B
Thanks Dreamerb,
I'm now wondering if there's another half % cut this month is it going to go up another 7.50 or so?
This may have been asked and answered before, but for the second month my mortgage interest rate has gone down but my repayment has gone up. The letter I received says my repayment is now €872.84 per month up from approx €857. The new rate is 4.88%.
I'm with the EBS, I have a 30 year mortgage with about 95k remaining. I have been overpaying to try to clear it and I've about 16 years remaining at the current repayments, which I fixed at €900 per month inclusive of house insurance and life assurance - I have the mortgage since September 2002 and am a first time buyer.
I rang the EBS last month and was told that since the interest rates had gone down so would the trs, but I'm now back at a rate I was paying earlier this year (on a two year fixed) and I'm paying more. Surely if this is the reason everyone else in the country is seeing an increase in their repayments. I realise it has only gone up by approx. €7.50 each time, but I feel something is not quite right.
Can anyone explain this to me to arm me a little before I ring the bank? I usually have no difficulty working out my tax and the like but this has me a bit stumped!!
@ twofor1: The fixed element is the gross repayment, at €900 per month. It's the net payment that has changed, since a smaller proportion of the gross payment is interest, and therefore the amount of mortgage interest relief has reduced. This obviously will reduce the term (if not formally, then de facto).
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