Fixed rate mortgage competition heats up.
Falling swaps have led to cheaper fixed rate mortgage deals.
Lenders are competing for business by slashing their rates. One of the latest rate cuts is from the Chelsea Building Society who has announced that it has reduced rates for certain fixed rate mortgage products within its range.
Chelsea BS fixed rate mortgages have been cut by 0.25%. Several products including 2, 3 and 5 year fixed rates are now cheaper within its 70% and 85% loan to value range.
The lender has announced that a 2 year fix is now available at 3.19% for 70% loan to value, this product come with a high fee of £1,695, however a rate is on offer at 3.29% with a lower £895 fee.
In an effort to attract new borrowers Chelsea BS advises that it is also offering both free legal assistance and a free property valuation.
A Chelsea spokesperson commented on the fixed rate mortgage price cut advising that rates have been reduced to help mortgage-holders keep their payments as low as possible. Adding that low fixed mortgage rates will make home-ownership more affordable for many more people.
As swap rates have fallen Chelsea's borrowing costs have been reduced and the lender felt that it was important to pass on their cost reductions through lower rates.
A fixed rate mortgage offers peace of mind for home-owners who want to know that their rate will not fluctuate. If you are looking for a low rate offer call Deal Direct.
Contact one of our advisers today for a quote.
