TRS Query - Help

P

pepperds

Registered User
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Hi guys.., I hoping my situation can be explained, I just got a bit of a shock when I checked our bank account...

Mortgage started in October 2003, topped up in November 2005
Monthly Payments 2,330, interest rate of 5.25% (nearly at the end of a fixed term)
In January, TRS was €306.87
In February TRS was €47.43

I understand that we're in year 8 from our original mortgage start, but I can't quite understand the huge drop. Have read the key post above but can't quite work out why we're down over €250 a month now.

Many thanks in advance for any guidance.
 
its because last year you were receiving 20% of the interest or ceiling of 20,000 ( if two people on mortgage )
for the whole mortgage.

now you are only receiving 15% of the interest or ceiling of 6000 on the top-up part of the mortgage.
 
its because your trs officially ended on your main mortgage on 31/12/2009, so it does not continue until dec 2017. your top up will continue to receive trs until 31/12/2017
 
It is also possibly connected with the fact that you are nearly at the end of your fixed rate term i.e. your lender would have notified Revenue of the amount of interest you are scheduled to pay in 2010. They can only predict this up until the end of your fixed rate term, but Revenue will calculate the TRS due on this amount (interest * 15%) as though it was for the year, and pay it out over 12 months.
 
How long is it taking the revenue to deal with trs?
I reapplied for mine about eight weeks ago and have heard nothin since..
 
it is the busy period at the moment, so 6 to 10 weeks would be norm for the moment.
i would advise to ring up with your pps number and they will advise you how your application is going
1890 46 36 26
 
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