The mortgage offers an interest rate of 4.59 per cent (5.1 per cent APR), fixed until 1 April 2019. After this time the rate will revert to Chelsea's standard variable rate for the rest of the mortgage period, currently 5.79 per cent.
The product gives borrowers peace of mind. No matter how much interest rates fluctuate, monthly payments will remain the same for the fixed rate period.
Product details:
Mortgage product - 10 year fixed rate mortgage
Interest rate - 4.59% fixed until 01.04.2019, then Chelsea's standard variable rate, currently 5.79% for the rest of the mortgage
Overall cost for comparison - 5.1% APR
Maximum loan to value - 65%
Valuation fee - Free
Arrangement fee - £995
Early repayment charges and duration
If the mortgage is repaid or early repayments of capital are made, during the fixed rate period, a percentage of the sum repaid will be charged, unless the mortgage product is taken with the borrower to a new property. This only applies to the amount outstanding at the time of moving.
Assisted legal fees - Yes
Loan amount - Minimum £60,000 - Maximum £500,000
The mortgage can be arranged at any one of Chelsea's 35 branches, or by telephoning 0800 169 1177. Calls to Chelsea may be recorded and/or monitored for security, training and customer service purposes.
"We're delighted to be able to offer this highly competitive fixed rate deal," said Andy Paddock, Chelsea's Mortgage Product Manager. "This deal gives borrowers the security of locking into current low interest rates for a ten year period."
N.B: Please note that this product is available direct to consumer only
