The cost of a five-year fixed-rate mortgage has fallen at Chelsea Building society.
The mutual decided to cut its rates after their existing five-year product surged in popularity.
"We have seen applications and completions for the five-year fixed rate mortgage doubling each quarter so far in 2004 and as this particular area of the market is growing it is important that we offer a competitive product to meet those needs," said John Cooke, mortgage marketing manage at Chelsea.
"Unlike many lenders who combine competitive rates with low LTV's just to feature at the top of comparison tables, the Chelsea has kept its LTV at the standard 95 per cent allowing a wider audience to benefit from this offering," added David Emsley, director of mortgage advice services.
A Chelsea five-year fixed-rate mortgage is available at 5.54 per cent. The rate is fixed until November 30th 2009.
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