Buy-to-let
The smile one-year discount mortgage is provided by The Co-operative Bank and, after the introductory period, guarantees to track the Bank of England Base Rate, currently 4.50 per cent, plus 0.75 per cent, for the duration of the loan.
Smile does not impose costly higher lending charges (HLCs) on borrowers who wish to borrow than 90 per cent of the value of the property.
David Newman, Director of Marketing at Smile, said: Following the popularity of the smile lifetime tracker mortgage last year, we recognise that customers are increasingly looking for better value in the form of low rates, which will not only provide them with a competitive product, but also long-term peace of mind that their rate will remain close to the Base Rate for the full length of their mortgage.
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 whether buying for the first time, moving house, or simply moving their mortgage.
As with all Co-operative Bank mortgages, customers can benefit from a number of positive environmental features including receiving a free home energy rating report with their property valuation, which assesses the energy efficiency of the property and identifies ways in which it can be improved therefore providing both financial and environmental benefits.
In addition, for the duration of the mortgage, smile will make an annual donation to Climate Care to help tackle global warming.
Houses are one of the largest sources of carbon dioxide emissions in the UK and, by using the Banks annual donation on reforestation, Climate Care will be able to offset around one quarter of an average homes carbon dioxide emissions each year for lifetime of the mortgage.
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