Mortgage payment - dramatic reduction..very odd

P

pmurphy

Registered User
Messages
24
Hello all,

Can anyone help me with the following

I have a Ufirst tracker mortgage with Ulster Bank (28 years 6 months remaining!) for 213,000

Our mortgage is usually €935 or so per calendar month paid by direct debit.

On 1st April they took €652.81 out as a payment. I thought this was the extra mortgage interest relief kicking in after the budget and thought it a one off. We are getting €168 by way of mortgage interest relief pcm. I phoned up to check how much was due out on May 1st and they say it was €652.81 again!! I talked to 2 people, each double checked everything and said there was no error at all despite my protestations. While I'm not complaining I'm really suspicious. I thought it could be a typing error (keying in 6 instead of 9) but its all on the system.

I have checked twice by phone and am writing a letter to seek clarification. Maybe (hopefully!!) I am being overly paranoid. It would be fantastic for us if it is the case that the 652.81 amount is correct.

Many thanks
PM
 
Is your mortgage on an annuity or interest-only repayment?

How much is outstanding now?

How many years since you bought your first home?

What's the nominal rate of interest you're paying at the moment?
 
Mortgage is a U-First tracker (definitely not interest only!)

209,000 outstanding

It is 18 months since we bought our first home which is this one, the one with the odd mortgage payment! (married couple, owner occupier)

I think the interest rate is 4.90% (Ufrist discount tracker rate)
 
Seems a little odd all right.

See Here Enter the info. Remermber that it does not take account of Interest changes or the Tax relief at source. But it will give a fairly good indication of what the monthly repayment should be. Have a look also at the annual and monthly table. Also request this info from Ulster bank and compare.
 
Hi

I saw a dramatic decrease in our repayments last year but when i looked and looked it seems that the revenue payment (tax relief at source)was higher for a few months so our monthly payment was less.
I do not know if it was because we purchased the house in june of last year so the amount payable by revenue for the year was divided by 6 (as opposed to being divided by 12 if we had bought in january)??
Since january of this year the repayments have gone up again as payment by revenue has gone down per month? That was what i think happened in our case- hope this helps? and hope i'm not just confusing everything!
 
You must log in or register to reply here.
Back
Top