Chelsea offers offset and cash back to FTBs

Sunjeev Sahota, Chelsea Building Society product manager said the first-time buyer benefits were a direct result of research carried out by the society into their customers’ needs.

Sahota said: "One of the findings that stood out was that current first-time buyers value offset and that three in four potential first-time buyers intend to continue saving post purchase. This is something we want to encourage and it is why the offset functionality in our first-time buyer range comes with no additional cost, something which is unique in the market.

"First-time buyers also told us that the upfront cost they wanted most help with was stamp duty. This is why we've introduced the 1% cash back feature. It's up to customers how they use the cash back but with stamp duty at 1% for residential properties valued between £125,000 and £250,000 this will be a big help for a lot of first-time buyers."

And Chelsea’s range of two-year products have received the addition of fee and loan to value options to give more choice to customers.

The range includes 2.99% at 75% LTV with a £1,495 fee, 3.19% at 75% LTV with a £495 fee, 4.24% at 85% LTV with a £495 fee and 4.49% at 90% LTV with a £1,495 fee.

Sahota added: "We have listened to first time buyers and we recognise that each individual case is unique but this new mortgage range highlights our focus and determination to offer excellent mortgages and to continue helping first-time buyers step onto the property ladder."