Our range just got a whole lot better!

Great news! Our range got even better.

• Rate reductions of up to 60bps
• Introduction of interest-only options on all products up to 75% LTV
• Mortgages available with a 15-year term, allowing customers to fix their term for 15-40 years
• Launch of retirement interest only products
• Introduction of new 40% LTV band

Retirement Interest Only

RIO products, starting from only 5.84% up to 60% LTV, with £1,999 product fee.

Our RIO products are available to borrowers over the age of 50, up to 60% LTV. The rate is fixed for life. No SVR, no stress testing and no worrying about rates rising in the future.

RIO range comes with our standard 5-year ERC – giving your customer certainty that their monthly payments will never go up, whilst providing flexibility to change that they can change deals, should rates go down in the future.

We know affordability is complicated when it comes to RIO products, so we’ve built a new dedicated RIO calculator.  See what your customers can borrow today.

For joint applications, we’ll ask you to provide details of a plausible strategy for ensuring the loan can continue to be paid in the event of the death of either borrower. This could be transferable income, background assets, or even a plan to sell the property and downsize using equity. As long the plan is feasible and can be evidenced, we’ll consider it.

For purchase applications, we’ll ask your clients to seek independent legal advice. We want to make sure they fully understand the terms of the mortgage before committing. For remortgage cases we’ve partnered with Forever Legal, who will carry out the standard legal work on our behalf and visit the customer face to face to go through the documentation and make sure everyone is happy before completion.

For more information, take a look at our full lending criteria and later life lending guide.

Interest Only

Perenna mortgages are now available on an Interest Only basis up to 75% LTV.

The loan must be affordable on our standard calculator, and there must be a repayment strategy in place to cover the loan amount. This could be savings, investments, property equity, or a pension lump sum.

We can also accept sale of the security property as the repayment vehicle, as long as there is at least £150k of equity left in the property (£300k required in London and the southeast). If using sale of property as the repayment vehicle we can’t lend into retirement. However, your customer could consider a Perenna RIO mortgage instead.

For more information, take a look at our full lending criteria.

Introducing 15–20-year fixed rates

15 – 20-year fixed rates available from just 4.99% up to 40% LTV, with £1,999 product fee.

This means you can now get a Perenna mortgage, fixed for between 15-40 years, with only a 5 year ERC.

For more information, check out our full product range

N.B rates and content correct at time of publication