Commenting about the new product, John Cooke Mortgage Marketing Manager said, "The new product has been launched as a direct result of listening to our members and reacting to the growing appetite for a 2-year buy to let fixed-rate mortgage product."
Talking about preparation for M-Day, Andy Barr, Chelsea spokesperson said, "The Chelsea predicted some time ago that we would do more than our normal mortgage market share over the M-Day period and this is now emerging as the real truth as more and more lenders begin to withdraw and reduce their product range".
Details of the new 2 year fixed buy to let rate are as follows:
* Fixed at 5.75% (6.9% APR) until 30.11.06
* Maximum loan to value of 80% 1
* Arrangement fee of £4452
* Administration fee of £2453
* Minimum loan is £35,000 and the maximum is £600,000
* There is an early repayment charge of 3% until 30.11.064
