Mortgage TRS

GEM_13

We took out our mortgage in May 2007.I think we may have started the process in Dec 2006 but our last statement stated the loan was issued on 15th May '07.

We received a letter from the bank in Jan to say our monthly payment increased by 26.50 and got another letter in Feb to say it had increased by a further 18.00(both due to change in trs)

Going by the revenue website,i thought we would be getting the 30% @ceiling of 20,000 for another year(bought the house with my g/f at the time).

Have i missed something obvious as to why there has been an increase?

Thanks in advance for the help.

rameire

if you drew down in 2007

you are in year 7 of TRS
so your ceiling is 10,000 per person on the mortgage.
it will drop next year to 3,000 per person.

TRS is calculated at 30% of the ceiling or estimated interest for the year, whichever is lower.

i would assume that you are on lower mortgage rate now than last year, hence the lower trs

if you have any queries, just call the revenue on 1890 46 36 26 with your pps number
ask for your rate and ceiling and trs year.

they are really helpful,

also
give me your balance as it is now and your current rate
and I will calc your trs for you