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Chelsea Building Society to launch 1.99% mortgage

Chelsea Building Society is launching a 1.99 per cent two-year fixed rate at 60 per cent LTV tomorrow.

The direct-only brand, which is part of the Yorkshire Building Society, is also providing an offset option at 2.19 per cent. Both products come with a £995 fee.

Chelsea Building Society product manager Sunjeev Sahota says: “These are superb rates – market-leading and the lowest short term fixed rates we have ever offered. Whether buying a home or remortgaging, borrowers can be confident that these fixed rates give them the security they need at a fantastic rate. There is also a great opportunity here for those looking to remortgage to bring down their mortgage repayments.

“The Chelsea is unusual in offering offset alternatives to all mortgages in its product range so we are pleased to give borrowers the additional choice of an offset version of such a competitive mortgage.”

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  • Steve Hall 25th January 2013 at 2:24 pm

    The initial comment about SVR makes no sense. You would remortgage again following the end of the 2 year fix and avoid ever paying the SVR.

    I agree with the other comment re higher LTV products but looking at Chelsea’s website they have some great 85% and 90% deals. A 2 year fixed at 85% ltv is 4.04% with £495 fee – they also then pay 1% of the loan in cashback for first time buyers – great product!

  • Auri Paracha 24th January 2013 at 7:05 pm

    its a fantastic rate which is commendable …

    but only very few borrowers can take advantage of and is designed these are mostly consumers who already have access to a very wide range of extremely attractive products… as there are now several extremely good products being offered at prime/low ltvs by various other major lenders

    i m quite sure the intention behind the FLS is to boost lending…as has been echoed repeatedly on this forum … much wider benefits can be gained if we can have similarly attractive rates across higher ltv’s or for clients with slightly less than perfect credit histories.

  • Russell Watson 24th January 2013 at 4:42 pm

    I m sure that The SVR will be high when they come off of the fixed rate. The credit scoring at the Chelsea is interesting to say the least!

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