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!
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!