The lender’s products will first be made available to homeowners on its waiting list who are looking to remortgage and it will also be open to clients of L&C Mortgages who are due a refinance.
Perenna received its full banking licence last month and will begin lending this month.
The rates on its mortgages are fixed for the full term of the loan, which is 20 to 30 years. An early repayment charge applies for the first five years of the loan.
This structure is expected to give borrowers certainty over their payments and take advantage of any rate reductions in the future.
After its initial launch, Perenna will extend its offering to the wider UK mortgage market.
Perenna: ‘A new kind of mortgage’
John Davison, head of product, proposition and distribution at Perenna, said: “We are launching a new kind of mortgage, offering true long-term security, and flexibility, for homeowners. L&C has substantial experience of working with new lenders and we are excited to be working with them exclusively during this phase.
“Customers will still get the same great service from L&C as well as dedicated support from the team at Perenna.”
Alan Young, CEO at L&C, added: “We’re always keen to help bring new lenders and innovative solutions to market and are delighted to be partnering with Perenna, to launch their long-term fixed rate proposition. Borrowers are acutely aware of how volatile the mortgage market can be following the recent hikes in interest rates.
“Perenna’s offer of long-term security with only a five-year tie in period brings a brand new approach to the fixed rate options in the market and will only strengthen the range of solutions for our customers.”
