Chelsea Building Society said it is continuing in its aim to offer borrowers the most competitive mortgage deals with the lowest ever five year fixed rate deal.
Borrowers wanting a mortgage of up to 70% LTV (loan to value) can benefit from a rate of 3.19%, or 3.39% for the offset option. Both mortgages have a 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 Jemma Smith.
Chelsea Building Society is also reducing two year fixed rates available up to 85% LTV:3.44%, or 3.64% offset, each with an £1,895 fee and 3.59%, or 3.79%, each with a £395 fee.
This Chelsea mortgage could prove a lifeline for home owners worried about increasing mortgage payments. Although it may be another year before the base rate rises, the only way for mortgage rates to go in the long term is up. Consumers can protect themselves against these rises by fixing but this has tended to come at a high price. The launch of this lowest long term 5 year fixed in market from Chelsea will offer peace of mind but without the hefty price tag.
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