Perenna has opened its mortgages to a wider range of FCA authorised intermediaries across the UK, after joining the lender panels of some of the largest networks and clubs in the UK.
These include Mortgage Advice Bureau, Stonebridge, and Legal & General Mortgage Club, with more to follow.
Over 420 brokers have registered with Perenna, with more joining daily.
Perenna lends up to 95% LTV and for fixed-rate terms from 20-40 years, helping borrowers lower their monthly payment amount. Perenna also lends up to six times a borrowers’ income, subject to criteria, which it argues could act as a significant lending boost for many first-time buyers who consistently struggle with affordability. Perenna does not have to stress at 1-3% over SVR as it is fixed for the term, allowing people to typically borrow more.
The product also only carries declining early repayment charges (ERCs) for the first five years, is portable, and transferable. Perenna says its product gives borrowers certainty that their payments will never increase, as well as allowing them to 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 (pictured), COO and co-founder of Perenna, said: “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.”