View more on these topics

Chelsea offers direct-only 10-year fixed-rate deal at 3.99%

Chelsea Building Society has launched a direct-only, 10-year fixed-rate mortgage at 3.99 per cent.

The product is available up to 70 per cent loan to value for a £1,495 fee. Borrowers can opt for a £195 fee at a fixed rate of 4.19 per cent.

The next lowest rate currently available to borrowers comes from within the Yorkshire Building Society Group, of which Chelsea is a part. The YBS product is available up to 75 per cent LTV at 4.69 per cent for a £995 fee.

Outside the YBS Group,the best rate is from Britannia, which is offering a 10-year fixed rate at 5.29 per cent, up to 75 per cent LTV for a £995 fee.

Chelsea has also cut its five six seven mortgage, where the borrower chooses the length of the term, from 3.99 per cent to 3.69 per cent and its five-year fixed rate from 3.39 per cent 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 on to our members.”

Prolific Mortgage Finance managing director Lea Karasavvas says: “There is not really much demand for 10-year deals but you can understand why people would want them in the current environment.

“If people know they are going to stay in their home for a while, I think it is a great deal.”

Recommended

1

Advisers backing move away from absolute return term

Advisers have welcomed Morningstar’s plan to move away from the term “absolute return” by introducing 18 new alternative investment categories. The new categories cover over 3,000 Ucits funds with alternative investment strategies. The company is removing its previous EUR absolute return, non-EUR absolute return and long-short sectors which cover absolute return funds and replacing them […]

Mortgage verification scheme launched to tackle fraud

HM Revenue & Customs, the Council of Mortgage Lenders and the Building Societies Association have teamed up to create a new tool to combat mortgage application fraud. The mortgage verification scheme, which was announced in the March budget, is due to officially launched on September 1, following a successful pilot scheme. Use of the scheme […]

Fitch upgrades HML’s special servicer rating

Fitch Ratings has upgraded HML’s residential mortgage special servicer rating and has affirmed its primary servicer rating. HML’s special servicer rating has been lifted from RSS3+ to RSS2- while its residential mortgage primary servicing rating remains at RPS2+. Fitch says it upgraded HML’s special servicer rating due to “high levels of industry experience of senior […]

Finding security in bond markets

Martin Foden, head of credit research at Royal London Asset Management, explores the role of secured bonds, considering the impact of default and the characteristics of secured bonds versus supranationals and highlighting some examples. He also examines the evolution of the credit market and rating agency inefficiencies. Read the article in full: The value of […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment