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Tracker Mortgage - Regular TRS Changes

  • 04-02-2019 9:03am
    #1
    the Lamb Post
    Registered Users, Registered Users 2 Posts: 73 ✭✭


    Hi,

    Was just wondering does anyone know why I'm receiving fairly regular changes to my tracker mortgage based upon TRS?

    I thought the tax relief was set and the only changes to a tracker mortgage would be a main interest rate change.

    The letters I receive all state "I am writing to inform you that due to change in the amount of tax relief deducted at source, your mortgage repayment has changed"

    I get these at random intervals through out the year.

    Any advice appreciated.
    Tagged:


Comments

  • #2
    Xcellor
    Registered Users, Registered Users 2 Posts: 2,821 ✭✭✭Xcellor


    the Lamb Post wrote: »
    Hi,

    Was just wondering does anyone know why I'm receiving fairly regular changes to my tracker mortgage based upon TRS?

    I thought the tax relief was set and the only changes to a tracker mortgage would be a main interest rate change.

    The letters I receive all state "I am writing to inform you that due to change in the amount of tax relief deducted at source, your mortgage repayment has changed"

    I get these at random intervals through out the year.

    Any advice appreciated.

    I get them too, sort of useless because they give no idea what it was previously to understand the financial impact of the change.


  • #3
    the Lamb Post
    Registered Users, Registered Users 2 Posts: 73 ✭✭the Lamb Post


    Xcellor wrote: »
    sort of useless because they give no idea what it was previously to understand the financial impact of the change.

    Hi,

    My statements always include the new payment amount, and I would always know what the previous was.

    I have also discovered that it is in fact the phasing out of TRS by the government. Anyone who bought around the 2006 period got an extension to their TRS period, that’s now been dropped in value but it will eventually be gotten rid of by end of 2020 stopping in January 2021. All my amendments seem to happen between December and February each year.

    See http://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/mortgage_interest_relief.html?fbclid=IwAR3eb4Ulf8njr6GPPkssMCMWeGFazzbsaz_apC-DE_DHP400KIEaw9hF4PA

    This year I seem to have received 3 amendments within a month but obviously only the last one took effect on the monthly payment.

    I have had one or 2 minor changes within the year, but they've actually been downwards so I won't complain about them.


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