Chelsea revamps its niche mortgage range

Chelsea has revamped its mortgage range, focussing on niche products.

The product changes for both self-cert and buy-to-let will include a 250 cashback on the sub-prime range.

Tom Gurrie, intermediary sales controller at Chelsea, says: “We have focussed our re-pricing on our niche products with new fixed rates for both self-cert and buy-to-let. In addition to this, by adding a 250 cashback to our sub-prime prospect range, we’ve made some of the best fixed rates even more attractive.”

Product changes include a three-year, 1.40% discount off standard variable rate with no administration or arrangement fees. This will replace current two and three-year discounts.

A two-year buy-to-let fixed at 5.15% until October 31, 2007 replaces the existing 5.65% rate, and a three-year buy-to-let fix at 5.25% until October 31 2008 replaces the 5.89% deal.

The buy-to-let fees assisted stepped discount is 1% off SVR for the first 12 months, reducing to 0.5% for the next 12 months and then to 0.25% for the remaining 12 months. The rate at launch will be 5.49%.

Chelsea’s sub-prime fixed rates have been extended and remain unchanged, with a 250 cashback now being offered.