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Chelsea building society fixed rate savings

Chelsea Building Society fixed rate savings could spark another price war for mortgage offers.

Chelsea Building Society is offering a five-year, fix-rate deal at an all-time low rate of 3.19 per cent.

The offer, which massively undercuts competitors in the five-year market, is available to borrowers below 70 per cent loan-to-value (LTV) with the arrangement fee of £1,495.

“The fee aside, Chelsea Building Society fixed rate savings is the lowest-priced, five-year, fix-rate mortgage deal we have ever seen. It signifies a fresh battle in the mortgage marketplace,” said Andrew Hagger from Moneynet.

Chelsea Building Society has launched the lowest ever five year fixed rate deal. But its worth noting that although Chelsea’s offer is cheaply priced, it doesn’t mean a 5 year fix is the right product for everyone.

Chelsea building society fixed rate savings may not be the best product for you

As the Bank of England base rate iscurrently 0.5 per cent, It is likely to stay very low for the forseeable future. So it may be wise to look at the range of base-rate trackers out there at the moment.

chelsea building society fixed rate savings

Borrowers wanting a mortgage of up to 70 per cent LTV can benefit from a rate of 3.19 per cent, or 3.39 per cent for the offset option. Both mortgages have a hefty arrangement fee of £1,495.

“This is the lowest five year fixed rate mortgage ever to come to the market, which is great for customers wanting longer term security in fixing what is likely to be their biggest monthly outgoing,” said Chelsea Building Society product manager

Chelsea Building Society was the fourth largest Building Society in the United Kingdom with total assets in excess of £13 billion at 31 December 2007. It is a member of the Building Societies Association. Operating mainly in South East England with its network of 35 branches, its head office is based in Cheltenham employing over a 800 staff. The society was established in 1875 as the London & Camberwell Building Society.


posted by Zane in Lending,Mortgage and have No Comments

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