Mortgage News
Mortgage Brain and Twenty7tec add Perenna to platforms
Twenty7tec has brought Perenna on to its Source module which will give advisers access to a broader range of mortgage products. Meanwhile, Mortgage Brain has added the firm to its Sourcing and Criteria Brain platforms.
Perenna specialises in long-term fixed rates of up to 40 years, which can offer more certainty over monthly payments and improve affordability.
The products go up to 95 per cent loan to value, with terms ranging from 20 to 40 years. It can also go up to six times a borrower’s income subject to criteria and does not use a stress rate.
The deals have no early repayment charges for the first five years and are portable and transferable.
There is also no maximum age limit, meaning that it can suit older borrowers as well as first-time buyers.
The lender launched its purchase product in November last year and opened to the wider broker market earlier this week and has been added to Legal and General Mortgage Club, Stonebridge and MAB’s lender panel.
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Nicole Smith, lender national account manager at Twenty7tec, said: “We welcomed the opportunity to work with Perenna and to assist with their presence in the intermediary space. It’s no secret that people are happiest when they aren’t worrying about money.
“Given the challenging rising rate market we’ve been operating in over the last 18 months, long-term fixed propositions like this are becoming increasingly popular.
“Residential purchase and remortgage products will be available to Source via our Twenty7tec Velocity platform. In addition, Perenna’s lending criteria will be available to search alongside their products, providing certainty to users earlier in the research process.”
John Davison, head of product, proposition and distribution, Perenna, added: “Perenna is all about offering customers and brokers security and flexibility in a confusing market. By partnering with Twenty7tec, we are ensuring that mortgage brokers have the opportunity to compare the value of our products against the short-term fixes commonly available.
“As our product suite grows, I look forward to showcasing innovative ideas and products on the Twenty7tec platform and working together to help automate and digitise the broker and customer experience.”
Mortgage Brain adds Perenna to Sourcing Brain and Criteria Brain platforms
Mortgage Brain has also brought the long-term fixed rate specialist onto its Sourcing Brain and Criteria Brain platforms.
John Davison, head of product, proposition and distribution, Perenna, said: “This is such an exciting time for us at Perenna. With fluctuating mortgage rates and increasing uncertainty, the UK mortgage market has been crying out for a long-term fixed rate product like ours for some time.
“Our mortgages have short early repayment charges and can suit anyone looking for financial certainty but are particularly attractive to those underserved segments of first-time buyers looking to borrow a little more and later-life borrowers wanting to release equity from their home.
“Now our products are accessible on Sourcing Brain and Criteria Brain, we’ll be able to reach an even wider range of intermediaries giving borrowers more options.”
Neil Wyatt, sales and marketing director of Mortgage Brain, added: “As a technology leader, we’re big fans of innovation and creative solutions, so when Perenna joined our platforms with their new, innovative lending product, we were thrilled to have them on board.
“We wish them luck in bringing their long-term fixed rate mortgage to the borrowers of the UK and are happy that our tools will help intermediaries to do this.”