The lender said this would support its funding strategy and help to expand its proposition, building on its 5-15-year fixed rate term products. Perenna said this would also help to diversify its funding alongside its existing £200m warehouse facility with ABN AMRO. The warehouse facility supports its long-term fixed rate lending.
Perenna said there had already been “strong early uptake” for its 5-15-year products, which were launched at the end of last year.
Perenna has partnered with savings and investment platform Raisin to launch its retail savings proposition.
This will allow Perenna to offer fixed-term savings accounts with maturities from six months to five years, with 95-day notice accounts, to Raisin’s customer base.
Colin Bell, chief operating officer at Perenna, said: “Gaining authorisation for retail deposits is a significant moment for Perenna in our growth and value story, and will enable our continued innovation in the mortgage market. As our products become more diversified in response to market demand, so too must our funding sources.
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“Launching a savings proposition is the natural next step for Perenna, and securing regulatory approval to do so is a testament to the quality of the controls, processes and people we have in place within the business.”
He added: “We’re committed to providing innovative products to the market and creating a nation of happy homeowners. Working with Raisin, we can fund access to a broader range of mortgage solutions for homeowners, giving borrowers greater financial certainty and helping them navigate the UK’s affordability challenge, through funding from savers.”
