20 Feb

Chelsea in new fixed-rate deal

Chelsea in new fixed-rate deal

Chelsea Building Society has announced that it is launching a new ten-year fixed-rate mortgage product.

The lender is offering a new deal at a rate of 4.59 per cent, which will remain in place until April 2019 before reverting to the standard variable rate.

It is available for amounts ranging from between £60,000 and £500,000, with a maximum loan-to-value of 65 per cent and an arrangement fee of £995.

Mortgage product manager at Chelsea Andy Paddock remarked: "This deal gives borrowers the security of locking into current low interest rates for a ten- year period."

Earlier this week Woolwich announced that it was dropping the cost of its two-year fix and track mortgages by 0.5 per cent.

These will now be charged at 3.89 per cent before reverting to a tracker rate starting at 1.49 per cent.

It also launched new four-year deals aimed at first-time buyers, with rates at 4.99 per cent for a 20 per cent deposit and 3.99 per cent for a 40 per cent payment.
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