Chelsea adjusts mortgage SVR

The Chelsea Building Society has announced that it is changing its standard variable rate (SVR) for mortgages from 6.49 per cent to 6.74 per cent.

According to the lender, this adjustment is in response to the Bank of England base rate increase that was announced on August 3rd.

Any new borrowers that take up a Chelsea mortgage from August 18th will be subject to the change, while existing customers will see the new rate come into effect on September 1st.

As well as its SVR, Chelsea has also increased its fixed rates, with all fixed buy-to-let products, excluding the prospect buy-to-let mortgage, up by 0.3 per cent.

All other fixed rates will be increased by 0.25 per cent, including the prospect buy-to-let package.

Fixed-rate and corresponding early repayment charge dates will be extended to November 30th. Chelsea has also informed its customers that all tracker rates in its range have been amended accordingly following the change in base rate.