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Chelsea's mortgage mania

28 June 2004
Chelsea Building Society will be shaking up its range of mortgages and adding new ones to its portfolio.

Following the Bank of England Base Rate rise earlier this month, the society is increasing its standard variable rate by 0.25 per cent from 6.24 per cent (typical APR 6.6 per cent variable) to 6.49 per cent (typical APR 6.9 per cent variable).

This new rate will come into effect for all borrowers on July 1st.

Additionally, Chelsea is launching a range of new fixed rate, discount, and buy to let products with immediate effect.

These new products include two-year, three-year, and five-year fixed rate mortgages; a three-year fee free discount mortgage; and a five-year fixed rate buy to let mortgage.

All of these, except the five-year fixed rate buy to let, have the option of free legal fees or a £200 contribution.

The two-year, three-year, and five-year fixed rate mortgages have respective rates of 5.59, 5.69 and 5.79 per cent.

The five-year buy to let fixed rate product has a rate of 6.19 per cent and is fixed until the end of August 2009.

The fee free three-year discount mortgage has free arrangement and administration fees, and a rate 5.19 per cent.