The mortgage is part of reductions across the Chelsea range, which includes reductions for borrowers with deposits of all sizes, from 35% to 5%. As well as the reduced five-year fixed rate, the Society is still offering its popular 1.24% two-year fixed rate with a £1,545 product fee.
Fixed rates available to customers with a 25% deposit include a 1.44% two-year fixed rate, a 2.09% three-year fixed rate and a 2.64% five-year fixed rate.
Borrowers with a 15% deposit will also benefit from the rate reductions, with the choice of a 2.24% two-year fixed rate, a 2.89% three-year fixed rate and a 3.24% five-year fixed rate, all with a £1,545 product fee.
The Society is also helping first-time buyers to get onto the ladder by reducing rates for customers with smaller deposits and on its first-time buyer exclusive mortgages.
Customers with a 5% deposit can now fix for two years at 4.29% or five years at 4.89%, with both mortgages coming with a £1,545 product fee.
The Chelsea’s range of exclusive first-time buyer mortgages have also been reduced, with the Society now offering first-time buyers with a 15% deposit a two-year offset fixed rate mortgage with a 3.09% interest rate, a £345 product fee and cashback on completion of 1% of the loan. For first-time buyers with a 10% deposit, the two-year faxed rate offset mortgage also includes 1% of the loan as cashback on completion, with a 3.94% interest rate and a £345 product fee.
Jemma Anderson, Mortgage Product Manager at Yorkshire Building Society, said:
“Our priority is ensuring our customers are getting the most competitive rates we’re able to offer and helping more people to buy their own homes."
