Chelsea Building Society, once the UK's fourth-largest building society, no longer operates as an independent lender. In 2010, following financial difficulties related to the 2008 financial crisis, it merged with Yorkshire Building Society (YBS).
Today, the Chelsea Building Society brand is a trading name of Yorkshire Building Society and exists primarily as an online and telephone-only service for existing savings and mortgage customers. It does not offer new mortgage products.
If you would like to view and compare the mortgage products available through YBS or its intermediary-only lending brand, Accord Mortgages, you can do so using our mortgage comparison tool below. You can also learn more about Yorkshire Building Society on our YBS lender page.
Compare Rates
Showing Top Result Results
No results matching your criteria
Lender Details
Product Details
About Chelsea Building Society's Legacy
Founded in 1875, Chelsea Building Society had a long and independent history, with a strong branch presence, particularly in London and the south of England. It grew significantly over the 20th century, merging with several smaller societies, including the City of London Building Society and the Catholic Building Society.
However, it was heavily impacted by the 2008 financial crisis, suffering losses from its exposure to failed Icelandic banks. This led to the merger with the larger Yorkshire Building Society in 2010, which was done to protect its members and ensure its stability.
What Happened to Chelsea Building Society Mortgages?
You can no longer apply for a new mortgage with Chelsea Building Society. All its assets and liabilities, including its entire mortgage book, were transferred to Yorkshire Building Society. If you have a Chelsea Building Society mortgage, your mortgage is now owned and administered by Yorkshire Building Society.
You are now a member of YBS, however, the Chelsea brand is maintained as an online and telephone-based service for existing customers. If your mortgage deal is ending, you can switch to a new "product transfer" deal under the Chelsea brand, but you cannot apply for a new mortgage or borrow more money.
New customers seeking a mortgage are directed to apply to its parent company, Yorkshire Building Society,
Compare today's best mortgage rates
We work with 90+ UK mortgage lenders, including Chelsea Building Society. You can use our service to compare mortgage rates from across the market to find the right deal.
Our mortgage sourcing tool is FREE and will show you the latest deals from Chelsea Building Society and others so you can make an informed decision about which to choose.
Click the button below to get started comparing the entire market for free.
What were they known for?
Chelsea was known as a mutually owned lender who had a few key focus areas:
-
‘Best buy’ rates that were highly competitive across the market
Which lenders can offer similar products?
While YBS is a direct replacement for Chelsea Building Society and has a broad offering which covers most of what they were known for, there are plenty of alternative lenders offering this type of deal across the market. For example:
-
Offset mortgages - are more widely available than they once were, you could try: Coventry Buiding Society, Skipton Building Society or Barclays, all of whom offer this type of deal
-
Best rates - Leeds Building Society and Nationwide Building Society are known for their aggressively competitive pricing, or you can check the latest mortgage rates across all lenders
If you’re looking to remortgage a legacy Chelsea mortgage it may be worth contacting YBS first to see if they offer preferential rates as an existing customer of their trading company.
How to Apply for a Mortgage
You can no longer apply for a new mortgage with Chelsea Building Society.
However, if you would like advice and guidance about mortgage with their parent company YBS, or you would like to compare mortgage products available across the market, simply click get started to speak to one of our expert brokers.