Chelsea launches new mortgage products

Three year fixed rate mortgages are being added to its range of fixed term products, alongside the current two, five, six and seven year deals, while new track and fix mortgages give borrowers the option of tracking the historically low base rate for two years before fixing at a competitive rate for three years.

Interest rates also have been cut on some existing products for higher LTV loans.

Chelsea Building Society's group direct mortgage manager Chris Smith said the latest additions to the society's mortgage range were in response to customer feedback.

"Customers have been asking for three year fixed rate mortgages, in addition to the current choice of terms," he said.

"Our innovative 5, 6, 7 mortgage, where the borrower chooses the term, has been very popular but we also wanted to offer an additional shorter-term fixed rate alongside our two year fixed rate product.

"We're also happy to offer the new tracker to fix mortgages, which give borrowers the chance to hedge their bets on when interest rates will rise but have the security of fixing at a competitive rate to protect against rate rises in the future."