mortgage interest relief from budget 2012

Play Bunny

hi
just wondering if any1 got their trs credits from the last budget, i.e if you bought your house in the boom, we bought ours in 2006 and have recieved nothing, it says we should recieve something by the end of 2012 just curious to see if any1 had recieved theres and how much did they get? not sure how much i am due to recieve, every penny helps;)

Ronan H

I haven't heard anything yet either, this thread reminds me that I need to phone tha bank and see what is what!

Play Bunny

Ronan H wrote: »

I haven't heard anything yet either, this thread reminds me that I need to phone tha bank and see what is what!

would be worth a call on it alright, we are now coming in2 May and ive heard nothing, im with ulster bank :rolleyes:

Ronan H

I am with UB too. I just called and the branch is closed but whoever I spoke to said she would get someone from the mortgage department to call me tomorrow. I will report back with anything relevant...

Play Bunny

Ronan H wrote: »

I am with UB too. I just called and the branch is closed but whoever I spoke to said she would get someone from the mortgage department to call me tomorrow. I will report back with anything relevant...

oh brill , yea defo keep me posted, will be interested to see what the story is on it for us & others...;)

helen1

I checked with UB last month and was told it would be June

Ronan H

Cool Helen. Let's see how consistent they are tomorrow with their information when they phone me!

Kenny Logins

Thanks. I have been meaning to call UB, but keep forgetting.

rameire

a few people on askabout mooney have said august as reported by the revenue.

1890 46 36 26
im with UB also, i dont think they will be able to see the trs payment made for the month of may tomorrow, due to the central bank being closed tomorrow.
best thing is to leave it till wednesday and ask if the trs payment is same or has changed.
any way it will be implemented, and everybody will get the trs owed since the start of the year.

Play Bunny

helen1 wrote: »

I checked with UB last month and was told it would be June

thats great, once its within the nxt mth or so id be happy...altho they give it with one hand and take it back with the other

Ronan H

OK so Ulster Bank phoned me yesterday to say (of course) that it was nothing to do with them, and that I had to phone revenue. Typical Irish buck passing bullsh!t as usual, I am sick of this country.

So this morning I did (at the number quoted above by rameire) phone revenue and they said that they have implemented the changes on the system at their end and they are waiting for Ulster Bank to do their bit.

So it appears that I am at the mercy of Ulster Bank, who say that, em, it's nothing to do with them.

Anyway, the helful lady at Revenue said that the figure will not be huge anyway. I am already getting relief at 25% and the increased figure is 30%, which works out at about €12 per month in the difference. That will do me fine.

There you go, not sure how helpful that is but there ya go.

Ro

Edit: By the way, the number above is for the section of revenue that deals specifically with TRS issues. Don't phone the normal revenue number as they don't answer their phones until after 130pm (and that's not hearsay incidentally, it's on their auto recorded message when you phone) each day now due to the paperwork backlog they are clearing.

Boom!

Play Bunny

ah cool thanks for the info guys, havent had a chance to inquire myself, the banks are gas arent they, fair play to the revenue, not sure what relief im getting at the mo must look it up and see , but sure every bit helps is right;)

Shannonsider

I got onto my lender and they advised me to contact Revenue. Revenue advised that it won't be applied on a monthly basis as the relief is calculated on the 2011 interest bill I paid. They have said it will be closer to the end of the year before my lender knows how much interest I am due to pay cab be revealed.

Maybe it's different with every institution.

Mollyd90

BOI customers got theirs earlier in the year and kbc customers got theirs this month

cjlawlor

I have a mortgage with AIB. I rang then last month and they said they were in the process of adjusting their system and had no timeframe as to how long it would take for customers to be on the new trs rates... Still no sign of any change this month :-(

seamus

ICS appear to have started paying this at the higher rate this month.

cookie1977

seamus wrote: »

ICS appear to have started paying this at the higher rate this month.

Yes, we got a slight increase from them too. All welcome

daveyboy_1ie

cjlawlor wrote: »

I have a mortgage with AIB. I rang then last month and they said they were in the process of adjusting their system and had no timeframe as to how long it would take for customers to be on the new trs rates... Still no sign of any change this month :-(

I am also with AIB and was sick of waiting so I rang the number provided above (1890 46 36 26) and the revenue were very good and organised everything for me over the phone (have your PPS number and mortgage details to hand to speed things up). I was sorted out after there and then which I think is great service. they promise me the correct rates will be applied next mortgage payment and also the back money is on its way soon. I really don't think AIB were interested in helping me.

Play Bunny

still nothing this end from UB, :rolleyes:

helen1

Ulster Bank originally told me June so its obviously not going to happen then as i think they need to give you two weeks notice before they change your DD

duchalla

I've a tracker mortgage with AIB, extra €20 in my account this month....

cookie1977

Would there be money owed (backdated) since january?

Kenny Logins

cookie1977 wrote: »

Would there be money owed (backdated) since january?

AFAIK, yes.

