The fixed rate, which runs for the lifetime of the mortgage, is open to all homebuyers and is available up to 95 per cent loan to value.
Rates start from 5.75 per cent and terms are available from 20 to 40 years. There is no end of term age limit.
Perenna is piloting the launch with L&C Mortgages but announced last week that it has begun to establish a wider broker panel with partnerships struck with networks Stonebridge and Mortgage Advice Bureau.
The lender said that it is able to offer a high income multiple because of the security offered by the long-term fixed rate that borrowers are signing up to.
A six times earnings income multiple means that for a first-time buyer couple on a joint income of £60,000 they could borrow up to £355,000. Perenna claims this is £70,000 more than other lenders using high income multiples.
Early repayment charges are in place for the first five years.
Arjan Verbeek (pictured), chief executive and co-founder of Perenna, said: “As we remove market risk from borrowers, customers can borrow what they actually can afford, which in some cases can be on average up to 30 per cent higher than the high street lenders. With our full unrestricted UK banking license and recent funding round, we are ready to deliver the much-needed changes in the UK mortgage market, and start delivering better outcomes for homeowners across the country.”
