Fixed rate mortgages axed

Chelsea Building Society has announced the withdrawal of a number of its current fixed rate and buy-to-let mortgages.

The society, which is the 6th largest in the UK, has decided to take the existing two-year, three-year and five-year fixed rate mortgages out of circulation.

The rates on these products were 5.29 per cent, 5.39 per cent and 5.54 per cent, respectively.

Also affected is the five-year fixed rate buy-to-let mortgage with a rate of 5.99 per cent, which will be deleted from the range of products.

These products have all been withdrawn with immediate effect.