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New fixed-rate mortgage

Date: Tue, 26 Oct 04 Analysis

The Chelsea Building Society has announced it is introducing a new 2-year fixed-rate buy to let mortgage.

The move comes as competitors hastily withdraw and change their mortgage portfolios in time for Mortgage Regulation Day.

Commenting on the new product, John Cooke mortgage marketing managers, said: "The new product has been launched as a direct result of listening to our members and reacting to the growing appetite for a 2-year buy to let fixed-rate mortgage product."

Referring to preparation for M-Day, Andy Barr, Chelsea spokesperson said: "The Chelsea predicted some time ago that we would do more than our normal mortgage market share over the M-Day period and this is now emerging as the real truth as more and more lenders begin to withdraw and reduce their product range."

Meanwhile, for the first time ever, Chelsea Building Society is promoting its whole mortgage portfolio on television, with two new DRTV ads created by WWAV Rapp Collins West.

With the proposition of "find out in five minutes, free, how much you could save by switching mortgage", a 60 second execution airs at the beginning of November, with a 30 second execution appearing in the New Year.

Sean Scannell, marketing communications controller, said: "These ads are based around the consistent feedback that we get from our members who say that they like our no jargon approach to providing mortgages that save them money."

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Endsleigh Insurance Services Limited is authorised and regulated by the Financial Services Authority. This can be checked on the FSA Register by visiting its web site at www.fsa.gov.uk/register.
Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.