Mortgage rates down at Chelsea

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Mortgage rates down at Chelsea

Tue, 09 Aug 2005

Mortgage lender Chelsea has announced a reduction in the mortgage rate of its standard variable rate products, following the cut in interest rates announced by the Bank of England last week.

The new standard variable mortgage rate will be set at 6.49 per cent (typical APR 6.7 per cent variable), down from 6.74 per cent (typical APR 7.0 per cent variable).

First time buyers, homeowners and those looking to find a remortgage can all take advantage of this mortgage rate reduction offered by the UK's sixth largest building society.

The reduced mortgage rate is immediately available to new mortgage customers. Existing mortgage holders will benefit from the lower mortgage rate from September 1st.

Those looking to find a mortgage can contact the mortgage lender via telephone or by visiting a branch if they require more information.

Other mortgage lenders like Alliance &Leicester, ING and first direct already announced mortgage rate cuts following the Bank of England's decision.

Last week's interest rate cut is the first reduction since July 2003, and brought the rate of borrowing 0.25 per cent down from its highest point in three-and-a-half years.

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