smile Lifetime Tracker Mortgage launched

smile has launched a new Lifetime Tracker Mortgage which will track the Bank of England (BoE) base rate for the entire length of the loan.

It comes with a rate of the BoE base rate plus 0.45 per cent, meaning it currently stands at 4.95 per cent.

There are also no early repayment charges on the smile Lifetime Tracker Mortgage and first time buyers are eligible for a 95 per cent loan-to-value (LTV) and do not have to pay higher lending charges.

Sheila Macdonald, chief operating officer at the Co-operative Bank, said: "It gives long-term peace of mind that their rate will remain close to base rate for the entire life of the mortgage."

And for those remortgaging with smile, their legal and valuation fees will be covered by the lender.

Finally, for those looking for an environmentally friendly angle on their mortgage, smile will donate a sum to Climate Care annually for the duration of the mortgage to aid global warming.