Chelsea mortgages get rates cut

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Chelsea mortgages get rates cut

Tue 26th Jul 2005

Chelsea Building Society have announced lower rates on its two, three and five year fixed-rate products.

Fixed rates now begin from 4.49 per cent to 4.69 per cent on loans to value of 95 per cent.

Customers may borrow between £25,000 and £500,000 with the building society also offering assisted legal fees.

An arrangement fee of £445 is applicable and can either be added to the total loan, paid separately or can be deducted from the loan on completion.

An application fee of £195 is to be paid at the time of application for the mortgage and a further £50 will be added to the loan, although applicants may pay this separately or have it deducted from the loan if they prefer.

Sean Scannell, marketing communications controller at Chelsea, said: "With the number of rate hungry borrowers on the increase, and in preparation for the widely expected Bank of England base rate reduction, it is important that products are set at a rate that is competitive.

“There appears to be no let up in the demand for fixed rates and they are still the most popular type of mortgage on the market."

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