Chelsea Building Society announces new mortgages

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Chelsea Building Society announces new mortgages

New mortgage products have been announced by Chelsea Building Society that are designed to give more choice to customers.

Unlike a fixed-term mortgage, buyers will now be able to choose a rate that is suitable for them and then decide how long the term lasts, from five to seven years.

Some of the deals on offer include a 70 per cent loan-to-value (LTV) rate at 3.99 per cent rate and a 5.39 per cent rate with 90 per cent LTV.

"Within the mortgage market currently many customers are unsure about whether they should fix, or whether they should stick to a tracker," said Michelle Slade, spokesperson for Moneyfacts.co.uk.

She added: "These new products from Chelsea will allow customers to consider both options."

Yorkshire Building Society, which has owned Chelsea Building Society since April 1st last year, recently announced a rise in profits with statutory gains before tax growing to £73.1 million in the first half of 2011, up from £57.5 million at the same point in 2010.

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