Chelsea Building Society has lowered rates across its product range of five-year fixed rate mortgages at loan-to-value (LTV) of 65 per cent.
After the reduction, of up to 0.25 percentage points, borrowers with 35 per cent deposits now are able to get five-year fixed products at rates starting from 2.69 per cent with a £345 product fee.
Chelsea Building Society offers two 2.79 per cent five-year fixes with added incentives. There is one offer with £500 cashback on completion and another one with free standard legal services and free standard valuation.
Chelsea have also reduced rates on two products aimed at first-time buyers. The society is now offering customers with 5 per cent deposits a five-year fixed mortgage at a rate of 4.89 per cent with £250 cashback on completion, free standard valuation and no product fee. The rate was cut from 5.19 per cent but it is still relatively high to what is being offered on the market currently.
Another product at 95 per cent LTV is now available at a rate of 4.39 per cent with £250 cashback on completion, free standard valuation and no product fee.
Chelsea is also offering a two-year fixed-rate mortgage at 3.99 per cent (reduced from 4.09 per cent), which however comes with a higher product fee of £1,545.
Brendan Gilligan, mortgage product manager at Chelsea Building Society, said:
“These rate reductions will meet these goals and we are sure will be welcomed by borrowers. The changes for borrowers with a 5% deposit are good news for those looking to get on the property ladder and we hope will help them to achieve their dream of owning their own home.”
