Perenna has launched a new range of 7-, 10- and 15-year fixed rate mortgages, aiming to support homeowners with more choice and stability.
The products offer fixed monthly repayments on loans up to 95% loan-to-value (LTV) and are available to anyone who meets Perenna’s affordability checks, including first-time buyers (FTBs) and later-life borrowers.
Borrowers can fix their rate for up to 15 years, with no early repayment charges if they sell or move.
Charges only apply if customers remortgage within the fixed term or overpay by more than 10% a year.
The products will be available through brokers from 9am on 4th November.
Rates start at 4.89% for a 7-year fixed at 60% LTV, with a £995 fee.
Colin Bell, chief operating officer, said: “Consumer demands are constantly evolving, but the traditional mortgage market hasn’t kept pace.
“Borrowers are looking for security without constraints. The UK’s commitment to short-term solutions belongs to the era of sub 1% interest rates and no longer serves a generation of borrowers that prioritises stability, consistency, and flexibility over the lowest possible cost.
“Perenna’s new long-term fixed rate mortgages give homeowners the freedom to plan for both the near future and the long term, without financial penalties.”
Bell added: “Homebuying is widely accepted as a means of building wealth, yet with volatile interest rates and worsening inflationary pressures, homeowners are often left struggling with mounting household costs.
“Perenna’s LTFRM solutions remove this uncertainty all while enabling borrowers to budget better.”
Andrew Montlake, CEO at Coreco, said: “Perenna brings another important element of choice to the long-term fixed rate market, particularly for those needing to stretch a little further on income multiples.
“On its new long term fixed range, the ERC’s only apply if the applicant re-mortgages to another lender and are not payable if the property is sold during the fixed rate term.
“In a world where we have learned to expect the unexpected Perenna offers a level of financial security, certainty, and peace of mind for homeowners that may have otherwise been locked out of accessing a sufficient mortgage from a traditional high-street lender.”
