Commenting, Tom Gurrie, Sales Development Controller said "We were the first high street building society to introduce our own branded adverse products, the new Prospect Right to Buy continues to demonstrate our ability to be innovative within the building society sector"
Details of the new fixed rate products are as follows;
- Interest rate of 5.9 per cent. (6.4 per cent APR, direct business only)
- Discount of 1.0 per cent for 12 months (loaded by 0.75 per cent for the period of the loan
- LTV 80 per cent
- Arrangement fee £395
- Admin fee £245
- Minimum loan £25,000
- Maximum loan £250,000
- Early repayment charge 5 per cent year 1, 4per cent year 2, 3 per cent year 3
- Free legal fees or £200 contribution
Right to Buy cases qualify for 80% of the open market valuation of the property NOT 80% of the discounted purchase price from the local authority (100% lending usually applies)
In addition, Accident Sickness and Unemployment is included for 12 months from completion of the loan.
Early Repayment Charge: If the mortgage is repaid or an early repayment of capital is made, interest will be payable up to the end of the month in which the repayment is made.
If such repayment is made up to the stated date, an additional fee equivalent to the specified percentage of the sum repaid will be charged.
Anyone wishing to find out more about Chelsea Mortgages can contact the Society at their local branch, the Society’s website www.thechelsea.co.uk or by calling FREE 0800 291291.
