The mortgage offers an interest rate of 4.59 per cent (5.1 per cent APR), fixed until 1 April 2019. After this time the rate will revert to Chelsea’s standard variable rate for the rest of the mortgage period, currently 5.79 per cent.
The product gives borrowers peace of mind. No matter how much interest rates fluctuate, monthly payments will remain the same for the fixed rate period.
The maximum loan to value is 65 per cent, and fees total £995. Tie-ins last until the end of the fixed rate period.
“We’re delighted to be able to offer this highly competitive fixed rate deal,” said Andy Paddock, Chelsea’s mortgage product manager. “This deal gives borrowers the security of locking into current low interest rates for a ten year period.”
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