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Chelsea cuts interest rate

Chelsea Building Society is cutting its standard variable rate by 1.5 per cent from 6.49 per cent to 6.34 per cent with effect from September 30.

The cut follows the 0.25 per cent cut in the Bank of England base rate announced last week.

Chelsea is now offering three new fixed rate products, all fixed until February 2004. The 4.64 per cent fixed rate is available for loans from £30,000 to £1m, with a 3 per cent early repayment charge until February 2007.

The 5.24 per cent fixed rate is available for loans from £30,000 to £250,000, with a 3 per cent early repayment charge until February 2004.

The 5.54 per cent fixed rate is available for loans from £20,000 to £!m, with a 3 per cent early repayment charge until February 2004.

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