Chelsea Building Society has added a a new, lower-LTV (loan to value) product to its mortgage range.

The mutual is offering a two-year fixed rate mortgage at 1.99% for 60% LTV, with an offset equivalent at 2.19%. Each mortgage is fixed until 30 April 2015 and has a £995 fee.

“These are superb rates – market-leading and the lowest short term fixed rates we have ever offered,” said Chelsea Building Society product manager Sunjeev Sahota.

“Whether buying a home or remortgaging, borrowers can be confident that these fixed rates give them the security they need at a fantastic rate. There is also a great opportunity here for those looking to remortgage to bring down their mortgage repayments.

“The Chelsea is unusual in offering offset alternatives to all mortgages in its product range so we are pleased to give borrowers the additional choice of an offset version of such a competitive mortgage.”