Chelsea Two-Year Fixed-Rate mortgage among changes

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Chelsea Two-Year Fixed-Rate mortgage among changes

Tue 2nd May 2006

The Chelsea Two-Year Fixed-Rate mortgage is among the products being re-launched today, with a rate of 4.69 per cent until July 31st 2008, at which point it will revert to the lender's standard variable rate – currently 6.49 per cent.

Early repayment charges (ERCs) of three per cent are set on this offer during the opening period and valuation fees are also charged.

The offer has a minimum loan amount of £25,000, allows a maximum borrowing level of £500,000 and is also available as a tracker mortgage, whereby it will revert to the Bank of England base rate plus one per cent following the introductory two-year period.

A Three-Year Fixed-Rate mortgage has also been re-launched with a rate of 5.04 per cent and ERCs of five per cent, as well as a five-year option, with interest of 5.09 per cent and ERCs of five per cent.

Both of these longer term offers are available for loan amounts between £25,000 and £2 million.

The Chelsea Two-Year Fixed-Rate mortgage and other revised offers are all available at up to 95 per cent loan to value and have arrangement fees of £545.

Fixed-rate options for two, three and five years are also available for remortgage customers. They will carry rates of 4.89, 5.19 and 5.24 per cent respectively and will charge assisted legal fees.