Perenna entered the mortgage market with fixed rate terms as long as 40 years, and this year, it added terms of 7-15 years to its offering. Its latest update sees the lender add a five-year fixed rate option to its proposition.
The product will not be subject to early repayment charges (ERCs) if the borrower sells or moves home within the fixed period or makes overpayments of less than 10% each year.
The product will be open to anyone who meets Perenna’s standard lending criteria, with lending available up to 95% loan to value (LTV) and six times income.
The products will be available exclusively through brokers from 8am on 11 December, with rates starting from 4.68% for a five-year fix at 60% LTV and with a £995 fee.
Colin Bell, co-founder and chief operating officer of Perenna, said: “Perenna is committed to delivering flexible, secure mortgage options in a market that has struggled to give borrowers what they really need – long-term financial stability without sacrificing flexibility. Our new five-year fixed is a direct response to broker and customer demand, and the team has worked hard to bring a solution to under-served segments who need certainty and choice.
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“With this addition to our range, borrowers can now fix for five years or more while retaining real flexibility – no ERCs if they move home or pay down from their own funds, as well as the ability to overpay up to 10% a year. Combined with our seven-, 10 and 15-year fixed options, it gives brokers a powerful toolkit of long-term stability with true flexibility. For clients who expect to move in the next few years, it’s a compelling way to secure certainty today without locking themselves in tomorrow – they can take the mortgage with them or pay it off if new products at the time are more favourable.”
