Smile tracker mortgage launched

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Smile tracker mortgage launched

Tue 23rd May 2006

A new smile tracker mortgage has been launched today, offering a rate of 3.99 per cent for the first year.

The smile one-year discount mortgage, provided by Co-operative bank, guarantees to track the Bank of England Base Rate, for the duration of the loan.

There are no higher lending charges for those who borrow over 90 per cent of the property value, legal and valuation fees will also be paid for if a customer decides to re-mortgage with smile.

smile will also make an annual donation to Climate Care in an attempt to help tackle global warming for the duration of the mortgage.

David Newman, director of marketing at smile, said: "With recent market increases to fixed rate mortgage products, tracker products are in strong demand, and we are confident that this new product has everything borrowers could possibly be looking for"

The next move in interest rates is expected to be up and lenders are now increasingly looking to take on tracker mortgages so the launch of a new smile tracker mortgage comes as no surprise.

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