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Pension-funded intermediary lender Perenna plans ‘fixed for life’ mortgage launch – exclusive

  • 15/04/2019
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Pension-funded intermediary lender Perenna plans ‘fixed for life’ mortgage launch – exclusive
Perenna, a self-styled ‘innovative, and modern tech bank’ has plans to launch long-term fixed rate mortgages, largely through white-labelled branding for other lenders, later this year.


The website,, offers a go live date in Q3, but Colin Bell speaking exclusively to Mortgage Solutions said it was likely to be toward the year-end.

The lender is still seeking its lending authorisations from the regulator but has raised seed capital and is planning its first funding round in a bid to ‘revolutionise the UK mortgage market’ with technology, product innovation and its lending processes.

On its website, it said: “One of the reasons for the lack of innovation is the domination of a few large lenders who have access to cheaper funding and compete on price.

“Perenna will introduce a capital market funding model into the UK which has been the bedrock of other mortgage markets, reducing this funding advantage. Working with existing and new UK mortgage lenders, Perenna will introduce true competition into the UK mortgage market,” it said.


Long-term fixed rate market

The lender plans to offer 20+ year fixed rates to improve affordability for customers including first-time buyers and older borrowers in a pilot and plans to start full lending operations in early 2020.

The lender’s chief operating officer and ex-John Charcol senior manager, is Colin Bell, (pictured) who also founded Interbay and was product and new business director at OneSavings Bank when JC Flowers purchased InterBay and Kent Reliance.

Bell said it was too early to confirm any pension funding or distribution agreements.

CEO Arjan Verbeek is an ex-investment banker with roles at Moody’s and Barclays Capital and past form in establishing a variety of international mortgage funding programmes. Chief financial officer Paul Schmitz will be responsible for risk process, finance and system implementation, and founded project Solid, a mortgage bank in the Netherlands.

Perenna has also appointed Hamish Peacocke its head of funding and Alan Harley chief risk officer.

It said: “Our unique funding structure will allow us to provide fixed-rate mortgages over very long periods and our industry utility origination model we will allow other mortgage lenders of all sizes to white label this product and include in their own product offering.

“The Perenna funding model will introduce true competition into the UK mortgage market. We estimate the demand for Fixed for Life mortgage to be between £200-£300bn in a £1.4tn market.”


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