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Mortgage lender offers something to smile about
Tue, 01 Nov 2005
A tracker mortgage has been launched by internet bank smile.

The mortgage lender offers the Lifetime Tracker Mortgage that will be set at 0.45 per cent above the Bank of England interest rate, tracking it for the lifetime of the mortgage.

No early repayment charges apply to this mortgage. Those who want to find a remortgage will also get their legal and valuation fees free.

Interest on the mortgage is calculated on a daily basis. This way, mortgage holders benefit immediately if they make early repayments.

First time buyers who take out the mortgage will not be charged expensive higher lending charges and they qualify for a loan to value of 95 per cent.

Even though mortgage holders commonly find a remortgage every few years in order to keep their mortgage rate competitive, Lifetime Tracker Mortgage holders will stick to this product, believes Sheila Macdonald, chief operating officer at The Co-operative Bank , that provides the mortgage .

She says the mortgage lender is confident that mortgage holders won't need to switch to an alternative product.

"It gives long-term peace of mind that their rate will remain close to base rate for the entire life of the mortgage ," Ms Macdonald says.

Environment conscious first time buyers have something more to smile about. When first time buyers have their property valuated, they will receive a free home energy rating report.

First time buyers will benefit financially from this while they help the environment, as the report will identify ways in which the energy rating can be improved.

The mortgage lender will also donate money every year of the mortgage to Climate Care to help tackle global warming.

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