Smile launches new tracker mortgage

08-Feb-2007

Smile has announced the launch of a new tracker mortgage; news which may be of interest to first time buyers.

Provided by the Co-operative Bank, the new two-year tracker product offers an interest rate of 0.16 per cent below the Bank of England's base rate and is available to home movers and first time buyers, in addition to those looking to remortage their existing property.

Smile's new tracker mortgage is also free of a higher lending charge for borrowing over 95 per cent.

To find out more about this mortgage and other mortgages for first time buyers, click here.

"This new product offers customers an excellent rate and peace of mind that their rate will remain under the base rate for the initial period of the loan," said John Barker, head of mortgages at Co-operative Financial Services.

The base rate of interest is currently 5.25 per cent and although an interest rate rise is possible later today, most analysts predict that there will no further increases in February, according to the BBC.

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