Chelsea Building Society variable rate altered

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Chelsea Building Society variable rate altered

The Chelsea Building Society standard variable rate is to be raised from its current level of 6.74 per cent to 6.99 per cent.

Following the recent decision by the Bank of England to increase the base rate to five per cent, the Chelsea Building Society has announced that it too will raise its rates, coming into effect on December 1st.

Alongside the variable rate change, the building society has decided to make alterations to its fixed-rate mortgages, as well as the products' arrangement fees and closing dates.

Details of these changes can be found on a PDF format, made available by phoning the Chelsea's PR team or via email.

Chelsea is presently the UK's sixth largest building society and has assets amounting to more than £9.7 billion.

Currently, the overall cost for comparison of the Chelsea Building Society's mortgage range varies from eight per cent APR on the prospect self-certification two-year fixed-rate mortgage to 5.7 per cent on the five-year tracker mortgage.

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