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Mortgage rate changes at Chelsea

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Chelsea Building Society's fixed rate mortgages have been shaken up, with fixed mortgages over two, three and five years are affected by the changes.

The new two-year deal is now offering a mortgage rate of 4.55 per cent. By 2008, when this period expires, the mortgage rate will switch to the mortgage lender's standard variable rate (SVR).

The initial mortgage rate for the three-year mortgage is set at 4.75 per cent before switching to the SVR after three years. The mortgage rate for the five-year fixed rate mortgage is 4.85 per cent.

Chelsea has also made changes to its cashback and self-certification products.

Six per cent cashback is offered to the holders of the mortgage that charges a mortgage rate of 6.49 per cent until 2011.

Potential mortgage holders who have difficulty proving their income , like self-employed workers, can take out the mortgage lender's self-certification mortgage. A mortgage rate of 5.09 per cent is on offer for this three-year mortgage.

Chelsea has also changed its two-year tracker mortgage . This deal will now charge a mortgage rate of 4.19 per cent until it switches to one per cent above the Bank of England base rate on February 1st 2008.

The mortgage lender charges a �245 administration fee and �495 arrangement fee on all mortgages apart from the cashback mortgage deal .

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