Chelsea Building Society mortgage customer ratings
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 | |
| Application process | - |
| Value for money | |
| Keeping you well informed | |
| Clarity of statements | |
| Transparency of charges | |
| Query and complaint handling | |
| Ability to overpay or underpay mortgage | |
| Online access | |
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.
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
Correct as of date of publication.
