2004 has seen a huge surge in longer term fixed rate mortgage applications, with particular demand growing in the 5-year market.
The existing 5-year fixed rate mortgage product has been withdrawn.
Speaking about the new product John Cooke, Mortgage Marketing Manager said "We have seen applications and completions for the 5-year fixed rate mortgage doubling each quarter so far in 2004 and as this particular area of the market is growing it is important that we offer a competitive product to meet those needs."
David Emsley, Director of Mortgage Advice Services Ltd said, "Unlike many lenders who combine competitive rates with low LTV’s just to feature at the top of comparison tables, the Chelsea has kept its LTV at the standard 95% allowing a wider audience to benefit from this offering".
Details of the new 5 year fixed rate are as follows:
* Fixed at 5.54% (6.5% APR) until 30.11.09
* Maximum loan to value of 95% 1
* Arrangement fee of £3952
* Administration fee of £2453
* Minimum loan is £25,000 and the maximum is £1,000,000
* There is an early repayment charge of 5% until 30.11.094
* There are Free Legal Fees or £200 contribution +5
+ Direct Business Only
Customers wishing to find out more about Chelsea mortgages can contact their local branch, or call FREE on 0800 291291. Calls to the Society may be recorded and/or monitored for security, training and customer service purposes.
