Chelsea sees rise in five year fix applications
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The number of applications for five year fixed term mortgages has increased significantly this year, according to Chelsea Building Society.
Now part of Yorkshire Building Society, the lender recently introduced a 3.99% five-year fixed rate mortgage for those with a 25% deposit.
Ahead of the emergency budget the lender says many borrowers are opting for the medium term security of fixed rates.
Andrew Paddock, mortgage product manager at Chelsea, says: “More and more customers are realising that whilst mortgage rates have been at historic lows for some time, sooner or later they may start to rise.
“We think that the opportunity to fix mortgage payments now at 3.99% for the next five years is attractive.”
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