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Chelsea BS shaves 5bps off two-year deal to stay at top of best-buy

Chelsea Building Society has shaved a further five basis points from its flagship two-year fixed rate mortgage in an effort to stay at the top of the best-buy tables.

The direct-only product is now available at 1.64 per cent for a £1,545 fee.

Before the cut, the product was available to 60 per cent loan-to-value, but the building society has now made it available up to 65 per cent LTV.

Following the two-year fixed period, the product reverts to Chelsea’s current standard variable rate, which is 5.79 per cent.

An offset version of the product is available for an additional 20 basis points at 1.84 per cent.

Chelsea Building Society product manager Brendan Gilligan says: “We have cut these rates to make our products even more competitive. We know that our members want good value for money, and the Chelsea has not disappointed with this latest deal.”

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