Chelsea shakes up mortgage offerings

Chelsea is shaking up its mortgage range and increasing the rates in line with the interest rate increase recently made by the Bank of England.

17:44 14 May 2004

Chelsea is shaking up its mortgage range and increasing the rates in line with the interest rate increase recently made by the Bank of England.

The Building Society is to increase its standard variable rate by 0.25 per cent, from 5.99 to 6.24 per cent.

The new rate will come into effect for new borrowers on Saturday May 15th, and on Tuesday June 1st for existing borrowers.

The Society has also announced the introduction of a range of new fixed rate, and discount mortgage products, which take effect from May 15th 2004. These will replace the existing fixed rate and discount mortgage products, while the current Buy to Let Fixed Rate product continues to remain available.

The new products include: a two-year, a three-year, and a five-year fixed rate. Additionally, there will be a three-year fee free discount mortgage.

All of the schemes offer free legal fees, and the 245 administration fee and 345 arrangement fee is waived on the three-year discount mortgage.