Perenna has recently extended its mortgage services to a broader spectrum of FCA authorised intermediaries across the UK.
This expansion follows Perenna’s inclusion in the lender panels of some of the UK’s largest networks and clubs, such as Mortgage Advice Bureau, Stonebridge, and Legal & General Mortgage Club, with further partnerships anticipated.
The company has seen over 420 brokers register, with new sign-ups occurring daily. Perenna’s mortgage products, known for their appeal to a diverse range of borrowers including first-time buyers and those in or approaching retirement, emphasize affordability, stability, and flexibility.
Perenna’s lending parameters include up to 95% loan-to-value (LTV) ratios and fixed-rate terms ranging from 20-40 years.
This approach aids in reducing monthly payments for borrowers. Additionally, Perenna offers lending of up to six times a borrower’s income, subject to certain criteria, potentially providing a significant boost to first-time buyers often challenged by affordability issues.
Notably, Perenna’s fixed-rate terms eliminate the need for stress testing at 1-3% above the standard variable rate (SVR), enabling borrowers to potentially access greater funds without the concern of future payment increases.
The innovation in Perenna’s products lies in their longer fixed-rate terms, which allow for a higher affordability compared to short-term fixed-rate mortgages. This is due to the removal of interest rate risk from the borrower, a unique feature of Perenna’s offering.
Furthermore, Perenna’s products come with declining early repayment charges (ERCs) for the first five years, along with portability and transferability, adding to their flexibility. These mortgages provide certainty in payments, ensuring they will not increase, and offer borrowers the freedom to adapt to their changing needs and market conditions.
Perenna is also preparing to introduce interest-only variants of its long-term fixed-rate mortgages, aiming to meet the needs of those with expired interest-only loans and individuals in retirement seeking to release equity from their property.
Perenna’s mortgage products are available across various sourcing systems including Ignite, Trigold, Mortgage Brain, Twenty7tec, and Mortgage Broker Tools.
Colin Bell, COO & Co-Founder of Perenna, expressed enthusiasm about the 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.”
