The new product is among reductions of up to 0.25% which the Society is making to rates across its range of 75% LTV mortgages.
The 1.99% mortgage has an offset equivalent of 2.19% and each product has a £1,545 fee.
Mortgages in the Chelsea's 75% LTV range include £745, £345 and £245 completion fee products and mortgages with incentives, including cashback of up to £500 or free legal and valuation assistance, for borrowers seeking to minimise their upfront costs.
"We've reduced our rates as we aim to be competitive across our mortgage range at all LTVs," said Chelsea Building Society product manager Chris Smith.
"As well as the 1.99% two year fixed rate mortgage at 75% LTV, we also have cut our five year fixed rate mortgage from 2.84% to 2.69%
"Our 75% LTV mortgages are available in branch, online or by telephone so borrowers can choose the channel that suits them best to apply."
All Chelsea Building Society mortgage products have an offset equivalent, priced 0.20% above the standard mortgage product.
