TRS question

Shane72

Registered User
Messages
2
I have a question regarding the TRS applied to my Mortgage. First time buyer, principal residence.

Looking at the first annual statement of my mortgage account for the year 2003 on a balance of €196,000 the Interest Charged was €5,852.80 and the TRS was €799.99.

Can you explain to me how the TRS amount of €799.99 was calculated?

My own simple understanding is that the TRS in 2003 should be 20% of the interest charged.
So in this case 20% of €5,852.80 is €1170.56.
Why did I only get TRS of €799.99, was there some threshold applied?

Subsequent years show:
2004: Balance €189,846.11, Interest Paid €5,280.94, TRS €799.99
2005: Balance €182,251.17, Interest Paid €5,089.85, TRS €800
2006: Balance €174,465.14, Interest Paid €6,121.01, TRS €800
2007: Balance €167,009.36, Interest Paid €7,614.75, TRS €1,522.95
2008: Balance €159,906.35, Interest Paid €7,449.35, TRS €1,491.51
2009: Balance €152,426.17, Interest Paid €3,203.32, TRS €771.70
2010 onwards: No TRS paid

Thanks!
 
I can't find a link right now but I think trs was capped at 20% of €4,000 for 7 years at the time.

I don't know why it was higher in 2007 - the cap may have changed or, did you get married?
 
Thanks for your reply. Yes I did get married in 2007 hence the full 20% TRS received from then on. You're right there was a cap of €4k for first time buyers introduced in the 2003 budget.
 
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