With a hybrid Chelsea Building Society mortgage you can both track and fix.
A Chelsea Building Society mortgage may provide the answer if you are undecided as to whether a fixed or tracker deal is best. The lender offers hybrid products which combine the best aspects of both fixed and tracker mortgages.
A hybrid mortgage offers an initial fixed rate followed by a tracker rate offered for a specific term. Often the initial interest rates are lower than those offered on standard fixed deals. The fixed or tracker period can be two, three, five or even up to ten years and can be followed by a further fixed rate or tracker period.
In many instances the rate charged can be capped on a hybrid mortgage and this can help protect you if interest rates were to rise sharply. At Deal Direct we are seeing an increase in the number of lenders offering hybrid mortgages which is due to their affordability and reduced risk compared to other types of deals.
One such Chelsea Building Society mortgage has a tracker rate of 1.89 % above the Bank of England base rate for two years followed by a fixed rate of 3.89% for three years. The product is available for 70% loan to value. The lender offers similar products for up to 90% loan to value.
For details of a Chelsea Building Society mortgage or a details of other lenders alternative products, give us a call at Deal Direct. We can advise you on this type of products suitability for you and your circumstances.
