Chelsea cuts its mortgage rates

People may be less interested in seeking out cheap mortgages in the short term, according to an industry expert.

Dominik Lipnicki, director at Your Mortgage Decisions, said that the mortgage market has not gathered any real momentum and people do not feel any pressure to remortgage in the current climate.

"The fact that the Bank of England interest rate looks unlikely to rise imminently means consumers are not incentivised to source a new deal at the moment," he said.

However, the Chelsea Building Society has just cut its mortgage rates once again.

The firm is offering a five-year fixed mortgage with an interest rate of 3.89 per cent on loan to values LTVs of up to 60 per cent.

Alternatively, it is also offering a tracker product at 2.89 per cent for two years, available on maximum LTVs of 60 per cent.

Chelsea Building Society's group direct mortgage manager Chris Smith said: "Here at the Chelsea we are striving towards offering a great range of mortgage products and we believe these reductions in mortgage rates … means we have products to suit everyone's needs."

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2011-06-23 13:04:10 © Moneyextra.com