Thousands of mortgage payers still haven’t received the promised increase in mortgage interest relief that was announced in Budget 2012. (Also known as TRS)
See details of TRS Budget 2012 Changes
The higher 30% interest relief was promised for people who bought their first home between 2004 and 2008.
It is now May – and customers of Permanent TSB, Ulster Bank, IBRC and Certus (who are looking after Bank of Scotland Ireland’s mortgages) have still not got the full 30% mortgage interest relief .
Changes to the bank’s computer systems are required – and there are delays in getting these changes made, tested and implemented.
Ulster Bank could not give a date for when they expected to pass on the higher level of relief. IBRC ( They took over Irish Nationwide) say they hope to complete these system changes this summer.
Permanent TSB and Certus who said they will be applying the higher level of interest relief in June.
Since January – all lenders have been able to apply a 25% rate of relief to the affected accounts – it is the final 5% increase that is causing the delay.
Bank of Ireland said they had applied the 30% relief since May 4th. AIB said they have had the higher level of relief in place for a number of weeks, and EBS said they had applied the higher level of interest relief back in April.