Customers will be able to double their mortgage overpayments in a new deal from a high street lender.
Lloyds Banking Group announced the deal today (March 13th), in what could start a flurry of new deals to attract homeowners wanting to take advantage of current low rates.
The scheme, launched today, will last for one year until March 31st 2011.
It taps into how consumers want to be debt-free more quickly, after last year's tough economic climate.
A study conducted on behalf of the bank by the Independent Research Company found that one in four consumers are already choosing to overpay their mortgage.
Stephen Noakes, the commercial director of mortgages at Lloyds Banking Group said: "With mortgage rates at an historic low, there has never been a better time for the majority of people to overpay their mortgage.
"The average mortgage repayment has dropped by around £188 per month. And those on tracker mortgages have done even better - on average they are just over £400 a month better off.
"Customers have a choice to make to gain maximum advantage from the extra cash in their pocket."
See Also: Property News (6749)
Date Published: 13 March 2010
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