Chelsea launches 1.49% mortgage for customers with 25% deposit

Chelsea Building Society is offering customers with a 25% deposit a highly competitive 1.49% two-year fixed rate mortgage as it launches its new range today.

Customers with a 25% deposit can also choose a three-year fixed rate of 2.19%, or a 2.74% five-year fixed rate. All of these three mortgages have a £1,545 product fee.

The rates are launched as part of the Society’s new range, which also includes a two-year fixed rate of 4.44% with a £1,545 product fee for customers with a 5% deposit, helping first-time buyers to gain afoot on the property ladder.

The launch sees rate cuts of up to 0.50% across all LTV brackets.

As well as the Chelsea’s existing highly competitive 1.24% two-year fixed rate mortgage with a £1,545  product fee at 65% LTV, the new range features a two-year 1.59% fixed rate mortgage with a £345 product fee.

Reductions at 85% LTV include a three-year 2.94% fixed rate with a £1,545 product fee and a two-year 2.44% fixed rate, which also has a £1,545 product fee.

Jemma Anderson, Mortgage Product Manager at Chelsea Building Society, said: “We’re reducing mortgages by up to 0.50% across our range and are now able to offer customers with a 5% deposit a 4.44% mortgage, which we hope will help more first-time buyers become home-owners. These new rates follow our highly competitive 1.24% rate launched earlier this month for customers with a 35% deposit. We have sought to offer highly competitive low rate mortgages whether people are buying their first home or looking to move up the property ladder.”