New 10% Overpayment Feature Across Natwest Range
The high street bank has added a 10% overpayment facility to all its mortgage deals
27th May 2005
Natwest have introduced an element of flexibility into its entire mortgage range by allowing an overpayment of up to 10% every year without attracting an early repayment penalty, meaning that customers' mortgages could be paid off quicker.
The overpayments could either be in an annual lump sum, or by smaller amounts as and when the mortgagepayer can afford it.
While this stops quite a way short of a fully flexible mortgage - underpayments are not allowed, nor is there an offset feature, allowing overpayments means that customers make make better use of windfalls, bonuses or other extra funds to reduce their outstanding motrgage.
The new feature comes as the bank relaunch a new look mortgage range, including a Limited Edition remortgage package with a discounted fixed rate until August 2007.
Read More: Natwest Press Release
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