Your home may be repossessed if you do not keep up repayments on your mortgage.
Bank of England Tracker Mortgages
Tracker mortgages track the Bank of England Base Rate, usually at a set rate above it. As the Bank of England Base Rate is variable, it can go up or down during the term and then so will the rate you pay. This means that your monthly payments may go up or down.
Interest charged to your account is set at a percentage either above or below the Bank of England Base Rate. Therefore if the Bank of England Base Rate rises or falls during the tracker period, we will change the interest rate which applies to your mortgage. Any change to your interest rate would take place by the 15th day of the month after the month in which the Bank of England Base Rate changes.
Important Info
- The Bank of England Base Rate, and therefore the interest rate you pay, may at times be higher than Chelsea Building Society's Standard Variable Rate.
- A minimum rate of interest, referred to as a 'collar' or 'floor', usually applies to our Bank of England Base Rate tracker products and is detailed within the relevant product web pages and factsheets.
- This means that when the Bank of England Base Rate falls, the interest rate you pay also falls by the same amount but it cannot go any lower than the minimum rate of interest payable.
- There may also be early repayment charges payable, depending on the product taken, if you want to repay or transfer from a tracker rate mortgage before the end of the special rate period.
Why Chelsea?
Choosing the right mortgage provider can be difficult.
Find out why the Chelsea make it easy.
Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in theFinancial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.
References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.
Buy to Let mortgages are not regulated by the Financial Conduct Authority
This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.
*Calls to 0800 numbers are free of charge from a landline or mobile. Calls to 03 numbers are charged at the same standard network rate as 01 or 02 landline numbers, even when calling from a mobile.
Get in touch with us:
- Call us:
http://www.thechelsea.co.uk/contact/index.html - Find a branch:
http://www.thechelsea.co.uk/contact/branch_finder.html - Manage your accounts online:
http://www.thechelsea.co.uk/security/online_help.html
