Chelsea reduces mortgage rates

Chelsea Building Society has reduced its mortgage rates on its three-year fixed-rate mortgage, which is a market leading rate.

The three-year fix is available at a rate of 3.49 per cent at 75 per cent loan to value LTV with free valuation for all applicants and assisted legal fees for people looking to remortgage.

As the Bank of England base rate was kept at a record low by the Monetary Policy Committee Chelsea is offering the security of a fixed-rate as experts forecast an increase in interest rates.

Tom Girling, mortgage product manager, said: "With concerns about inflation and rising costs elsewhere in the household budget, fixing your mortgage at a great rate now can give piece of mind when it comes to future repayments."

Product reductions across Chelsea's mortgage range are continuing as lower mortgage rates have been introduced on the two offerings at 85 per cent.

The two and three-year fixed-rate have been reduced to 4.69 and 4.89 per cent respectively for those paying a 15 per cent deposit, with free valuation and a £495 product fee.

Chelsea Building Society merged with Yorkshire Building Society, the UK's second largest society, on April 1st 2010.

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2010-10-14 12:46:51 © Moneyextra.com