Chelsea extends its Helping Hand
10 January 2007
CHELSEA, the UK’s 6th largest Building Society is announcing the extension of its first time buyer mortgage, Helping Hand, to all channels within the intermediary market. The product was previously available through Openwork and via Chelsea branches. After a successful launch period it had been decided to launch the product to the whole intermediary market and enhance the criteria.
The product is aimed at first time buyers who are finding it difficult, if not impossible, to enter the housing market by using parents’ income to enhance the borrowing capacity of their children and to make this process easier
- The maximum age of the parent at the time of application has been increased from 55 years to 60 years.
- The Helping Hand Mortgage will now be available to applicants who are remortgaging in addition to those who are buying a property
| Product Name | Min / Max Loan | Max LTV | Arrangement Fee | Valuation Fee | Higher Lending Charge | Early Repayment Charge |
|---|---|---|---|---|---|---|
Helping Hand 5.24% fixed until 01 March 2010 then the Society’s standard variable rate currently 6.99% |
£25,000 / £2,000,000 | 95% | £695 | Yes | Above 90% | 3% until 1 March 2010 |
Helping Hand Tracker mortgage tracks Bank of England Bank Base Rate plus 0.15% (currently 5.15%) for the first two years then reverts to the Society’s standard variable rate currently 6.99% |
£25,000 / £500,000 | 95% | £695 | Yes | Above 90% | 3% for first 2 years of mortgage |
Customers wishing to find out more about Chelsea mortgages can contact their local branch or call FREE on 0800 1690033. Calls to the Society may be recorded and/or monitored for security, training and customer service purposes.
Intermediaries wishing to find out more about current products can call the Intermediary Helpline on 08456 07 07 08 or visit the Intermediary website at www.chelseaintermediary.co.uk.
Notes
- Chelsea Building Society has assets of £10bn and is the 6th largest building society in the UK.
- Full product range is also available from http://www.thechelsea.co.uk/html/mortgages/index.html
- Should you require a PDF of the mortgage product guide, please contact Vicki or Susie on 01242 271466
This page must be read in conjunction with the Important Information (Mortgages), and the other mortgage product pages shown on this site.
