Chelsea Prospect Cashback mortgage launched

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Chelsea Prospect Cashback mortgage launched

Tue 9th May 2006

A Chelsea Prospect Cashback mortgage has been launched today with a rate of 6.99 per cent until July 31st 2011 as the company announces a number of alterations to its range.

The mortgage is available for extra light credit rating customers and offers cashback of five per cent with the opening fixed rate, which will revert to the lender's standard variable rate – currently 6.49 per cent – following the opening five-year period.

An arrangement fee of £645 will be set on the mortgage, which is available at a loan-to-value (LTV) of up to 85 per cent.

There is no valuation fee on the package, which can be taken up for loan amounts between £40,000 and £500,000 and has an early repayment charge (ERC) of five per cent until July 31st 2011.

A change was also announced in the Chelsea Five-Year Flexible Tracker mortgage, which has been reduced to 0.49 per cent above the Bank of England base rate.

Both this and the Chelsea Prospect Cashback mortgage have assisted legal fees for remortgage customers and the tracker option is available at up to 95 per cent LTV for a minimum loan of £25,000 and with no ERCs.

All end dates on the two, three and five-year fixed-rate mortgages offered by Chelsea have been extended to July 31st in their respective years.

ERCs have been amended accordingly and arrangement fees on all products excluding these fixed-rate offers have been increased by £50.