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Chelsea capped and fixed loans are penalty-free

Chelsea Building Society is offering a new range of fixed and capped-rate mortgages.

The fixed rates start with a 4.99 per cent mortgage fixed until 2003 up to 90 per cent LTV and a 5.49 per cent loan fixed until 2003 with no redemption penalty after the fixed period.

There is also a 5.79 per cent mortgage with 7.5 per cent fixed until 2003 with no arrangement fee or early redemption penalty after the fixed period.

The new capped loans include a 5.79 per cent rate capped until 2003 for loans up to 90 per cent LTV and no early redemption penalty after the capped rate period.

There is also a 6.19 per cent mortgage capped until 2004 for loans up to 90 per cent LTV and no redemption penalty after the capped rate period, and a 6.49 per cent capped until 2005 for loans up to 90 per cent LTV and no early redemption penalty after the capped rate period.

Minimum loan value on the range is £20,000.

Spokesman Darren Stevens says: “In launching these products, we are very optimistic about what they might achieve. The products are catch-free – there are no compulsory insurances and no requirement to pay mortgage indemnity guarantee premiums.”


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