Perenna has made cuts to its residential purchase, and retirement interest-only products.
The cuts cover all standard residential purchase products, including the lender’s flagship 40-year fixed rate product, and Perenna’s fixed for life retirement interest-only (RIO) product.
The 40-year fixed rate product at 95% loan-to-value (LTV) has been reduced by 0.34% to 6.61% with a £1,999 fee and only a 5-year early repayment charge (ERC).
The Perenna mortgage does not have any maximum age limits, with a range of options, from a RIO to a capital and interest repayment mortgage, spreading mortgages over a longer time frame.
For example, on a £100,000 RIO mortgage at 6.14%, the monthly payment would be £511.67.
Perenna’s RIO remortgage products now start at 5.88% for a 60% LTV loan with a £1999 fee.
John Davison, head of product, proposition and distribution at Perenna, said: “With Perenna, age is no more than a number.
“The Perenna mortgage is attractive to over 50s, having no maximum age and acting as a great bridge between a traditional mortgage and equity release.
“For customers who may still have plans to sell in the future but can’t access a traditional mortgage due to their age or term restrictions, Perenna offers an innovative solution.
“We continue to identify ways to offer increased value to our brokers and their clients, and we will continue to do so with the Perenna mortgage.”
