Chelsea modifies mortgage SVR

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Chelsea modifies mortgage SVR

Thu 17th Aug 2006

Chelsea Building Society has announced that it is increasing its Standard Variable Rate (SVR) from 6.49 per cent to 6.74 per cent.

It is thought that this is in response to the increase of the Bank of England base rate on August 3rd 2005.

The new rate is expected to come in to immediate effect for new borrowers tomorrow and will come into effect for existing borrowers on September 1st.

Chelsea has also announced an increase in buy-to-let rates, which are up 0.3 per cent and all other fixed rates are up a quarter of a point.

All fixed rates have now been extended to November 30th and all tracker rates have been amended.

Current rates will be withdrawn at close of business today (Thursday August 17th) and the new fixed rates will be launched on August 18th.

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