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Chelsea offers two-year fix as lending plunges

Net lending at Chelsea Building Society plunged by almost £60m last year to £471m from £528m in 2000.

The society blames the fall on it not being active in the remortgaging market, which has increased significantly in recent years.

Despite this, Chelsea says remortgaging made up 38 per cent or £179m of its overall lending compared with 31 per cent or £174m in 2000.

Speaking at the society&#39s AGM last week, chairman Tim Barry told members that net retail funds increased to £883m last year from £618m in 2000, with mini-cash Isa products proving popular with investors.

The society says it is replacing its two-year fixed-rate mortgage and withdrawing its three-year fixed-rate loan.

The rate on the two-year loan is fixed at 4.99 per cent until June 1, 2004. Maximum loan to value is 95 per cent.

Barry said: “This year, once again, our members have enjoyed the advantages of doing business with a building society that has strong capital ratios, a high level of efficiency and a total commitment to customer service.

“This means that we are able to offer more attractive rates on both mortgages and savings products.”

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