Up until the 31 December 2007 the Chelsea Building Society was the 4th largest building society in the UK with holdings of more than £13 billion.

It was set up in 1875 originally as the London & Camberwell Building Society and then in 1878 the Borough of Chelsea Permanent Building Society was established. As the years passed these two societies joined forces and a new society was formed on the 31 December 1966 called Chelsea and South London Building Society and its assets amounted to £30 million. Then in April 1971 the societies name was changed to the Chelsea Building Society.

On the 1st April 2010 Chelsea Building Society merged with one of the biggest building societies in the United Kingdom namely the Yorkshire Building Society.

Chelsea Building Society has a wide choice of mortgages that include Fixed Rate, Trackers and mortgages for First Time Buyers.

Their fixed rate mortgages come in the normal two to three year term but they are now offering five, six and seven year fixed rate periods! and are great for those of you who want to be sure of safeguard against fluctuation of interest rates.

Here is an example of a TWO year fixed rate mortgage which is offered for First time buyers, remortgaging from another lender and moving home.

• Interest rate of 2.39% which is fixed until 31/12/13 and then returns to the Chelsea Building Society’s SVR (Standard Variable Rate) which currently is 5.79% variable, for the remainder period of the mortgage
• The minimum amount of a loan is £25,001
• The maximum LV (Loan to Value) is 70%
• There are no assistance fees
• The product fee is £1,495
• There is no higher lending fee
• There is a charge of 3% up until the 31^st December 2013 for early repayment
• Overpayments can be made either monthly or in a lump sum of up to 10% of the total outstanding amount of the loan in a year without incurring a charge
• There is a mortgage fee of £90 which is owed on discharge of your mortgage
• Application for such a mortgage can be made online, over the phone or in person at a branch

Here is an example of a SEVEN year fixed rate mortgage which is offered for First time buyers, remortgaging from another lender and moving home.

• Interest rate of 3.69% which is fixed until 31/12/18 and then returns to the Chelsea Building Society’s SVR (Standard Variable Rate) which currently is 5.79% variable, for the remainder period of the mortgage
• The minimum amount of a loan is £25,001
• The maximum LV (Loan to Value) is 70%
• There are no assistance fees
• Another feature of this type of mortgage is £500 cash back which will be paid on completion
• The product fee is £195 which is due when making the application and is non refundable
• There is no higher lending fee
• Early repayment charges are as follows: 6% up until the 31^st December 2013; 5% up until the 31^st December 2016; 4% up until the 31^st December 2017 and 3% up until the 31^st December 2018
• Overpayments can be made either monthly or in a lump sum of up to 10% of the total outstanding amount of the loan in a year without incurring a charge
• There is a mortgage fee of £90 which is owed on discharge of your mortgage
• Application for such a mortgage can be made online, over the phone or in person at a branch

Chelsea Building Society’s tracker mortgages come in two types of periods; 2 year and 5 year. The rate of interest is linked to the Bank of England (BoE) Base Rate for these terms and following the end of these periods you pay the Chelsea Building Society’s SVR  which is presently 5.79% for the remainder of the term of the mortgage.

Here is an example of a TWO year tracker mortgage which is offered for First time buyers, remortgaging from another lender and moving home.

• Interest rate of 1.99% which is variable – Bank of England Base Rate plus 1.49% – is retained at 1.99 % until the 31^st December 2013 when the Chelsea Building Society’s SVR, which presently is 5.79% variable, is reverted to for the remainder period of the mortgage
• The minimum amount of a loan is £25,001
• The maximum LV (Loan to Value) is 70%
• There are no assistance fees
• The product fee is £1,495 of which £195 is due on application and is non refundable.  The remaining £1,300 is then attached to your mortgage when completion takes place.
• There is no higher lending fee
• An early repayment charge of 2% up to 31^st December 2013 is payable should you repay your mortgage in full, in part, or it is transferred again in full or part to another lender.
• Overpayments can be made either monthly or in a lump sum of up to 10% of the total outstanding amount of the loan, per year, without incurring a charge
• There is a mortgage fee of £90 which is owed on discharge of your mortgage
• Application for such a mortgage can be made online, over the phone or in person at a branch

The Chelsea Building Society’s SVR (Standard Variable Rate) is separate from the Yorkshire Building Society’s SVR. This is due to the fact that Chelsea Building Society is run using their own name and produce and amenities. This means that the Chelsea Building Society’s SVR could vary   from the Yorkshire Building Society’s SVR rising and falling at any time.

Not all their mortgages are accessible online. We think the Chelsea Building Society is well worth considering when looking for a mortgage.