Chelsea Building Society launches ten-year fix

A new ten-year fixed-rate mortgage has been introduced by Chelsea, the fifth-largest building society in the UK.

It is offered at a rate of 4.59 per cent, which will remain fixed until April 1st 2019, after which it will revert to the lender’s standard variable rate.

The organisation noted that the product could help to give borrowers “peace of mind” over debt management issues, as monthly payments will stay the same no matter how interest rates fluctuate.

Mortgage product manager Andy Paddock commented: “We’re delighted to be able to offer this highly competitive fixed-rate deal.”

He added: “This deal gives borrowers the security of locking into current low interest rates for a ten-year period.”

Meanwhile, Yorkshire Bank has extended an offer where arrangement fees are waived for new customers looking to remortgage on a range of fixed, offset and flexible options.

Additionally, customers switching from another company will not have to pay any valuation or legal fees up until Friday February 27th.

By Jamie Price