Perenna’s long-term fixed rate mortgages launch to the wider broker market

Perenna has opened its mortgages to a wider range of FCA authorised intermediaries across the UK, after joining the lender panels of some of the largest networks and clubs in the UK, including Mortgage Advice Bureau, Stonebridge, and Legal & General Mortgage Club, with more to follow.

Over 420 brokers have registered with Perenna, with many more joining daily. These brokers are already advising on Perenna mortgage products that will be as beneficial to first time buyers as those approaching or in retirement. Perenna offers a fresh approach to mortgage lending, emphasising affordability, stability, and flexibility.

Perenna lends up to 95% LTV and for fixed-rate terms from 20-40 years, helping borrowers lower their monthly payment amount. Perenna also lends up to six times a borrowers’ income, subject to criteria, which could act as a significant lending boost for many first-time buyers who consistently struggle with affordability. Perenna does not have to stress at 1-3% over SVR as it is fixed for the term, allowing people to typically borrow more, without the worry of ever having to pay a penny more.

A longer fixed rate term allows borrowers a higher affordability boost compared to those on a short-term fixed rate mortgage. This is because of the way current mortgage products are designed which place all the interest rate risk on borrowers. Once this is removed, through fixing the rate for the entire term, most people could borrow more. This is the innovation Perenna now offers to all UK mortgage brokers for their customers.

The product also only carries declining early repayment charges (ERCs) for the first five years, is portable, and transferable, making it highly flexible. Perenna’s product gives borrowers certainty that their payments will never increase, as well as allowing them to change when the time is right for them and market conditions are optimal.

Soon, Perenna will launch interest-only variants of its long-term fixed rate mortgage which will address an unmet need for those with expired interest-only loans as well as people in retirement who want to release equity from their property.

Perenna’s products are live across many sourcing systems including Ignite, Trigold, Mortgage Brain, Twenty7tec, and Mortgage Broker Tools.

Colin Bell, COO & Co-Founder of Perenna said: “We are thrilled to open our doors to the wider broker community. It’s great partnering with some of the largest networks and clubs in the UK, and the feedback so far from intermediaries has been very positive. With over 420 brokers already registered within a few months and cases flowing, we are creating a strong foundation for introducing greater consumer choice in the mortgage market. Also combining up front proc fees and payments for life on these mortgages we are here to support brokers financially for supporting long term fixed rate mortgages.”