Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Quarterly interest went up this time around

  • 19-06-2015 7:19am
    #1
    veryangryman
    Registered Users, Registered Users 2 Posts: 5,659 ✭✭✭


    Little bit miffed.

    Tracker Mortgage, interest rate unchanged in over a year. Constant regular payments (including a few top ups). Each quarter, the interest paid seemed to go down roughly 10% on the previous payment. So if i paid 400 in December, it would be 360 in March etc.

    However, this time around, the interest payment went up a little. I cant understand the maths of this. Compound interest would surely mean less interest on a smaller principle.

    Was going to check with bank but maybe theres a simple explanation that im not seeing.


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,150 ✭✭✭homer911


    Have you lost tax relief at source?


  • #3
    veryangryman
    Registered Users, Registered Users 2 Posts: 5,659 ✭✭✭veryangryman


    homer911 wrote: »
    Have you lost tax relief at source?

    Not yet. Finishes after next year.


  • #4
    Nervous Wreck
    Closed Accounts Posts: 16,115 ✭✭✭✭Nervous Wreck


    veryangryman wrote: »
    Not yet. Finishes after next year.

    If you're getting TRS, the amount you pay for your mtg could go up slightly. Reason being, you get relief on the amount of interest you pay. As the principle goes down, the amount of interest you pay goes down, so the amount of relief you get goes down so, in some cases, the actual amount you pay out can go slightly up. Give the bank a call; if this is what happened to you, they should be able to identify it fairly handy. If that's not it, I can't think of what else coulda caused it though...


  • #5
    Patrick Wheelock
    Banned (with Prison Access) Posts: 138 ✭✭Patrick Wheelock


    quarters might be uneven

    92
    91
    84
    98


Advertisement