Smile launches new range of mortgage products

18-Oct-2006

Smile has announced the launch of two new variable and fixed-rate mortgage products, potentially of interest to first time buyers.

Potentially vital for first time buyers, both fixed and variable-rate options are discounted for a period of two years, with the fixed-rate option offering an interest rate of 5.34 per cent.

The variable-rate tracker option is available at a rate of 0.04 per cent above the Bank of England's base rate, currently 4.75 per cent.

"Both new products offer customers competitive rates and peace of mind that their rate will remain either fixed, or close to the base rate for the initial period of the loan," said John Barker, head of mortgages at Smile.

"With predictions of another base rate rise … we appreciate that there is likely to be an increase in demand for good value rates and closely linked tracker products," he added.

As part of the mortgage, Smile will provide customers with a free home energy report as part of their home survey and the new range is available with loan-to-value levels greater than 95 per cent, at no additional charge.

In addition to mortgages, Smile offers a range of products, including bank accounts and personal loans.

For advice on first time buyer mortgages or to find out how much you can borrow and how much it would cost you, contact a good mortgage broker.

For our first time buyers guide to buying a property click here.

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