29 March will see Chelsea Building Society cut rates on selected mortgage products, with the largest reductions on first time buyer mortgages.

The new range will feature a five-year fixed rate at 2.84% at 75% loan to value (LTV), with a £1,545 fee, and a two-year fixed rate at 3.29% up to 85% LTV with a 1,545 fee.

A number of first time buyers deals are also being cut. For example, a 90% LTV two-year fixed rate is available at 4.29%, with a £345 fee. Also, the 75% LTV two-year fixed rate will be cut to 2.69%, with a £1,345 fee.

All of Chelsea’s first time buyer exclusive products come with cashback of 1% of the value of the loan.

“We are listening to our customers and continually assessing our product range to offer competitive deals for those with both a small or large deposit,” said Chelsea Building Society product manager Sunjeev Sahota.

“The new deals we are introducing will give borrowers across the full spectrum of LTVs more choice when looking for the best deal for them.”