PTSB maths lesson??

niallsan

Hi all.
Just a question to the wise out there.
My mortgage interest rates went up and down last year- from 2.05% down to 1.8% at the end of 2011.
I rang the PTSB to ask if she could explain why, even though, my interest rate and amount owed had come down, the interest repayments had gone up????
Guess what- she couldn't explain it. She took my number and said I'll get someone to ring you today or Monday. That was last Friday week.

Can anyone explain this to me.
I know I got a B in pass maths in the leaving cert but.........that just doesn't add up.

Anyone else have this experience?
Apologies if it's been covered already.

N.

dudara

Moved to Banking & Insurance & Pensions

dudara

amdublin

niallsan wrote: »

Hi all.
Just a question to the wise out there.
My mortgage interest rates went up and down last year- from 2.05% down to 1.8% at the end of 2011.
I rang the PTSB to ask if she could explain why, even though, my interest rate and amount owed had come down, the interest repayments had gone up????
Guess what- she couldn't explain it. She took my number and said I'll get someone to ring you today or Monday. That was last Friday week.

Can anyone explain this to me.
I know I got a B in pass maths in the leaving cert but.........that just doesn't add up.

Anyone else have this experience?
Apologies if it's been covered already.

N.

No it doesn't add up. I'd imagine that's why she said she'll get someone to ring you back.

Have you rang back to follow up/query the delay?

niallsan

No, not yet. I'm planning on ringing Monday when I have a good hour to spare! Will let you know.

greenman09

This is probably something to go with tax reliefs that changed at end of last year. Ring open 24 on 1890500121 and option 4. They'll talk ye through this.

niallsan

Well, I,m not sure.
If you mean the 'tax relief at source', my house was built before 2004 so my mortgage doesn't qualify for that, or not since they cancelled that scheme for pre 2004 mortgages a year or 2 ago?????
thanks
N.

Kat1170

Yep, seems to be a similar problem with my mortgage, thread here.

Going to call in sometime during the week so they can't use the 'we'll ring you back' line. :rolleyes:

niallsan

Well, I rang the PTSB again yesterday. I got on to a different lady this time. After 20 mins on the phone, I'll be honest, I thought I knew what she was talking about?
I still can't figure out why in :
1) April last year there was say €62,000 left on the mortgage at an interest rate of 2.05% I was paying interest of €106 per month.
and in December I was paying €108, ok the interest rate had not changed but the principle had i.e. down to €58,00 ish??

The lady was saying that " interest rates changes mid month can vary the amount paid". Honestly, I gave up listening when a straight-forward answer was not forthcoming.
I know that mortgage repayments involve some complicated maths having done a google search for some explanations.


Anyone?

amdublin

^^^

With this limited info don't think will be able to figure anything out. Suggest you ring again and don't give up listening. Or ask them to send a letter explaining it out to you?