Chelsea five-year fixed rate mortgage at 3.99%

Chelsea Building Society, now part of Yorkshire Building Society, has seen the number of applications for five year fixed rate mortgages significantly increase since the start of the year. With growing speculation ahead of next week's budget and the general economic uncertainty, many borrowers are opting for the medium term security of fixed mortgage payments.

Chelsea has just launched a new five-year fixed rate mortgage at 3.99% for those with a 25% deposit. This market leading rate could give borrowers a secure financial footing, beyond the London Olympics in 2012, past the Brazil World Cup in 2014 and even through to the next general election.

Andrew Paddock, Mortgage Product Manager at Chelsea, said: "More and more customers are realising that whilst mortgage rates have been at historic lows for some time, sooner or later they may start to rise. We think that the opportunity to fix mortgage payments now at 3.99% for the next five years is attractive."

Summary product information:

interest rate - 3.99% fixed until 31 July 2015
arrangement fee - £495
free valuation
no legal fees for standard remortgage legal work
an early repayment charge will apply until 31 July 2015

For further information see chelsea.co.uk/mortgages.