"With Consumer Duty now in place, brokers will see this product as an antidote to the ‘possible foreseeable harm’ placed on borrowers by traditional short-term fixed rate products."
- Colin Bell, co-founder and COO of Perenna
Perenna has reduced pricing across its flexible long-term fixed rate mortgage range by up to 50bps, and has extended its range of terms, now including 15 and 20 years.
Perenna’s long-term fixed rates now start at 4.99% for a product at 40% LTV with a product fee, fixed for 15-20 years.
Perenna’s 95% and 90% LTV purchase products now start at 5.99% and 5.76%, down from 6.04% and 5.90% respectively, on a 25–30 year term with a product fee.
Perenna launched in Q4 2023 with its flexible long-term fixed rate repayment mortgage, which combines increased affordability through no reversion stress test and early repayment charges for only the first five years.
Yesterday, the lender launched its first long-term fixed rate retirement interest-only (RIO) mortgage.
Colin Bell, co-founder and COO of Perenna, said: “Our flexible long-term fixed rate mortgage provides a great option for consumers who are looking for the complete mortgage product – increased affordability, rate stability, and flexibility through short ERCs – you remortgage when and if it is good for you, not at the wrong time.
"With Consumer Duty now in place, brokers will see this product as an antidote to the ‘possible foreseeable harm’ placed on borrowers by traditional short-term fixed rate products.”
