Chelsea introduces two year fixed rate mortgage

Chelsea has announced the introduction of a two year fixed rate mortgage, available from October 19 2005.

Tom Gurrie, intermediary sales controller at Chelsea, says: “Fixed rates remain an important and highly competitive sector within the mortgage market. We are keen to ensure the societys products remain attractive”.

The product features a two year fixed rate at 4.25% until January 31 2008, when it will revert to the societys standard variable rate currently 6.49%. The overall cost for comparison is 6.3% APR.

Maximum LTV is 95%, the arrangement fee is 495, administration fee is 245 and the early repayment charge is 3% until January 31 2008.