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Mortgage payment amount query

  • 08-02-2012 6:34pm
    #1
    Kat1170
    Registered Users, Registered Users 2 Posts: 3,628 ✭✭✭


    My mortgage is with PTSB, last March 2011, my Interest rate was 5.19% same as it is now, but my payments are now €32.16 per month dearer. I have not missed any payments, indeed I pay extra each month to try get rid of mortgage earlier (listed as prepaid) .
    My question is, surely my monthly payment should be smaller now than last year as the interest is the same but my principal loan ammount is smaller. :confused:

    I'm on Standard Variable Rate and always have been and no TRS involved.

    Thanks in advance J.


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Kat1170 wrote: »
    My mortgage is with PTSB, last March 2011, my Interest rate was 5.19% same as it is now, but my payments are now €32.16 per month dearer. I have not missed any payments, indeed I pay extra each month to try get rid of mortgage earlier (listed as prepaid) .
    My question is, surely my monthly payment should be smaller now than last year as the interest is the same but my principal loan ammount is smaller. :confused:

    I'm on Standard Variable Rate and always have been and no TRS involved.

    Thanks in advance J.

    Your balance to be paid will not reduce due to principle reducing it just means less of your payments will be on interest and more on capital.

    However this should not make the amount go up obviously. you say no TRS involved so possibly change in protection payments due or something like that.

    Have you rang the bank and asked? Their rates did go up last May as far as i can remember.

    Did the payment only go up this month?


  • #3
    Kat1170
    Registered Users, Registered Users 2 Posts: 3,628 ✭✭✭Kat1170


    Only just noticed it when checking acc online. The puzzling part is interest is the same but payment is different.


    Interest amount has changed 4 or 5 times in the last year and just happens to be the same now as then.


  • #4
    pauldry
    Registered Users, Registered Users 2 Posts: 7,113 ✭✭✭pauldry


    My Mortgage repayment from PTSB went up for this month too and I have TRS but they said that due to changes in the TRS my new rate was €11 dearer.

    I bought between 2004 and 2008 and they are still only giving me 20% TRS and now they have the gall to increase the repayments.

    Does anyone else have this problem?


  • #5
    Richard571
    Registered Users, Registered Users 2 Posts: 103 ✭✭Richard571


    pauldry wrote: »
    My Mortgage repayment from PTSB went up for this month too and I have TRS but they said that due to changes in the TRS my new rate was €11 dearer.

    I bought between 2004 and 2008 and they are still only giving me 20% TRS and now they have the gall to increase the repayments.

    Does anyone else have this problem?


    In the same situation - am hoping that the 30% rate had not been implemented as finance bill only just published and will see this next month....?


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