mortgage rate changes

manc

Hi,

With all the latest changes in mortgage rates has anyone compared the cash figure they are paying now to the figure they were paying for the same rate previously.

We have a tracker mortgage and the same rate now is €5-10 dearer that previously, have compared more than one rate and all are the same.

Just wanted to see if anyone has similar experience before getting on to bank.

MysticalSoul

The mortgage interest relief has now decreased, so this could explain the difference.

dudara

Moved to Banking & Insurance & Pensions

dudara

manc

irishamethyst wrote: »

The mortgage interest relief has now decreased, so this could explain the difference.

The figure I am looking at is the mortgage figure without any relief. The relief figure has changed as expected.

dotsman

manc wrote: »

The figure I am looking at is the mortgage figure without any relief. The relief figure has changed as expected.

Is it that you are comparing the rate you are on now to when the ECB was last at 2.5%? If so, it was only at 2.5% for 3 months (but only a total of 2 calender months) back in 2006. Given that we have yet to experience a full calender month since it went back to 2.5%, might it have anything to do with the fact that some of your repayment includes several days at the previous rate of 3.25%?

Not saying that's definitely it, but it's certainly a possibility. You must remember that different banks calculate interest differently, but with my mortgage, the interest is calculated daily and applied quarterly.

manc

that sounds possible, I had a look at the dates and they were for 2-5 months for different rates.

Rang the bank but could only leave a message, still waiting for reply.