Chelsea Building Society will enter the offset mortgage market, with offset options available on all the Chelsea’s standard mortgage range.
Explaining the reasons behind the launch of offset to Chelsea borrowers, group direct mortgage manager Chris Smith said; “The Yorkshire thinks offset should be a real consideration for all mortgage holders as competitive offset deals such as those offered by the Chelsea can have so many benefits and flexibility for people particularly in the current financial climate. We are serious about offset and have invested a lot of time and energy in developing a range that offers financial benefits to most borrowers.”
Chris Smith added; “Offset is the most effective way for members to maximise their savings in difficult economic times. The Bank of England base rate has been at an historic low for 31 months – this environment is causing problems for a wide variety of people. Offset can help create a savings culture whilst delivering much higher equivalent returns than regular savings accounts. It also allows members the opportunity to either pay off their mortgage early, or reduce their monthly payments dependent on their circumstances.”
The Chelsea’s innovative tracker to fix will now be available as an offset option allowing customers to benefit from a low rate of BOE + 1.59 per cent for the first two years, then have the security of a competitive fixed rate for three years.
2.49 per cent 2 year fix at 70 per cent LTV, with a £1495 fee
2.79 per cent 2 year fix at 70 per cent LTV, with a £195 fee and £500 cash-back
3.39 per cent 5 year fix at 70 per cent LTV, with a £1495 fee
3.79 per cent 5, 6, 7 year fix at 70 per cent LTV with £195 fee and £500 cash-back
BoE +1.59 per cent 2 year tracker at 70 per cent LTV, with a £1495 fee.
