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Benefit in Kind rate

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  • 18-08-2006 2:34pm
    #1
    TheBazman
    Registered Users Posts: 6,462 ✭✭✭


    Hi folks

    We have been offered a tracker type mortgage rate at work that tracks the BIK rate which is currently 3.50%. My concern is that this changes every year in the budget. Is there anywhere that I can see where this rate has been for the past few years? Obviously I would have to think twice if it was likely that this rate could jump significantly

    Rgds
    Baz


Comments

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    #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    the BIK rate only changes when the underlying rates move and historically it lags.

    In addition it does not follow increases all the way up, for years before we got into the current low rate invironment it was set at 3%

    search www.revenue.ie for history


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    #3
    TheBazman
    Registered Users Posts: 6,462 ✭✭✭TheBazman


    Cheers

    I presume when you say "follow increases" you mean interest rate increases? Given that there have been 1% in hikes since Dec, there is a good chance that the current 3.5% BIK rate will increase by up to 1%

    Baz


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    #4
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    TheBazman wrote:
    Cheers

    I presume when you say "follow increases" you mean interest rate increases? Given that there have been 1% in hikes since Dec, there is a good chance that the current 3.5% BIK rate will increase by up to 1%

    Baz
    Yes I meant interest rate increases

    re it changing, i cant see on revenue.ie when the 3.5% came in but in 2004 it was 4.5% so maybe they now have the capacity and inclination to change it more frequently than heretofore, so u should assume that it will go up in line with market rates


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