The two five year fixed rate mortgages come into play tomorrow and are the first of a new range of products coming to the market from the Chelsea, following the successful completion of its integration with Yorkshire Building Society.
The two mutuals merged on 1st April last year.
Chelsea’s new five year fixed rate mortgage deals offer a rate of 3.99% with a £1,995 fee, or a rate of 4.39% with a £595 fee. Both products are available up to 75% LTV.
Chelsea Building Society’s group direct mortgage manager Chris Smith said: “Following the successful integration with Yorkshire Building Society, the Chelsea is looking to increase its lending and we will be introducing more, competitive mortgage deals later this year.
“These new five year fixed rate mortgage offers broaden the range that’s available to customers by adding longer term options to the existing range of Chelsea mortgages. Demand for five year fixed deals has been rising, particularly among borrowers seeking a larger loan, so we’re expecting high levels of interest.
“We will have two of the best five year fixed rate deals in the market; typically, the reduction in monthly repayments borrowers can achieve with the 3.99% product makes that the more cost effective option for loans of £104,500 or more.
“Alternatively, customers wanting to minimise their upfront costs can opt for the £595 fee option and still secure an excellent rate.”
