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Chesham Building Society
The Chesham Building Society was established in 1845 in the town of Chesham in Buckinghamshire. They strive to serve their local community, with social service and superior products. And in fact, they have won the Best Variable Mortgage Provider award, given by Moneyfacts Awards, for two years in a row now.
Currently, the Chesham offers flexible, discounted rate, fixed rate, and buy to let mortgages.
The flexible mortgage offered by the Chesham tracks the Bank of England base rate. Your interest rate will be at a certain percentage above (or below) this rate; which means that over the years, the amount that you pay will change. With this loan, you may overpay regularly or irregularly and not be charged an early repayment fee. You also have the option to take a pay holiday, with restrictions, pulling from the previously made overpayments during that time. Remember though, that even during a pay holiday, the interest will continue to accrue. There is a minimum deposit requirement of 20%; however, there is no reservation fee.
Another of Chesham’s mortgage options is the discounted rate. Different from the flexible plan, this interest rate is based on their own standard variable rate, plus or minus a certain percentage. After this time, your rate will simply be the SVR. Chesham offers a three-year stepped discount or a ten-year discount. For the three-year stepped discount, there is a minimum deposit of 10%, a reservation fee of ₤499, and an early repayment penalty. For the ten-year discounted mortgage, Chesham requires 10% down, a ₤595 reservation fee, and applies early repayment penalties.
Chesham also offers a two-year fixed rate loan. This guarantees that you will know exactly how much your monthly payments will be for those two years. Afterwards, your rate will be based upon a certain percentage above the Bank of England’s base rate. This loan requires a 20% deposit, charges a ₤250 reservation fee, as well as an early repayment penalty.
Chesham offers three buy to let mortgages. They all require 20% down, all charge a reservation fee (either a flat rate, or one based on the percentage borrowed); but, none of them charges an early repayment penalty.
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% |
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