Chelsea gears up for mortgage day

26 October 2004
A new two-year fixed-rate buy to let mortgage has hit the market, thanks to the Chelsea Building Society.

As Mortgage Regulation Day approaches many providers are now withdrawing or changing their mortgage portfolios.

Speaking about the big preparation for "M-Day", the Chelsea's Andy Barr said: "The Chelsea predicted some time ago that we would do more than our normal mortgage market share over the M-Day period and this is now emerging as the real truth as more and more lenders begin to withdraw and reduce their product range."

As for the two-year product itself, mortgage marketing manager at Chelsea, John Cooke commented: "The new product has been launched as a direct result of listening to our members and reacting to the growing appetite for a two-year buy to let fixed-rate mortgage product."

In addition, Chelsea will be promoting its mortgage portfolio on television, with two new advertisements created by WWAV Rapp Collins West. This will be the first time the building society has advertised on television.

The 60-second ad airs at the beginning of November, with a 30-second follow-up appearing in the New Year.

The message will be: "Find out in five minutes, free, how much you could save by switching mortgage."

Marketing communications controller, Sean Scannell, said: "These ads are based around the consistent feedback that we get from our members who say that they like our no jargon approach to providing mortgages that save them money."
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