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Mortgage Interest-Rebate

  • 16-03-2008 10:03pm
    #1
    Ginger83
    Registered Users, Registered Users 2 Posts: 3,586 ✭✭✭


    Hi,I only recently discovered I had not claimed my TRS credits over the past year. Sent the form in january and received a letter a few days ago stated I'm owed €1,600 in back-dated payments. My bank stated in the letter this figure has been accredited to my mortgage account.

    +My normal payment is around a grand a month and is due next week, does this mean I'm required to pay this next week or will the cash they owe me cover it?
    I'm not 100% sure how they do it.
    Any help,thank you


Comments

  • #2
    m_stan
    Registered Users, Registered Users 2 Posts: 1,653 ✭✭✭m_stan


    This could potentially differ from lender to lender, so you'll have to ask your particular mortgage provider what the deal is here.

    Best to be sure - you don't want to miss any payments based on some nice chap on the internet telling you all is well!


  • #3
    shoppergal
    Registered Users, Registered Users 2 Posts: 167 ✭✭shoppergal


    Ginger 83, depends on who you're with. If it's PTSB they'll hold it as a credit on your account until you instruct them what to do. Best bet is call them up and as k them


  • #4
    Pete4779
    Closed Accounts Posts: 622 ✭✭✭Pete4779


    Ginger83 wrote: »

    +My normal payment is around a grand a month and is due next week, does this mean I'm required to pay this next week or will the cash they owe me cover it?
    I'm not 100% sure how they do it.
    Any help,thank you

    Usually with 8 weeks the TRS refund will be credited to your account at the same day that the mortgage is paid. Instead of a mortgage out and TRS of say €166 credited, your mortgage will go out and the full refund will be credited.

    I would just leave it be. It may not be this month, and may be next month instead, you don't want to end up in mortgage arrears. Once all the paper work between the bank and revenue is sorted they will apply it (and revenue are highly efficient TBH!).

    The simplest solution is to get the balance on the account that you use to pay your mortgage. Note that the mortgage account itself will not show TRS deductions from payments.


  • #5
    Ginger83
    Registered Users, Registered Users 2 Posts: 3,586 ✭✭✭Ginger83


    Hi, I'm with uslter bank. My TRS was sorted out in january. They let me know what my monthly allowance was.
    I rang last thursday to be told I'm owed €1,600 in back-dated TRS and funny enough on friday morning I received a letter dated 3 weeks ago (20th Feb) stated this figure has been applied to my mortgage account.

    But come yesterday my monthly payment in full was taken from my account funds. The woman on the phone told me the TRS would cover yesterdays payment. Dont know what they are doing at all


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