.

I have since made numberous calls to UB I have not been able to get a satisfactory answer YET! (im being told someone will have to call me back).I have written letters 3 times and have yet to receive a response.
Who can I complain to about this?
 
shootingstar said:
Who can I complain to about this?
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Have you made a formal complaint to UB about this? Ask IFSRA or the [broken link removed]who you should contact to do this if you don't know. If necessary take the matter to the FSO. Read their procedures for making a complaint.
 
When your on a fixed rate your gross repayments will always be the same...however, the net repayments may differ depending on the amount of TRS one receives year in year out, TRS tends to go down year on year so this may explain the difference in your repayments.
 
TonyD said:
TRS tends to go down year on year
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Not necessarily. This only happens once the annual interest bill falls below the relevant TRS relief cap or your "FTB" preferential relief period expires.

Based on the figures posted if we ignore the previous 4 years and work off the following assumed details:
  • Start date - February 2008
  • Term - 26 years
  • Amount - €147K
  • Rate - 4.95%
then Karl Jeacle's mortgage calculator gives the following annual table:
Code: 
[B]Year      Interest          Capital           Balance[/B]
2008      €7,832.15         €3,085.35         €170,914.65
2009      €8,380.92         €3,529.08         €167,385.57
2010      €8,202.21         €3,707.79         €163,677.78
2011      €8,014.46         €3,895.54         €159,782.24
2012      €7,817.20         €4,092.80         €155,689.44
2013      €7,609.93         €4,300.07         €151,389.37
2014      €7,392.19         €4,517.81         €146,871.56
2015      €7,163.42         €4,746.58         €142,124.98
2016      €6,923.06         €4,986.94         €137,138.04
2017      €6,670.52         €5,239.48         €131,898.56
2018      €6,405.21         €5,504.79         €126,393.77
2019      €6,126.44         €5,783.56         €120,610.21
2020      €5,833.59         €6,076.41         €114,533.80
2021      €5,525.88         €6,384.12         €108,149.68
2022      €5,202.58         €6,707.42         €101,442.26
2023      €4,862.94         €7,047.06         €94,395.20
2024      €4,506.09         €7,403.91         €86,991.29
2025      €4,131.16         €7,778.84         €79,212.45
2026      €3,737.25         €8,172.75         €71,039.70
2027      €3,323.40         €8,586.60         €62,453.10
2028      €2,888.58         €9,021.42         €53,431.68
2029      €2,431.75         €9,478.25         €43,953.43
2030      €1,951.78         €9,958.22         €33,995.21
2031      €1,447.50         €10,462.50        €23,532.71
2032      €917.70           €10,992.30        €12,540.41
2033      €361.07           €11,548.93        €991.48
2034      €4.09             €988.41           €3.07
Since the interest payable is below the applicable TRS cap the borrower only receives relief on the actual amount paid so this may explain why the repayment has increased (i.e. there is less relief this year than last).
 
i have received a letter from Ub stating my TRS has changed for 2008. many thanks for the help..and advise. always appreciated..
 
Do you mean that my/our analysis above was correct? Perhaps you could post the details just to check?
 
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