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Perenna cuts rates to start at 4.99 per cent

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  • 06/02/2024
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Perenna cuts rates to start at 4.99 per cent
Long-term fixed rate mortgage provider Perenna has reduced pricing across its range by up to 0.5 per cent.

The lender has also added to its range of mortgage terms to include options of 15 and 20 years.  

Its rates now start from 4.99 per cent for a deal up to 40 per cent loan to value (LTV), which is fixed for 15 to 20 years. 

At 95 per cent LTV, rates start from 5.99 per cent down from 6.04 per cent on a 25 to 30-year term. For the same term length, its 90 per cent LTV purchase deal begins from 5.76 per cent, down from 5.9 per cent. 

Perenna brought its long-term fixed rate offering to market at the end of last year, which allows for increased affordability through the removal of the reversion stress test and early repayment charges (ERCs) of up to five years. 

It has onboarded more than 500 brokers in the last few months, including panel partnerships with Mortgage Advice Bureau (MAB), Stonebridge and Legal and General Mortgage Club.

Earlier this week, it announced the launch of its interest-only and retirement interest-only products, and last week it revealed that its affordability calculator had reached more than £700m in enquiries.

Colin Bell, co-founder and COO of Perenna, said: “Our flexible long-term fixed rate mortgage provides a great option for consumers who are looking for the complete mortgage product – increased affordability, rate stability, and flexibility through short ERCs – you remortgage when and if it is good for you, not at the wrong time.  

“With Consumer Duty now in place, brokers will see this product as an antidote to the ‘possible foreseeable harm’ placed on borrowers by traditional short-term fixed rate products.” 

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