Chelsea announces mortgage interest rate reduction

06-Oct-2006

Potentially of interest to first time buyers, Chelsea Building Society has announced plans to reduce interest rates on a range of products.

Chelsea has announced that from October 7th, interest rates on its range of fixed and tracker-rate mortgages will be lowered, potentially making properties more attractive to first time buyers.

Interest rate charges for the building society's range of two-year fixed-rate products have been reduced to between 4.89 and 5.29 per cent.

The five-year fixed-rate product has been reduced to 5.29 per cent, while tracker mortgages have been reduced to a base rate tracking range of between minus 0.11 and 0.15 per cent.

However, valuation fees across Chelsea's range of non buy-to-let mortgage products have increased by £50.

Chelsea Building Society offers a range of products in addition to mortgages, including insurance and savings products.

First time buyers concerned about how an increase in interest rates might affect how much they would have to pay each month, should consult a good broker.

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