History

The Catholic Building Society was originally established in 1875 as the London & Camberwell Building Society. In 1878, the Borough of Chelsea Permanent Building Society was also formed. Over the next few decades both these societies were involved with other mergers until December 1966, when they both amalgamated and created a new society named Chelsea and South London Building. This name remained in effect until 1971 when it was changed to the Chelsea Building Society.

In 1988, Chelsea merged with the City of London Building Society, retaining the name of Chelsea. Then in Feb 2007 they acquired the Britannia Capital Securities which was a medium sized independent firm of Secured Loan and Mortgage brokers in the UK. This allowed Chelsea to expand their lending portfolio.

In December 2008, the Chelsea Building Society merged with the Catholic Building Society and maintained the name Chelsea once again.

Things were not to remain stagnant for long - in December 2009 Chelsea announced a merger with Yorkshire Building Society and that was complete in April 2010. Shortly thereafter, Yorkshire announced the closure of Chelsea's operation at the Cheltenham head office and relocated staff to the smaller location at Charlton Kings Railway station.

The Catholic Building Society now operates under the Chelsea Building Society.

Remortgages offered through the Catholic Building Society

All remortgage offers are provided through the Chelsea Building Society and some of the remortgage benefits offered include:

• Competitive interest rates that can save you money
• Offset products with your savings you can offset mortgage payments
• Assistance with fees - some products pay your legal fees for remortgaging
• Flexibility you can move your mortgage if you move homes or make overpayments
• Ability to borrow more for instance if you want to complete some home renovations
• Insurance products - you can take out insurance to protect your home and family

Remortgages offered include:

Tracker mortgages - the rate is set according to the Bank of England base rate plus a small charge determined by the society for the first two years. The rate will then revert to the Society's standard variable rate for the rest of the mortgage term. This mortgage is flexible so you can make extra payments without a penalty. However an early repayment charge will apply if you repay the loan (in full) in the first 2 years. You will be charged an application fee. You must have a minimum of 20% as a deposit.

Fixed Rate mortgages - this is set at a fixed rate for the first 2 years of the mortgage. The mortgage will then revert to a variable rate once the fixed period is over. This mortgage is flexible so you can make extra payments without a penalty. However an early repayment charge will apply if you repay the loan (in full) in the first 2 years. You will be charged an application fee. You must have a minimum of 20% as a deposit.

Premier Discount mortgage: this is a stepped mortgage rate over 3 years. Year 1 is set at a variable discount rate. Year 2 is higher but still set at a discount rate. Year 3, and for the rest of the mortgage term, the rate reverts to the Society's standard variable rate. The minimum loan is £80,000. There are no early repayment charges - but if a lump sum payment is made it could affect your discount.