Chelsea Building Society has launched a new 1.89% two-year fixed rate mortgage at 60% LTV.

“The cuts we are making will help to keep borrowers’ repayments as low as possible and with the leading rates within the two-year market across 60%, 75%, 85% and 90% LTV tiers this will be welcome news for homeowners,” claimed product hanager Sunjeev Sahota.

Chelsea’s headline products include:

• 1.89%, two-year fixed, 60% LTV and a £1,695 fee
• 2.34% two-year fixed, 75% LTV and a £1,695 fee
• 3.39% two-year fixed, 85% LTV and a £1,695 fee
• 3.69% two-year fixed, 90% LTV and a £1,695 fee

Sahota added: “There has been a great deal of movement within the mortgage market recently and we are making sure customers benefit by keeping our wide range of mortgages as competitive as possible. In particular our 1.89% product (60% LTV) will be the lowest two-year fixed rate available anywhere in the market.”