Chelsea Building Society has launched a direct-only 10-year fixed rate mortgage at 3.99 per cent.
The product is available for a £1,495 fee and up to 70 per cent loan-to-value. However, borrowers can opt for a £195 fee but the rate then becomes 4.19 per cent.
The next lowest rate comes from within the Yorkshire Building Society Group, which Chelsea Building Society is in. The YBS product is available up to 75 per cent loan-to-value at 4.69 per cent for a £995 fee.
Outside of the YBS Group, the next lowest rate is from Britannia Building Society, which is offering a 10-year fixed rate at 5.29 per cent up to 75 per cent LTV and for a £995 fee.
Chelsea has also cut its five, six, seven mortgage, where the borrower chooses the length of the term, to 3.69 per cent and has cut its 3.39 per cent – the lowest ever five-year fixed rate – to 3.29 per cent.
Chelsea Building Society group direct mortgage manager Chris Smith says: “On the back of further falls in swap rates we are able to pass these savings onto our members.”