Ulster Bank & increased TRS, anytime soon ?

Kenny Logins

crispy69 wrote: »

http://www.rte.ie/news/2012/1121/ulster-bank-mortgage-business.html

Story today on RTE about this

To date the IT upgrades in 131 of the 132 lenders have successfully upgraded, covering 151,000 cases or just over 80% of beneficiaries.

:pac:

rameire

Ok I can confirm the normal monthly trs for December has now hit. Just waiting on the lump sum now.

rameire

My trs lump sum has hit my account.

krattapopov

Hey Rameire,
Thanks for the update, can see my lump sum has also hit my account. I was expecting the full 996 but have only gotten 774 so will have to give them a call about that.

If you don't mind me asking is your letter along the lines:

Dear Sir/Madam

I can now see that a lump sum payment has been made to my mortgage account in lieu of the change in TRS rates from 25% to 30% in budget 2011. Can you please arrange for this lump sum to be transferred to my current account of which my mortgage payment regularly comes out of: Branch:xxxxxx SC:xxxxxx ACC:xxxxxxxx

Regards

Krattapopov

rameire

That is it. Just make sure your mortgage number is on the letter and all people on the mortgage sign the letter

krattapopov

Many thanks buddy

km79

I just rang. No credit yet. They are "doing up" letters telling us how much we are due and giving option to take money or put against mortgage

krattapopov

Yeah just off the phone with them too - have to ring the revenue regarding the amount I've received, which is fine.

I've composed my letter and will be sending it off once my wife signs it. The person I was talking to had no timelines on when the letters would be sent or how quickly they would be processed on their return.

km79

krattapopov wrote: »

Yeah just off the phone with them too - have to ring the revenue regarding the amount I've received, which is fine.

I've composed my letter and will be sending it off once my wife signs it. The person I was talking to had no timelines on when the letters would be sent or how quickly they would be processed on their return.

You have to ring the revenue or they are ringing the revenue ?
Everyone seems to be getting a different story from them !

krattapopov

I have to ring the revenue

km79

krattapopov wrote: »

I have to ring the revenue

They made absolutely no mention of this to me ! Are you doing this for your own piece if mind or do you have to do it for Ulster Bank ?

krattapopov

For my own piece of mind, I queried them on the amount as I expected to get the full 996, because of the amount of interest we pay at this stage of the mortgage - however we did not get that amount.

So I asked if they could explain that figure to me and the calculations behind it, and she said that the revenue calculate the amounts in question and that I should get in touch with them. So I'll have to do that!

km79

krattapopov wrote: »

For my own piece of mind, I queried them on the amount as I expected to get the full 996, because of the amount of interest we pay at this stage of the mortgage - however we did not get that amount.

So I asked if they could explain that figure to me and the calculations behind it, and she said that the revenue calculate the amounts in question and that I should get in touch with them. So I'll have to do that!

Oh right . We are only going to get 150 anyway . Currently getting 125 so at least I know how much we are due

Peckham

My monthly payment went out for December and it's the same as the November payment, so I'm guessing my payment hasn't yet been fixed, and will be fixed for January's payment.

I'm assuming it's by a reduced direct debit that I'll know the issue is fixed?

Actually worried now whether I'm claiming TRS - must ring Revenue tomorrow to check!

mickey mac

Has this mortgage relief been affected by today's budget?

krattapopov

From what I can tell, anyone who buys a house after the 1st of Jan won't be entitled to TRS? People who have bought before retain the TRS til end of 2017

rameire

Peckham wrote: »

My monthly payment went out for December and it's the same as the November payment, so I'm guessing my payment hasn't yet been fixed, and will be fixed for January's payment.

I'm assuming it's by a reduced direct debit that I'll know the issue is fixed?

Actually worried now whether I'm claiming TRS - must ring Revenue tomorrow to check!

you should read back over this thread, and you will then understand what is happening

rameire

krattapopov wrote: »

From what I can tell, anyone who buys a house after the 1st of Jan won't be entitled to TRS? People who have bought before retain the TRS til end of 2017

correct, the way i see it also is there are no changes to what was announced in dec 2011,
the people who buy next year wont have to pay the property tax until 2016 I think

blahblah06

Nothing in my bank account ? Does the money go into the mortgage account? So I need to call them to and it to my current account?

rameire

yes, mortgage account for Ulster Bank.
you may be able to see you mortgage transactions online if you have an Ulster Bank current account linked up correctly

Peckham

rameire wrote: »

you should read back over this thread, and you will then understand what is happening

I understand what's happening, I'm just unsure how I'll know when my payment is remedied. I'm assuming that with increased TRS my monthly payment will decrease, and when I see this happen I'll know that UB have correctly applied it. Subsequently a lump sum will come off my mortgage to account for the months of over payments.

Or should I be seeing TRS applied in some other way?

krattapopov

Your payments won't be remedied until March 2013 i.e. we have been told that the correct 30% will be applied then.

The 5% for the year of 2012 has been paid in a lump sum to your mortgage account, you can leave it against the mortgage or get it transferred to your current account.

I believe a similar process will occur for the first 2/3 months of 2013 and from then on you should see a reduction in your monthly payment as the 30% should be applied.

montzarella

my mortgage account shows the following :

1 Nov 2012 - 62.50 paid in
13 Nov 2012 - 966.64 paid out
14 Nov 2012 - 1102 paid out (this is my mort. payment)
1 Dec 2012 - 62.50 paid in
4 Dec 2012 - 150 paid in

Last month i didnt have the €150 "paid in " amount in November...would this be my refund? I would have thought it would have been a higher amount than that?? Bit confused....

rameire

Ok so you get 62.50 per month
This is 750.00 for the year
The above is based at 25%
750 divide by 25 and multiply by 30
Gives you 900 for a year on 30%
So 750 - 900 = 150 shortfall.

montzarella

rameire wrote: »

Ok so you get 62.50 per month
This is 750.00 for the year
The above is based at 25%
750 divide by 25 and multiply by 30
Gives you 900 for a year on 30%
So 750 - 900 = 150 shortfall.

Yes, Thanks...just figured that out to. I had rang revenue, she told me that UB should have sent me a ltr asking did i want it off the mortgage or to my current account, revenue have a copy of the ltr, she read it out to me. She said I will have to ring UB to find out why no ltr.

km79

Why are some people getting it and other people being told they have to wait for a letter .....in calling again today and hopefully get a different person

rameire

The letter is in the post.
The trs was applied and based on this a letter will be written and posted. You might get it this week

montzarella

rameire wrote: »

The letter is in the post.
The trs was applied and based on this a letter will be written and posted. You might get it this week

Yes, that is correct, i just rang ub...it seems that they are going crediting it to your mortgage account, then sending a ltr with options, when you get the ltr from them you can then tell them to put the money in your current account if thats where you want it.

She told me i could write in and tell them to do this, but the letter should be out in the next wk or so, so im as well to wait to receive it.

NightStrike

Just wondering for those who have sent/are sending letters, what address do you send it to?

rameire

Ulster bank
Mortgage department
P.O. box 10467. Block B central park
Leopardstown
D. 18.