High street lender Natwest will increase its mortgage overpayment limit for existing mortgage customers from 10 per cent to 20 per cent of the outstanding balance annually early next month.
The lender said that this would apply to mortgage customers on fixed or tracker deals.
Customers making lump sum overpayments over £1,000 will have their monthly repayments recalculated, whereas for those making overpayments less than that amount, their repayments won’t change.
The latter could mean that they have a lower balance to refinance when it comes to a new fixed term.
The lender will write to customers making regular monthly overpayments which are more than £500 per month or use eight to 10 per cent of their annual overpayment allowance to inform them to the changes.
A Natwest spokesperson said: “We regularly review mortgage policy and propositions to ensure we are meeting the needs of our customers.
“Early next month we’ll be supporting mortgage customers on a fixed or tracker deal by increasing the overpayment limit from 10 per cent to 20 per cent of the outstanding balance.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.