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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 you should choose this lender when applying for a mortgage.

In this article
Coronavirus (COVID-19) update 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

Coronavirus (COVID-19) update

Chelsea BS can only offer new mortgages:

  • If you’re purchasing a new property and the maximum loan-to-value (LTV) is 75% or less
  • If you’re re-mortgaging your property and the maximum LTV is 85% or less

Because physical valuations can’t be carried out, for the time being the lender is unable to accept applications for new build properties, flats, properties in Northern Ireland, non-standard methods of construction, and properties valued at more than £1 million.

You can find out more of the latest updates and advice on our dedicated Which? coronavirus information hub.

Chelsea Building Society mortgage customer ratings

Chelsea Building Society review
Which? Customer Score
Joint 14th out of 25 mortgage lenders
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£1 for first month then £12.75/month unless cancelled

Part of the YBS Group, Chelsea Building Society has its origins in Chelsea, London, but it's now based in Bradford, West Yorkshire. It lends mortgages for properties in Great Britain and Northern Ireland. 

The table below shows how Chelsea Building Society performed in our latest mortgage satisfaction survey.

Customer rating for: Star rating
Customer service

4 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 2019 Which? survey of 3,574 members of the general public, in which 46 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 September 2019, there were 84 mortgages available from Chelsea Building Society. Most of these were fixed-rate deals, where your interest rate stays the same for a set period of time. In Chelsea's case, these periods were two, three, five and 10 years.

Chelsea also offers a small number of discount mortgages, where you pay a set amount below the lender's standard variable rate (SVR), and offset mortgages - where you can link your savings to your mortgage to reduce the amount of interest you pay.

Does Chelsea Building Society offer interest-only mortgages?

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


Does Chelsea Building Society offer the best mortgage deals?

Which? analysis has found that Chelsea Building Society offers 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 August 2019. They compiled a total of 208 ‘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 15, but Chelsea Building Society only made it in twice. (Data source: Moneyfacts.)

Interest rates on Chelsea Building Society mortgages

While Chelsea doesn't offer many table-topping deals, its two-year fixed-rate mortgages do have an average interest rate of 2.2% - which is cheaper than the industry average of 2.77%.

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
£550,000 95%
£550,001 - £1,000,000 85%
£1,000,001 - £5,000,000 75%

You can borrow up to 85% LTV for new-build properties worth up to £1,000,000, and 75% for new-builds worth between that and £5,000,000. 

Can I make overpayments?

Yes, you can make overpayments.

However, you might have to pay an early repayment charge (ERC) if you pay off the mortgage in full, transfer to an alternative mortgage, or make an overpayment above any limit allowed in a year.

These ERCs only apply during the initial rate period, however. 

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

Chelsea mortgage eligibility

Income and employment

There isn't a minimum income requirement for Chelsea Building Society mortgage applicants, but it doesn't lend to temporary or zero-hours contractors.

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 60 years left on the lease at the start of your mortgage. 

Mortgages for older borrowers

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

What Chelsea Building Society mortgage customers say