Chelsea reducing mortgage interest rate

Chelsea Building Society has announced that it is lowering the interest rate on its own five-year mortgage to take effect from Wednesday 20th 2004.

The move comes in light of new figures showing that 2004 has seen a huge surge in longer term fixed rate mortgage applications, with particular demand growing in the five-year market.

Speaking about the new product John Cooke, mortgage marketing manager, said "We have seen applications and completions for the five-year fixed rate mortgage doubling each quarter so far in 2004 and as this particular area of the market is growing it is important that we offer a competitive product to meet those needs."

David Emsley, director of mortgage advice services, commented: "Unlike many lenders who combine competitive rates with low LTV's just to feature at the top of comparison tables, the Chelsea has kept its LTV at the standard 95 per cent allowing a wider audience to benefit from this offering."