Chelsea changes product range

Ramesh Sharma

March 4, 2006

The lender has undertaken a full review of its range, resulting in a reorganisation of both its prime and non-conforming range into fixed rate, cashback and tracker products and reduced many of its fixed rates.

Through this, it is looking to consolidate its range and make it easier for brokers to access it.

Promoting the changes, Andy Paddock, mortgage product development manager at Chelsea, said: “Across the market there are so many mortgages available it can often be bewildering to customers. We‘ve developed a simplified range which we believe is customer friendly and makes choosing a mortgage easier. Our focused range, coupled with our lending criteria, creates an attractive offering.”

Coinciding with the review is the launch of a number of products on both the prime and non-conforming side.

On the prime side, it includes a buy-to-let lifetime tracker at 1.05 per cent above the Bank of England base rate, with an arrangement fee of £500 and a 4 per cent early repayment charge during the first year.

Meanwhile, it has added two further products to its non-conforming range, including a two-year fixed buy-to-let product exclusively available to introducers. Also available is a two-year fixed self-cert product, ranging from 6.19 per cent for extra-light clients up to 7.15 per cent for heavy clients.

Andy Pratt, chief operations officer at Alexander Hall, commented: “The prime tracker is fairly competitive but I think they could have done a little bit more with the rate if they extended the ERC as there isn’t much point in only doing it for one year. The self-cert product is reasonably competitive and would appeal to many brokers. My only concern is that it’s sometimes hard to place a non-conforming case with Chelsea as they are fairly strict.”

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