Budget 2012 in December 2011 saw increases announced to the rate of Mortgage Interest Relief (also known as TRS) for some home owners. But problems updating computer systems has resulted in delays to the changes.
The Budget 2012 TRS Changes meant that over 250,000 people should get a new rate of TRS of 30 per cent . The main banks have still not managed to implement the changes – but they were not given very much notice.
AIB, Bank of Ireland, Ulster Bank and KBC, have still not passed on the changes to customers. It could be April before the higher rates kick in.
In the meantime – some of the the people affected have been granted an interim rate of 25 per cent until the changes are sorted out.
All increases in TRS should be backdated to January 1st 2012