The discount has a 1.25 per cent discount for two years with a maximum loan-to-value of 75 per cent with the APR for the product 6.9 per cent.
There is an administration fee of £245, an arrangement fee of £395 with an early repayment charge of 5 per cent for the first year and 4 per cent for the second. The minimum amount available for the loan is £25,000 and the maximum is £350,000.
The non-conforming market has been stoked-up in recent weeks with a number of particularly aggressive moves being made by certain lenders.
Sean Scannell, marketing communications controller at the Chelsea, said: “It is no secret that Chelsea aims to compete in every area of the mortgage market and this obviously includes having a strong product that stands up well in the non-conforming arena.
“It reinforces our commitment to satisfying the demands of the self-employed market and increasing our portfolio of products in this area.”
James Cotton, mortgage specialist at London & Country, said: “It looks like a good deal from Chelsea. It stacks up against similar deals from the likes of Coventry and Cheshire although their discounts are over three years rather than two.
“It should face stiff competition though from GMAC-RFC who are strong in this market and offer clean, two-year discounts from 5.20 per cent. Overall though it is another good deal from a lender that has been offering some impressive rates recently.”
