The Society announced exclusively to Mortgage Introducer that rates on its prime fixed rate products will reduce. In addition, the rates on its non-conforming range, buy-to-let two-year fix and two and three-year discount products will also be cut. The revamp comes just under two months after the Society last decreased its fixed rates.
The two-year fix is available at 4.65 per cent while the three and five-year products are at 4.75 per cent and 4.85 per cent respectively. The buy-to-let two-year fix is at 5.65 per cent.
Non-conforming products will have a series of new rates available across the adverse range, including an extra light two-year fix at 5.99 per cent and medium light at 6.49 per cent.
The Society has also launched a new buy-to-let tracker product. This is at Bank Base Rate plus 0.89 per cent for years one and two, then reverts to Base Rate plus 1.95 per cent.
Commenting on the new range, Tom Gurrie, intermediary sales controller for Chelsea Building Society, said: "Now is the time of year when the marketplace can go a little flat and as such it is important to keep products priced as competitively as possible. We believe that this new range of mortgages puts us in a strong position going forward."
Scott Richford, product marketing at Mortgage Talk, commented: "The new prime fixed rate products are up there with the best deals in those categories in the current marketplace.
"The range of non-conforming products are also quite competitive. The most competitive deals seem to be the extra light and medium products which will give lenders like BM Solutions and GMAC-RFC some serious competition, especially if the Chelsea products have no extended tie-ins."
