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Chelsea Building Society
Chelsea Building Society has been a lender for over 125 years and is renowned in the industry for its excellence. They offer several types of mortgages (fixed rate, tracker, flexible discount, cash back, and second home) and some home insurance.
Chelsea’s fixed rate mortgage terms range from two to five years. After the decided upon term, the rate will follow the society’s standard variable rate for the remaining time. There is also a fixed rate mortgage with cash back option offered by Chelsea. If you take out a five-year fixed rate mortgage, you have the option to receive 6% back, after they receive your first monthly payment. This could be advantageous to those needing to do some fixing up of their new home; however, the money is for you to spend as you wish.
Chelsea offers two- and five-year tracker mortgages. These plans follow the Bank of England’s base rate, plus a small percentage, for the two or five years. After this time, the rate will be the Bank of England’s base rate, plus a larger percentage.
The flexible mortgage offered by Chelsea uses the Bank of England base rate plus (currently) .64% for five years. Afterwards, the Bank of England base rate plus 1% will take over. This plan has a fee, which is calculated based upon how much you borrow; however, there is no early repayment penalty.
If you are interested in a buy-to-let or commercial property, or are self-employed, Chelsea has plans to help you realise your dreams as well.
If you are in the market for a mortgage, use our tools on SimplyFinance.co.uk to find the best company and product for you, keeping in mind that this article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.
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TODAY’S MORTGAGE RATES
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.64% | 5.9% |
| Discounted | 5.7% | 6.9% |
| Capped | 6.05% | 7.2% |
About this index Rates may contain points
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