Perenna unveils new mortgage products for UK intermediaries

Perenna unveils new mortgage products for UK intermediaries

Perenna, a forward-thinking mortgage lender, has recently expanded its reach across the UK.

Known for its innovative mortgage solutions, Perenna has made a significant move by joining the lender panels of some of the UK’s largest networks and clubs, including Mortgage Advice Bureau, Stonebridge, and Legal & General Mortgage Club. This expansion indicates a strategic growth for Perenna, with plans to collaborate with more partners in the future.

The initiative to make Perenna’s mortgages more accessible is driven by the desire to offer a more flexible and stable lending option in the UK market. This decision caters to a wider demographic, including first-time buyers and those approaching or in retirement. Perenna’s approach underlines its commitment to addressing the diverse needs of UK borrowers.

Perenna is distinguished by its unique approach to mortgage lending, focusing on the concepts of affordability, stability, and flexibility. As a company, Perenna stands out in the mortgage lending sector by providing long-term, fixed-rate mortgages with terms ranging from 20 to 40 years. These mortgages allow borrowers to reduce their monthly payment amounts, making home ownership more accessible.

The essence of Perenna’s product lies in its ability to offer up to 95% LTV (Loan to Value) and lend up to six times a borrower’s income, subject to certain criteria. This feature is particularly beneficial for first-time buyers, who often face challenges with affordability. By not having to stress at 1-3% over SVR (Standard Variable Rate), as it is fixed for the term, Perenna’s mortgages allow borrowers to secure more significant amounts without the fear of escalating costs.

A noteworthy aspect of Perenna’s mortgages is the extended fixed-rate term. This innovation offers a higher affordability boost compared to short-term fixed-rate mortgages. By fixing the rate for the entire term, Perenna removes the interest rate risk that typically burdens borrowers, enabling them to borrow more. This strategic move is indicative of Perenna’s commitment to revolutionizing the UK mortgage market.

Adding to the flexibility, Perenna’s mortgage product features declining early repayment charges (ERCs) for the first five years and is both portable and transferable. This flexibility is pivotal in giving borrowers the confidence that their payments will remain stable, and the freedom to adapt their mortgage to changing life circumstances and market conditions.

In the near future, Perenna plans to introduce interest-only variants of its long-term fixed-rate mortgage. This development is aimed at addressing the needs of those with expired interest-only loans and retirees seeking to release equity from their property.

Perenna’s products are now available on various sourcing systems like Ignite, Trigold, Mortgage Brain, Twenty7tec, and Mortgage Broker Tools, making them readily accessible to brokers and customers.

Colin Bell, COO & Co-Founder of Perenna, expressed his enthusiasm about this expansion, “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.”

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