Lloyds mortgage overpayments doubled

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Lloyds mortgage overpayments doubled

Stephen Noakes, commercial director of mortgages for the company, suggested that mortgage rates were at an historic low and therefore more people could afford to overpay.

He said: "Customers have a choice to make to gain maximum advantage from the extra cash in their pocket."

Mr Noakes added that average mortgage repayments had fallen by £188 per month and people with tracker rates are £400 better off, which means the majority can afford to overpay.

Mortgage payments accounted for 32 per cent of average post earnings in the fourth quarter of last year, which represented a fall of 15 percentage points from the same period of 2007, according to Lloyds.

The Post Office recently found that over three million homeowners did not know their exact mortgage rate figure.

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