Perenna has partnered with Mortgage Advice Bureau and Stonebridge as it prepares to launch its broker panel at the start of 2024.
Perenna received its full banking licence from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) at the start of September and began an exclusive pilot phase with L&C Mortgages this autumn.
The Perenna mortgage fixes the interest rate for the full term of the loan.
By removing interest rate risk, borrowers could receive an affordability boost compared to those applying for a 2-year or 5-year fixed rate mortgage.
Perenna will offer up to 95% loan-to-value (LTV), up to six times borrower’s income, and no age caps subject to criteria.
And with early repayment charges (ERC) for only five years, customers are given the best of both worlds – certainty and flexibility.
This provides a fantastic option for borrowers, whether they are first-time buyers, home movers, looking to remortgage or borrow in retirement.
Perenna will continue to add distribution partners around the UK as they look to create a nation of happy homeowners.
John Davison, head of product, proposition, & distribution, said: “Perenna offer a new kind of mortgage, giving homeowners improved affordability, true long-term security, and flexibility.
“Our product ensures they never have to pay to remortgage again and protects them from experiencing the rate shocks we’re seeing in the market right now.
“Stonebridge and Mortgage Advice Bureau are the perfect partners for us to launch with, offering nationwide coverage and a high-quality service to customers.”
Danny Belton, head of lending at Mortgage Advice Bureau, added: “We’re excited to collaborate with a new lender who will bring fresh perspectives, cutting-edge products, and criteria that has been proven to perform well in an international market.
“The Perenna proposition will be well suited to customers who are looking for long-term fixed products.”
Jo Carrasco, business partnerships director at Stonebridge, concluded: “We are extremely excited to be in a partnership with Perenna, and believe their innovative products and ambition to change the shape of the market will be well received by our Appointed Representative firms.”
