The 0.45 per cent reduction will apply to products linked to the society’s SVR such as the Cashback Plus, Chelsea Cashback, Buy-to-let, Concept, Prospect and Flexiplan’s Mortgages.
In addition the society has launched a new range of fixed rate mortgages and a stepped discount mortgage.
The two-year fixed rate mortgages have an initial interest rate of 4.79 per cent or 4.49 per cent, depending on the loan to value.
Both deals are available on loans up to 95 per cent of the property value.
However, the minimum loan on the 4.49 per cent mortgage, fixed until January 2004, is £30,000 and 4.49 per cent on the two-year fix.
An arrangement fee of £295 applies, and both products are subject to a £245 administration fee (£195 paid on application). The balance of the administration fee and the fixed rate arrangement fee can be added to the loan reducing the up-front costs of moving or re-mortgaging.
