A 90 per cent LTV two-year fixed rate mortgage is available at 3.89 per cent with a £1,495 fee.
The society is also cutting rates on a number of its fixed rate 75 per cent LTV mortgages by up to 75 per cent.
A two-year fixed rate deal at 2.49 per cent is now available with a £1,695 fee.
Chelsea is also introducing £500 cashback incentives on two-year fixed rate products at 75 per cent, 85 per cent and 90 per cent LTV.
Chelsea Building Society product manager Sunjeev Sahota says: “The New Year is the perfect opportunity to start thinking about reducing your mortgage payments for the rest of the year.
“We’ve reduced rates across 75 per cent, 85 per cent and 90 per cent LTVs, so whether you have a small or a large deposit you can take advantage of the new deals.
“We want to give borrowers a helping hand so throughout the year we have continued to offer very competitive products and be a fixture in the best buy tables which we will continue to do into the new year and beyond.”