Chelsea Building Society says fixed-rate mortgage could be attractive

Date:Thursday 17th June 2010
Author: Max Freedman

Fixed-rate mortgages are an attractive proposition for housebuyers looking to borrow over the next five years.

This is the view of Chelsea Building Society, which has released details of its new 60-month 3.99 per cent fixed-rate mortgage.

It claimed that the product offers borrowers a "secure financial footing", pointing out it will see them through sporting events such as the London 2012 Olympics and next football World Cup.

Chelsea Building Society added that fixed-rate mortgages have already proven to be popular with its customers since the turn of the year, adding that economic uncertainty is fuelling demand for the product.

Mortgage product manager Andrew Paddock remarked: "More and more customers are realising that whilst mortgage rates have been at historic lows for some time, sooner or later they may start to rise."

April 1st 2010 saw Chelsea Building Society merge with Yorkshire Building Society (YBS).

Iain Cornish, chief executive of the enlarged YBS, said it was an exciting move for the financial firms.