Financial services provider launches new tracker mortgage by Finance News Bulletin

Published: 09/02/07

populace looking to find a remortgage deal have been alerted to the open of a new tracker mortgage from online banking specialist SmileThe financial services supplier, which is part of banking institution The Co-operative Bank, has unveiled a new two-year follower mortgage product, which will stay at 016 per cent below the Bank of England's base speed for the whole duration of the mortgageMoreover, homeowners who wish to make extra mortgage repayments in front of the agreed schedule will have to pay an early refund charge of four per cent in the first day and three per cent thereafter

John Barker, head of mortgages at Co-operative Financial armed forces, commented on the new follower mortgage"This new product offers customers an excellent rate and peace of mind that their rate will stay under the base rate for the first period of the loan," he saidWhen the introductory period of any mortgage ends, the mortgage reverts to a normal variable rateThis figure is generally higher than the lending tax offered by the original deal and so many homeowners could choose to shop around at this point for a more competitive mortgage deal

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