Chelsea cuts 2-year fix to 2.54pc

The product comes with the added incentives of £500 cashback for home buyers, or a free valuation and assistance with legal fees for borrowers who are remortgaging.

Sunjeev Sahota, Chelsea product manager, said: “We keep our product range under constant review to ensure our mortgages are always competitive across all LTV tiers.

“This 75% product is ideal for first-time buyers with a larger deposit or second steppers or homeowners wanting to remortgage who have at least 25% equity in their property.”

Sahota added: “By reducing product fees across our product range we are responding to customers many of whom are seeking to minimise their upfront costs when completing their Chelsea mortgage.”

A cut of £150 is being applied to mortgage fees across all Chelsea products taking fees to between £245 and £1,545.