The lender launched the five-year fixed rate option at the end of last year in response to market demand.
The highlights include a 60% loan-to-value (LTV) purchase mortgage at 4.53%, going up to 4.89% at 95% LTV. Both come with a £995 fee.
The deals are available to borrowers who meet its standard affordability criteria and are exclusively available via brokers.
Colin Bell, founder and chief operating officer at Perenna, commented: “We’ve had a fantastic reception so far for our increased range of long-term fixed rate products and this rate cut is a show of our commitment to moving quickly with the market’s needs. Perenna will do everything we can to deliver viable products for consumers wanting to take full advantage of the benefits that long-term fixes provide.
“We will continue to move into areas of the market where we see opportunity to deliver innovation – improving access, getting families onto the ladder, and raising the health of the wider mortgage ecosystem through product diversity.”
Atom Bank reduces near prime rates
Atom Bank has lowered selected near prime rates by up to 0.1%, with the changes coming into force on 22 January.
Rates on Near Prime products available up to 85% LTV will fall by up to 0.1% and start from 4.74% for eligible customers.
Richard Harrison, head of mortgages at Atom Bank, said: “Near prime can no longer be viewed as a niche within the mortgage market. The challenges of recent years have resulted in temporary payment issues for some households, but with those troubles now behind them, they need an understanding approach from mortgage lenders.
“We have looked to pass on rate cuts whenever we can, as we are determined to ensure brokers and their clients have access to a broad range of competitively priced Near Prime products. We will continue to identify ways in which our near prime proposition can be further enhanced across the year ahead as we continue to build our reputation for ease, speed and value in this space.”
