Mortgage interest rate measures

[misemoi]

Every bank we ever had a mortgage with sent us an annual statement, and we were with almost all of them. Even for the ones we were only with them for a part of the year, we still got an end of year statement. And they all clearly showed the interest paid.

 

[Fortune]

I used to get an annual statement of interest charged on my mortgage from AIB in the early part of the year.

Do all banks not do that?

Otherwise, people would have to get every statement.
then add up the interest charged.
Many people can't read a statement.
Some will add up the repayments instead.

Brendan

Every mortgage statement I've ever seen has a summary page where it sets out the total interest charged in the year.

 

[skrooge]

I used to get an annual statement of interest charged on my mortgage from AIB in the early part of the year.

Do all banks not do that?

Otherwise, people would have to get every statement.
then add up the interest charged.
Many people can't read a statement.
Some will add up the repayments instead.

Brendan

It's part of the central banks consumer code

In relation to loans, a regulated entity must, at least annually, provide to a personal consumer a statement of the account which includes:
a) the opening balance;
b) all transactions;
c) all interest charged;
d) all charges;
e) the outstanding balance due;
f) details of the interest rate(s) applied to the account during the period covered by the statement.

 

[RedOnion]

It would also be possible for the banks to automate this and issue the 20% credit directly to the borrower in non switcher cases.

Technically it would be possible, but not feasible for a 1 year tax credit. This is more complex than the old TRS, and for example would require a mechanism for a mortgage holder to apply, declaring that the mortgage is for their PPR, and LPT is up to date.

 

[Brendan Burgess]

Ah, ok.

So they just send the two certificates to the borrower in early 2024.

Brendan

 

[lff12]

With the way ECB rates and banks leaving the lrish market I am sure many have fixed their mortgages. Assume many will be finishing fixed rate in 2024. Sounds like very few will be applying for this.

Those on trackers often don't because they are afraid of losing the tracker should interest rates fall again.