Chelsea Building Society is launching new five, six and seven-year mortgages which give members choice of rate.

Customers will be able to choose which competitive rate is most suitable to them – then choose their term length, five years, six years or seven years.

Headline rates include a 3.99% at 70% LTV with a £195 fee and £500 cash-back, a 4.89% at 80% LTV with a £195 fee and £500 cash-back and a 5.39% at 90% LTV also with a £195 fee and £500 cash-back.

Chris Smith, the Chelsea’s group mortgage manager, said: “We believe that this addition to the Chelsea range gives our members much more choice when they are taking out a mortgage with us.