The mortgage, which is available to both customers buying a new home and those looking to remortgage, has a £1,545 product fee and is part of a series of reductions across the Chelsea range.
Home-movers or first-time buyers with a 10% deposit can also benefit from changes to the range, which include the launch of a 3.09% two-year fixed rate mortgage, with no product fee, free standard valuation and £250 cashback on completion.