Chelsea increases Standard Variable Rate

Following on from the change in the Bank of England base rate on 10 May 2007 Chelsea Building Society announces a change to its Standard Variable Rate from 7.24% (typical APR 7.5% variable) to 7.49% (typical APR 7.8%) with effect from 1 June 2007.

A re-launch of Chelsea’s Prospect (Non-conforming) range is also launched. Please find a summary of details below:

Introduction of a new “Near Prime” category
Increase in product options, including a set of non fees assisted and fees assisted products for 2 year fixed rate
Introduction of additional rates at 75% LTV
Increase in threshold for Higher Lending Charge from 80% to 85%
Medium scheme is withdrawn
Change to arrangement fees
Prospect Buy to let LTV increased from 80% to 85%
Rename of the current Extra Light category to “Adverse” and the current Light category, renamed to “Adverse Plus”.