Perenna lends up to 95% loan-to-value and for fixed-rate terms from 20-40 years, helping borrowers lower their monthly payment amount
Perenna has opened its mortgages to a broader range of FCA authorised intermediaries across the UK, after joining the lender panels of some of the biggest networks and clubs in the UK.
These include Mortgage Advice Bureau, Stonebridge, and Legal & General Mortgage Club, with more to follow.
More than 420 brokers have registered with Perenna, with more joining daily.
Perenna lends up to 95% loan-to-value and for fixed-rate terms from 20-40 years, helping borrowers lower their monthly payment amount. The mortgage firm also lends up to six times a borrowers’ income, subject to criteria, which it contends could act as a considerable lending boost for many FTBs who consistently struggle with affordability. Perenna does not have to stress at 1-3% over standard variable rate as it is fixed for the term, allowing people to typically borrow more.
The product also only carries declining early repayment charges for the first five years, is portable, and transferable. The mortgage firm says its product gives borrowers certainty that their payments will never rise, as well as letting them 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 are designed to 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 sourcing systems including Ignite, Trigold, Mortgage Brain, Twenty7tec, and Mortgage Broker Tools.
Colin Bell, Chief Operating Officer and co-founder of Perenna, commented: We are thrilled to open our doors to the broader broker community. It is great partnering with some of the biggest networks and clubs in the UK, and the feedback so far from intermediaries has been very positive.
He said: With more than 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.