When is interest applied to mortage from 1st payment

[alexandra123]

Hello All,

I am just wondering if someone could answer this.

I got my mortgage in 20 dec 2005 and my first payment was jan 2006.

I was told on another post that if your first payment was in 2006 , then year 1 of trs should start in 2006.

I contacted revenue and they confirm that my trs started in 2005. They then said it is based on the 1st month that interest was applied to the mortgage - which seems to be dec 2005 even though my first payment was not until 2006.

Response from revenue below !

"You are on our records as being a First time buyer in the year 2005 which is correct as your lender has provided us with an interest charged figure for the year 2005.The amount of €26.48 was repaid directly to your mortgage account by your lender in February 2006. The First time buyer year is applied from the date of the first interest charged on your loan by your lender PTSB which in your case is December 2005"

Should the bank have applied the interest in 2006 or did they do it in 2005 to balance the year end loan books ?

Thanks in advance

 

[alexandra123]

Just to give an update on this incase people are in the same situation.

I contacted the banks and revenue again and revenue are updating my account to show that trs starts in 2006 instead of 2005.

 

[alexandra123]

Also - if you want to query this you need to send a mail to trsadmin@revenue.ie. You need to send some sort of reference that shows them when 1st payment was made. I sent them a copy of my mortgage statement from 24 hour banking.

They are very quick to respond. I got a mail in less than a week.

Also to confirm - it actually took me a second contact to Revenue that got them to update my TRS asking them to confirm that I lost a full year of TRS.

If I had not of queried their 1st response, I think I would have lost my year 1 TRS.

Not sure what arrears if any I am due beside the year 1 TRS.