Unique choice for fixed term borrowers from the Chelsea
Cautious borrowers looking for the reassurance of fixing their mortgage rate and monthly repayments are taking advantage of Chelsea Building Society's unique offer to choose their term.
Since the Chelsea introduced the innovative 5,6,7 mortgage to its product range almost a year ago the Society has seen strong demand for longer-term fixed rate mortgages as the cost of living has squeezed domestic budgets and ongoing economic crises have led to uncertainty about the future, and interest rates in particular.
"The 5,6,7 mortgage offers the same competitive fixed rate and low costs but allows borrowers to choose the fixed term which suits them best - either five, six or seven years," said Chris Smith, Chelsea Building Society's Group Mortgage Manager.
"When times are so uncertain, many homeowners choose a fixed rate mortgage for the security of knowing in the longer term exactly how much they will be paying for their biggest monthly outgoing."
The Chelsea's 5,6,7 mortgage is available at 4.54% on loans of up to 70% Loan To Value (LTV), 5.04% at 85% and 5.64% at 90% LTV. All versions of the product have a low fee of £395 and £200 cashback.
Chelsea Building Society is unique in offering offset alternatives to all mortgages across its product range, priced 0.2% higher than the non-offset equivalents.