Chelsea Building Society unveils 95% LTV product

Michael Lloyd

November 21, 2019

home sales

Chelsea Building Society has launched a 5-year fixed rate residential mortgage at 95% LTV.

Priced at 3.55% the offering is available to all borrower types and comes with a free valuation and a £495 product fee, all of which can be added to the mortgage advance.

The product allows overpayments, underpayments and payment holidays.

Rachel Springall, finance expert at Moneyfacts, said: “The deal charges a rate of 3.55% over the five years and while it may not be the lowest priced in the market, it does come with an incentive free valuation and charges a product fee of £495 that can be added to the mortgage advance.

“Borrowers looking to keep their initial costs down may therefore find this deal appealing.”

Meanwhile, Santander has increased the rate on its 2-year fixed rate mortgage at 95% LTV by 0.15%.

Available for purchases, the mortgage is priced at 3.14% and allows overpayments.

It comes with a free valuation, no product fee and £250 cashback.

Springall added: “Santander has increased the rate on its 2-year fixed rate mortgage by 0.15% this week but retains a good overall package.

“Despite the rise, at 3.14% the deal remains competitive and it includes a generous incentive package and does not charge a product fee.

“Borrowers hoping to save on the upfront cost of their mortgage and secure a low rate over the next five years will find this deal highly attractive.

“House purchase customers looking for an attractive rate and cost-saving package may find this an appealing choice.”

Sign up to our daily email