The SVR comparison tool and calculator, which can be found on the lender’s intermediary page, allows brokers to calculate the approximate loan size that Perenna can offer, subject to criteria, and compare against traditional SVR stressed mortgage.

Due to the longer terms offered by Perenna, which range from 10 to 40 years, it does not need to stress test deals unlike shorter-term fixed rates.

Consequently, the lender can offer higher loan amounts, boosting the borrowing power of prospective homeowners.

For example, using the SVR comparison tool for a borrower with a budget of £1,500 a month searching for a 90% loan to value (LTV) on a 30-year term shows that they could access £44,441 more from Perenna than “traditional lenders”.

Perenna would be able to lend £231,031, compared to the £186,590 from other lenders,

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Colin Bell, co-founder and chief operating officer at Perenna, said: “This calculator is an important next step in our ongoing efforts to educate the industry on the impact different types of mortgage products have on affordability.

“Not only do longer-term fixed rate mortgages take the burden of interest rate risk away from the consumer, they also give an affordability boost which could make the difference between a one or two-bed, a leasehold or freehold, or getting onto the first rung of the housing ladder.

“It’s there to help brokers see clearly the benefits of long-term fixed rate mortgages. And the product comes with short early repayment charges (ERC) of only five years so clients have flexibility too.”

Perenna recently lowered its remortgage rates by up to 0.38%, and purchase rates by around 0.27%, and added a 10-year fixed rate deal.

The company also added a retrofit discount feature earlier this year to encourage homeowners to upgrade their properties.