Chelsea Building Society has launched a new four-year fixed rate mortgage at 1.83% – the lowest on the market.
The mortgage is available to borrowers with a 35% deposit who are either buying a home or remortgaging and has a £995 product fee.
Richard Barker, product manager at Chelsea Building Society, said: “Four-year cycles certainly play an important role in our lives – the Olympics, the World Cup, leap years and US Presidential elections to name a few, and this is now starting to reflect in how borrowers are managing their home loans.
“By fixing for four-years homeowners can ride out the current uncertainty in the market with the confidence that they have a competitive deal until the start of the next decade.”
Rachel Springall, finance expert from Moneyfacts, said: “This brand new four-year fixed deal from Chelsea Building Society arrives at a time where choice is particularly limited in this area of the market and could excite borrowers hoping to fix beyond three years but do not feel that they can commit to a five year deal. Priced at 1.83% it is the lowest rate in the market over a four-year fixed term by some margin, so it’s great to see more alternatives become available for borrowers in this low rate environment.”
