Press Article
Chelsea makes variable change
By David Pawsey
Mortgage Adviser,
Wednesday ,October 15, 2008
Chelsea Building Society, Variable rate discount, www.thechelsea.co.uk
Lender says...
Chelsea Building Society has announced changes to its mortgage product range.
A two-year variable rate discount is currently available at a rate of 6.39 per cent, running at 0.85 per cent less than Chelsea's standard variable rate of 7.24 per cent.
The product is available up to 75 per cent loan-to-value and has an arrangement fee of £995.
The product includes a free valuation and is fully portable. There is an early repayment charge of 3 per cent for the two-year period and the maximum loan amount available is £500,000.
Also available is a three-year variable rate discount at 6.64 per cent. This tracks at 0.6 per cent below Chelsea's SVR.
The product is available up to 75 per cent loan-to-value and has an arrangement fee of £995.
The product includes a free valuation and legal fees for remortgages and is fully portable.
Adviser says...
James Carter, principal of London-based IFA Independent James, said: "If the base rate does fall as expected it is not necessarily so that lenders will reduce their SVR by the same amount. I would favour rates that are tracking the base rate at the moment."
Rating; 3/5 stars