Ulster Bank only now applying new TRS rate

Hi,

I got a letter from Ulster Bank a couple of weeks ago saying that since January they have been applying TRS (mortgage interest relief) at the 2008 rate but now that "changes to our system are complete" they will be applying it at the new rate. They said the increased TRS entitlement will be applied to future mortgage re-payments, but what about the last bloody 6 months??? They have effectively stopped extra TRS that I and thousands of other people have been entitled to over the last 6 months.

I am renting my apartment in September so I will now loose out on (most of) whatever adjustments they make because I will have to give up my TRS. But I want my 6 months of extra TRS back that they havn't given me this year!! Still have yet to ring the bank about this.

Relax, you'll get the extra TRS credited to your account when the next payment comes out. Our payment came out on June 29th and had a larger than normal TRS credit.

Im not so sure though, I can't remember the wording in the letter, but I get the feeling they're going to spread it out so for example, if I should have gotten an extra €100 over the last 6 months, they're gonna give me a tenner over the next 10 months - in which case I won't get it back because Ill have to give up my TRS come September

they advised everyone of this in january, plus there have been many posts regarding this on this and many other sites.
as said above, the trs that was supposed to be paid at the 2009 rate from jan to jun will be spread over the remainder of the months of the year.
if you move your house to a rip from sept, you are then entitled to trs at the rate which is applicable to you on the interest paid up to that point,
if you are underpaid trs, the revenue should refund you the underpayment of trs prob next march.

Hi all, quick question:

I am changing from variable to fixed rate. Variable rate is 2.65 and fixed is 3.25. Does the amount of TRS increase as i am going onto a higher rate? Bank is saying different and are decreasing it!

Emma1980 said:

Hi all, quick question:

I am changing from variable to fixed rate. Variable rate is 2.65 and fixed is 3.25. Does the amount of TRS increase as i am going onto a higher rate? Bank is saying different and are decreasing it!

Click to expand...

thanks rameire, Ill might give the revenue a tinkle next year so.

Interesting question from Emma there and I also would like to clarify. I would have thought you are entitled to more TRS because your interest rate is gone up because I am in the opposite sitution. I have been paying my (tracker) mortgage for a year n a half and have seen my TRS drop from €200 to around €70. I assumed this is because the interest rate has dropped so much.

Can anyone clarify this for myself and Emma??

you are right there.
the trs is based on the amount of interest paid on the mortgage per year,
which is estimated at the start of the year.
if your rate is indeed going up your trs entitlement should in theory go up.

the only real reason why the trs should go down alot during the year, is if
you pay a large lump sum off the mortgage,
your rate drops
your mortgage balance is reducing significantly every month
or the bank is fecking up the calculation for trs. ( most if not all banks calcs are all correct now)
when are you changing to the higher rate, it could be that it is an educated guess at to what you will receive in trs and not the correct amount, as they should not know your trs entitlement for the next month until roughly the 20th of the previous month