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Chelsea Building Society mortgage review

Our Chelsea Building Society mortgage review combines customer feedback with expert deal analysis to reveal whether the lender is worth considering next time you apply for a mortgage.

In this article
Chelsea Building Society mortgage customer ratings What kinds of mortgages does Chelsea Building Society offer? Does Chelsea Building Society offer the best mortgage deals? Interest rates on Chelsea Building Society mortgages How much could I borrow from Chelsea Building Society?
Can I make overpayments? How can I contact Chelsea Building Society? Chelsea mortgage eligibility What Chelsea Building Society mortgage customers say Get personal mortgage advice

Chelsea Building Society mortgage customer ratings

Mortgages
Chelsea Building Society review
Which? Customer Score
72%
7th out of 23 mortgage lenders
Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.
Compare Chelsea Building Society against 22 other lenders

The table below shows how Chelsea Building Society performed in our latest mortgage satisfaction survey, from application process to value for money.

Customer rating for: Star rating
Customer service

5 out of 5

Application process

-

Value for money

4 out of 5

Keeping you well informed 4 out of 5
Clarity of statements

5 out of 5

Transparency of charges

4 out of 5

Query and complaint handling

4 out of 5

Ability to overpay or underpay mortgage

4 out of 5

Online access

3 out of 5

 

Star ratings based on a June 2018 Which? survey of 3,560 members of the general public, in which 42 people told us they had their mortgage with Chelsea Building Society. Where no rating is given the sample size was too small.

What kinds of mortgages does Chelsea Building Society offer?

When we checked in July 2018, there were more than 60 mortgages available from Chelsea Building Society. Most of these were fixed-rate deals lasting for two, three and five years.

Chelsea also offers a small number of offset mortgages, where you can link your savings to your mortgage and reduce the amount of interest you pay, and discount mortgages.

Looking for a mortgage?

Which? Mortgage Advisers can find the best lenders and deals for your personal situation.

Your home may be repossessed if you do not keep up your mortgage repayments.

Does Chelsea Building Society offer the best mortgage deals?

Which? analysis has found that Chelsea Building Society offers far fewer cheap mortgages than the average lender.

In order to work this out, our experts analysed thousands of mortgages over a four-week period in June and July 2018. They compiled a total of 108 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.

The average number of times a lender made it into a table was 14, but Chelsea Building Society didn’t feature at all. (Data source: Moneyfacts.)

Does Chelsea Building Society offer interest-only mortgages?

No, Chelsea doesn’t offer interest-only mortgages.

Interest rates on Chelsea Building Society mortgages

While Chelsea doesn't offer that many table-topping deals, the 2.043% average interest rate of a two-year fixed-rate mortgage from the lender is still cheaper than the industry average of 2.81%.

How much could I borrow from Chelsea Building Society?

Below we’ve outlined how much you could potentially borrow from Chelsea Building Society in relation to the percentage of the property’s value.

Maximum loan amount Loan-to-value
£500,000 95% (if you're purchasing a property)
£500,000 90% (if you're remortgaging)
£500,000 - £1,000,000 85%
Over £1,000,000 75%

Can I make overpayments?

Yes, you can make overpayments.

However, you might have to pay an Early Repayment Charge if you pay off the mortgage in full, or make an overpayment above any limit allowed in a year.

If you’ve overpaid, you might be able to make underpayments or take a payment holiday as long as you don’t exceed the amount you’ve previously overpaid.

How can I contact Chelsea Building Society?

Existing mortgage customers can call 0345 166 9300, while for new customers it's 0345 1200 842.

The web address is thechelsea.co.uk.

Chelsea mortgage eligibility

Income and employment

There isn't a minimum income requirement for Chelsea Building Society mortgage applicants, but temporary or zero-hour contractors won't be able to borrow from the lender.

If you’re in permanent employment, you’re not required to have worked for your current employer for a set amount of time before you can apply for a mortgage.

Leasehold properties

If you’re applying for a mortgage on a leasehold property, there must be at least 85 years left on the lease at the start of your mortgage. The initial ground rent cannot be more than £1,000 a year.

Mortgages for older borrowers

Chelsea Building Society doesn't usually lend to applicants who would still be paying off their mortgage past the age of 75. 

However, it says it assesses applications on a case-by-case basis.

What Chelsea Building Society mortgage customers say

Get personal mortgage advice

Correct as of date of publication.

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