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Commercial Property News
Lloyds doubles residential mortgage overpayments
Residential mortgage repayments for some Lloyds Banking Group customers will be doubled, allowing them to overpay their home loans by up to 20% without being penalised for doing so.
From Friday (March 13th), customers have been able to take part in the scheme, which will run until March 31st 2011.
All customers with a variable rate residential mortgage will be able to make overpayments to take advantage of the current 0.5% Bank of England base rate.
Commenting on the scheme, Stephen Noakes, commercial director of mortgages at the Lloyds Banking Group, said: "This is a very positive move. Not only can it help customers shave interest off their mortgage, it also means less of a payment shock should interest rates begin to move back up."
The Royal Institution of Chartered Surveyors recently revealed that the supply of residential property outstripped demand in February, the second consecutive month it had done so.
From Friday (March 13th), customers have been able to take part in the scheme, which will run until March 31st 2011.
All customers with a variable rate residential mortgage will be able to make overpayments to take advantage of the current 0.5% Bank of England base rate.
Commenting on the scheme, Stephen Noakes, commercial director of mortgages at the Lloyds Banking Group, said: "This is a very positive move. Not only can it help customers shave interest off their mortgage, it also means less of a payment shock should interest rates begin to move back up."
The Royal Institution of Chartered Surveyors recently revealed that the supply of residential property outstripped demand in February, the second consecutive month it had done so.
Mon, 15th Mar 2010