These products are in response to the growing consumer appetite for Buy to Let and Fixed Rate mortgages and John Cooke, Chelsea Building Society Mortgage Marketing Manager commented, "These products not only expand our mortgage portfolio, but also serve as an effective and efficient way for borrowers to secure an attractive rate over a longer period".
Lending Risk Fee is payable where the loan exceeds 90% of the purchase price or valuation of the property (whichever is lower). This can be added to the loan on completion or paid separately (interest is payable on fees added to the loan).
** Early Repayment Terms: If you repay the mortgage or make an early repayment of capital, interest will be payable up to the end of the month in which the repayment is made.
If such repayment is made during the period up to 1 May 2009, an additional fee equivalent to 5% of the sum repaid will be charged unless you:
* Simultaneously take out a new Chelsea mortgage on a different property; and
* Opt to borrow a sum equal to the amount repaid on the same terms as this mortgage and any additional amount on the terms of our standard variable rate mortgage.
Contact point for Intermediaries. Intermediaries wishing to find out more about current products can call the Intermediary Helpline on 08702 404808 or visit the Intermediary website www.chelseaintermediary.co.uk
