Lloyds clients can overpay by 20% without penalty
Share
Lloyds Banking Group borrowers on variable rates can now overpay on their mortgages by up to 20% without incurring penalties.
From March 13 borrowers on variable deals, but not on SVRs, can overpay up to 20% of their outstanding mortgage balance without early repayment charges as part of a scheme that runs until March 31 2011.
Research from Lloyds group shows that around one in four borrowers are already choosing to overpay their mortgages. Of those overpaying, 48% say they are doing so to reduce their mortgage terms.
Peter Curran, director of intermediary mortgages at Lloyds group, says: “Not only does this help the majority of borrowers to overpay, it is also a great opportunity for brokers to develop their relationships with clients.”
