New Fixed Rate Mortgages From Chelsea Building Society

Chelsea Building Society is launching two new competitive fixed rate mortgages.

Both new mortgage products will be available from 17 May 2011 and are the first of a new range of highly competitive mortgage products coming to the market from the Chelsea, following the successful completion of its integration with Yorkshire Building Society.

The new products are for a fixed five year term and offer a rate of 3.99% rate with a £1,995 fee, or a rate of 4.39% with a £595 fee. Both fixed rate mortgages are available for up to 75% LTV.

Chelsea Building Society’s Group Direct Mortgage Manager Chris Smith said: “Demand for five year fixed deals has been rising, particularly among borrowers seeking a larger loan, so we’re expecting high levels of interest. ”

The size of mortgage required will help determine the best option for you.

As Chris Smith comments “Typically, the reduction in monthly repayments borrowers can achieve with the 3.99% product makes that the more cost effective option for loans of £104,500 or more.

Alternatively, customers wanting to minimise their upfront costs can opt for the £595 fee option and still secure an excellent rate.”

For more information see the Chelsea Member Contact Centre on 0845 1200 842.

MoneyHighStreet.com comment: Mortgage providers seem to be offering more deals to entice people into fixing with competitive interest rates. With an impending Base Rate rise looming, depending on your own circumstances, it could be time to jump on the bandwagon and make such a move.

If you’re looking for shorter term fixed product, we recently picked up about two new cheaper fixed rate mortgages from N&P for up to 85% LTV.