Play Bunny

helen1 wrote: »

Ulster Bank originally told me June so its obviously not going to happen then as i think they need to give you two weeks notice before they change your DD

ah it may happen we have 2wks left, but we shall see

rameire

we should open a book at this stage
i predict December for the trs to be corrected with UB

Pablod

watching the consumer show on RTE this evening - very interesting and informative show

Tonight they put a statement on their website from each of the banks on mortgage interest relief due from the budget

http://www.rte.ie/tv/theconsumershow/s3prog3.html#s3a2

Play Bunny

Ulster Bank - changes will not be implemented until the end of year - 25% rate has been applied to accounts in interim period

What exactly does this mean ? i get the end of the year bit, but what about the "rate has been applied to accounts in the interim period"..

rameire

Play Bunny wrote: »

Ulster Bank - changes will not be implemented until the end of year - 25% rate has been applied to accounts in interim period

What exactly does this mean ? i get the end of the year bit, but what about the "rate has been applied to accounts in the interim period"..

It means the people who should be getting the 30% will get 25% until they get the trs fix in.
When they get the fix in you will then get the 30% and any trs due since the start of the year. Ie the other 5%

Play Bunny

rameire wrote: »

It means the people who should be getting the 30% will get 25% until they get the trs fix in.
When they get the fix in you will then get the 30% and any trs due since the start of the year. Ie the other 5%

ah grand stuff, havent seen anything this end just yet, banks:rolleyes:

CastorTroy

How does the Ulster Bank take twice as long as everyone else to implement it? They at the back of the queue to get the new trained monkeys?

I think I'll have to call them since I'm sure I'm currently on 20%, even though I was on 22.5% before

eimear1

I'm on tracker with Ulster Bank, spoke to them yesterday, she just told me that their IT systems were not able to handle the extra few %, and they might get round to it by end of the summer, and i should ring back then! She admitted that Revenue had everything sorted their end and UB were the ones at fault

helen1

eimear1 wrote: »

I'm on tracker with Ulster Bank, spoke to them yesterday, she just told me that their IT systems were not able to handle the extra few %, and they might get round to it by end of the summer, and i should ring back then! She admitted that Revenue had everything sorted their end and UB were the ones at fault

They were talking about it on the consumer show last week and they got a statement from Ulster Bank saying it wont be done until the end of the year:mad:

eimear1

helen1 wrote: »

They were talking about it on the consumer show last week and they got a statement from Ulster Bank saying it wont be done until the end of the year:mad:

Yeah, just found that out here now - wish i had known before i spoke to her!! Bit frustrating when its our money they are holding onto just cos they cant figure out how to add another tax bracket to their system, they'd be after me if i owed them!!!

rameire

you are going to get it in the end.
what is the problem with waiting

Pablod

Bank of Ireland implemented their increase in May, increase came through but no sign of a backdated-payment.
Will have to work it out,
Could be wrong but I think they might be paying the backdated amount spread over next few months?

rameire

thats exactly it PabloD

Play Bunny

i got something in the post last last wk stating that we would be getting it BUT it wont effect our monthly payments it comes off the actual loan itself or something to that effect anyway..i'll see the end of this mth not expecting anything..:rolleyes:

KoolKid

My TRS went up this month . Its pretty much double what it was , so there does not seem to be any back money there. I have not received anything in the post re this.

rameire

Play Bunny wrote: »

i got something in the post last last wk stating that we would be getting it BUT it wont effect our monthly payments it comes off the actual loan itself or something to that effect anyway..i'll see the end of this mth not expecting anything..:rolleyes:

if the back payment is made as a lumpsum towards your mortgage, you are entitled to withdraw that money from the mortgage.

rameire

KoolKid wrote: »

My TRS went up this month . Its pretty much double what it was , so there does not seem to be any back money there. I have not received anything in the post re this.

what most banks will do is spread the back payments over the remainder of the year in addition to the actual trs you should be getting.

transam

im with ptsb on a tracker and still nothing...

Play Bunny

once we get it i dont mind, i think they are cutting interest rates in the next few mths apparently , im on a tracker with UB as well...

finlma

Still no sign of this from Ulster Bank. Apparently their IT systems aren't ready for it yet. They must be using a Commodore 64 in there.

Play Bunny

finlma wrote: »

Still no sign of this from Ulster Bank. Apparently their IT systems aren't ready for it yet. They must be using a Commodore 64 in there.

Lolnot holding out much hope

transam

we got our trs up to 30% last month but still no backpay to january, it will take few months i been told, we are with ptsb

musiknonstop

I'm with EBS and have not received any notification of a change in TRS. Is anyone else with EBS in the same boat?

According to the Consumer Show they've implemented the 30% since April.

finlma

Still no sign of this from Ulster Bank. What a joke of a bank. How difficult can it be for a computer system to change from 25% to 30%. It hardly takes a year of programming.

The issue is starting to get a bit of media coverage at least:
http://www.finegael.ie/latest-news/2012/ulster-bank-mortgage-inte/index.xml
http://www.independent.ie/business/irish/ulster-bank-has-still-to-pay-boom-buyers-higher-tax-relief-3209781.html

Kenny Logins

finlma wrote: »

Still no sign of this from Ulster Bank. What a joke of a bank. How difficult can it be for a computer system to change from 25% to 30%. It hardly takes a year of programming.

The issue is starting to get a bit of media coverage at least:
http://www.finegael.ie/latest-news/2012/ulster-bank-mortgage-inte/index.xml
http://www.independent.ie/business/irish/ulster-bank-has-still-to-pay-boom-buyers-higher-tax-relief-3209781.html

More here http://www.boards.ie/vbulletin/showthread.php?p=81749662

rameire

You will get it December .

peteb2

you mean they will process it in December! With a slew of requests for credit cheques going in to them in that month, can't see anyone getting the cash until January!

rameire

Yes.