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Perenna opens mortgages to wider broker market

  • 15/01/2024
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Perenna opens mortgages to wider broker market
Long-term fixed rate specialist Perenna has opened its mortgages to a broader range of FCA-authorised intermediaries across the UK having joined three major lender panels.

Perenna, who launched its long-term fixed rate product in November last year, has joined the lender panels of Mortgage Advice Bureau, Stonebridge and Legal and General Mortgage Club, with more to follow.

Perenna said that over 420 brokers have registered with the lender, and many more were joining daily.

It added that brokers were already advising on Perenna mortgage product, noting that they could benefit first-time buyers and those approaching retirement.

The lender goes up to 95 per cent loan to value (LTV) and fixed-rate terms ranging from 20 to 40 years, which helps to lower monthly payments. It can also go up to six times a borrower’s income subject to criteria and does not have to use a stress rate.

The product also has early repayment charges for the first five years and is portable and transferable.

Perenna noted that it would bring out interest-only variants of its long-term fixed rate mortgages which would “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”.

Colin Bell, 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.”

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