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Two discount players join Chelsea loan team

Chelsea Building Society is offering two new discounted mortgages and has extended the term on two of its fixed-rate loans.

Its new range includes a three-year discounted mortgage for new and existing borrowers offering a discount of 1.5 per cent, giving a current rate of 4.19 per cent. After the discount period, it reverts to the society&#39s standard variable rate, currently 5.69 per cent.

The second loan, which is only available for remortgages, currently has a rate of 4.44 per cent, which reverts to the society&#39s SVR after three years.

Both rates are available up to 95 per cent loan to value. Minimum loan is £25,000 and maximum £1m.There is no arrangement fee. Borrowers can choose to receive free legal work or a £200 contribution towards their legal costs.

Chelsea is extending the term of two of its existing fixed-rate loans. Its 2.45 per cent and 3.64 per cent fixed rates will now run until April 2005 instead of February 2005.

The society is also offering a two-year loan fixed at 3.99 per cent until April 2005 which is available up to 95 per cent LTV.

All fixed-rate loans have a £395 arrangement fee and early repayment charges which vary between 3 and 6 per cent.

PR & corporate affairs manager Melissa Russell says: “This will attract borrowers looking for a competitive deal over the medium term.”

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