Chelsea launches two new mortgage products

Building society Chelsea is launching two new mortgages, the first of which is a two-year fixed-rate option with a rate of 4.79 per cent until September 30th 2008.

This offer is available for both purchase and remortgage and, according to Tom Gurrie, head of intermediary sales at Chelsea, is “one of the best deals around”.

The other new product launched by the company is a buy-to-let two-year fixed-rate offer at 4.99 per cent, with a flat £2,450 arrangement fee for both purchase and remortgage.

Chelsea’s policy for rental cover on this package has also been amended, with the standard rental coverage being reduced from 120 per cent to 115 per cent of the interest only payment based on the initial pay rate.

As well as introducing these new offers, the lender said that it was also currently in the process of reviewing its fixed and tracker mortgages.

“By continually reviewing our mortgages we ensure that our customers aren’t just getting an eye-catching rate, they are getting a great overall deal on the mortgages we offer,” said Mr Gurrie.