The partnership means that Perenna can broaden its reach to brokers specialising in the later life lending space, which caters for borrowers in and approaching retirement.

The lender’s mortgage doesn’t have a maximum age limit, so brokers’ clients can access a capital and interest repayment mortgage to offer their clients allowing them to spread their mortgage over a longer time frame compared to other deals.

Perenna said that these criteria would be helpful for people coming to the end of their interest-only deal or those in retirement wanting to release equity through a conventional mortgage or looking for lowers payments.

The firm also offers interest-only and retirement interest-only products, which the lender says offers a new rate option for those who want to borrow in later life but aren’t ready for equity release.

The partnership also means Perenna is an Air Advocate Ambassador, gaining access to “cutting edge market-knowledge, and helping it shape the future of the later life lending market to better support consumers and brokers”.

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Colin Bell (pictured), founder and COO of Perenna, said: “At Perenna, we strongly believe that age is little more than a number, however not all lenders see the value in this. Partnering with Air will enable advisers access to Perenna’s mortgage products specifically tailored to over 50s, bringing them a step closer to securing their future. These are changing times where having the majority or all your wealth locked in your home does not allow for financial needs later in life.”

Paul Glynn, CEO at Air, added: “There is a new demographic of customers entering later life with significantly different needs compared to previous generations. Borrowers approaching retirement age are increasingly facing higher loan-to-earnings multiples when remortgaging, carrying this debt into their later years.

“We’re pleased to welcome Perenna as our latest partner in tackling this challenge, aiming to better serve these customers with their product offering. Air’s Campaign for Comprehensive Conversations sits at the heart of addressing the needs over the over-50s borrower and ambassadors such as Perenna are perfectly aligned to enable this.”