Chelsea's new mortgages promote security

The Chelsea Building Society is to introduce a new two-year fixed rate mortgage with an interest rate of 5.39 per cent.

15:42 28 July 2004

The Chelsea Building Society is to introduce a new two-year fixed rate mortgage with an interest rate of 5.39 per cent.

This is to replace the previous two-year loan, which has now been withdrawn.

Additionally, The Chelsea has introduced a three-year fee-free discount mortgage open to new and existing customers, at 5.09 per cent.

"Recent rate rises by the Bank of England mean more borrowers than ever are looking for greater payment security," says marketing communications controller Sean Scannell about the fixed rate mortgage.

"This can be achieved through a fixed rate mortgage and with the market showing no signs of a slowdown this is the ideal time to introduce a new two-year fixed rate."

Both products offer free legal fees or a 200 contribution; and there is no arrangement or administration fee for the three-year deal, saving customers around 600.

Commenting on the three-year fee free discount loan Mr Scannell said: "This product has proven to be popular in the remortgage market and with interest rates generally on the increase, now is the time to secure a good deal on your mortgage."