Quick links to latest articles:

Lloyds doubles mortgage overpayment allowance

By Matthew Plant - Financial specialist

15 March2010

Lloyds Banking Group is to launch a new scheme allowing its variable-rate mortgage customers to `overpay` by up to 20% without incurring any financial penalty.

This is double its previous overpayment limit of 10%, and `underscores [its] commitment to help its customers gain maximum advantage from the current low rate environment`, according to the bank.

A mortgage expert at Think Money said that making overpayments can make very good financial sense for homeowners who can afford to do so.

"The maths of making overpayments is quite simple: the homeowner will clear their mortgage more quickly, and will pay interest for a shorter time as a result.

"However, making overpayments does put an additional burden on the homeowner`s finances at the time - so anyone planning to do so should make sure they`re not compromising any of their other commitments."

Fill in our form to find your mortgage solution

About your mortgage
Amount required:
Your information
Title: First name: Surname:
Telephone 1: Telephone 2: Email:
By continuing, I agree to the privacy policy

Tags: mortgage, variable rate, Lloyds, variable rate mortgage

Fees payable when continuing service is provided. Repaying debt over a longer period may increase the total amount to be repaid. Calls are recorded and are usually free from UK landlines. Mobile phone users may be charged and should check with their service provider. Cards are provided by third parties and are subject to eligibility, status and terms and conditions. Applicants must be UK residents aged 18 or over.

All About Money Limited © 2013. All rights reserved. 42 Boston Rd, Sleaford, Lincolnshire NG34 7ER.