From today, the Chelsea will offer a 10 year fixed rate mortgage at 3.99% and has reduced its innovative 5, 6, 7 mortgage, where the borrower chooses the term, to 3.69%.
Both products are for loans at 70% LTV and are available across all channels. The 5, 6, 7 mortgage products have a £195 fee while the 3.99% 10 year fix has a fee of £1,495.
A 10 year fixed rate deal of 4.19% comes with a £195 fee.
Chelsea Building Society’s group direct mortgage manager, Chris Smith, said: “The 5, 6, 7 mortgage has proved extremely successful since we launched this new product a month ago.
“The 7 year option was unique when we launched it and has been the most popular – more customers have chosen this from the choice of the three terms, so we are responding to that demand for longer term fixes by reducing the rates on the 10 year product.
“On the back of further falls in swap rates we are able to pass these savings onto our members.”
