Chelsea launches 5-yr fix at 3.19pc

The mutual has also cut rates on its two-year fixed deals available up to 85% LTV which are now available at 3.44%, or 3.64% offset, each with a £1,895 fee; and 3.59%, or 3.79% offset, each with a £395 fee.

Jemma Smith, product manager at Chelsea, said: “This is the lowest five-year fixed rate mortgage ever to come to the market, which is great for customers wanting longer term security in fixing what is likely to be their biggest monthly outgoing.

“We’ve also reduced rates on some of our shorter term fixed-rate mortgage deals ensuring that whatever the LTV or term required, we have a competitive deal to suit customers’ individual needs.

“We raised our profile in the mortgage market in 2011 with a range of popular and innovative products and want to build on that success in 2012, encouraging even more borrowers to consider the Chelsea, whatever type of mortgage they are looking for.”