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 building society’s range.

Borrowers with a 10 per cent deposit can fix with Chelsea for two years at 3.09 per cent with no product fee, free standard valuation and £250 cashback on completion.

Brendan Gilligan, product manager for Chelsea Building Society, said: “We are committed to helping people into the home of their choice, whether that’s as a first-time buyer, or as a borrower who wants to move into a new place.

“We have launched these mortgages with borrowers who have smaller deposits in mind – we think the 1.82% is an attractive rate for those with a 15% deposit, in addition we have a range of products that come with incentives and no product fee which could be beneficial for those looking to save on upfront costs. We feel the new mortgages fit well within our range and there is a wide variety of choice for all types of customers.”