The Chelsea Building Society’s latest rate reductions include a 1.94% five-year fixed rate.  

The mortgage is available to those with a 35% deposit and comes with a £1,695 product fee. Also on offer is a 2.05% five-year fixed rate mortgage at 75% loan-to-value (LTV), with a £1,695 product fee.

Both mortgages, which can be obtained online or via telephone, come with £250 cashback on completion and free standard valuation for house purchases, or free standard valuation and legal fees for remortgaging customers.

Richard Barker, product manager for the Chelsea Building Society, said: “We are sure the new rates will prove attractive to borrowers, and we’re keen to offer value for money to our customers with incentives like cashback on completion. The five-year rate reductions will appeal to borrowers looking for the security of a fixing their mortgage repayments to a competitive rate for a longer period.”

The Chelsea has also reduced rates across selected two and three-year fixes with deals including a three-year option at 1.74%, at 75% LTV with a £995 product fee, which is available to both those buying a home or remortgaging.