We have recently updated our mortgage servicing system. We have written to all affected customers to explain these changes. This ensures your clients are informed and that you can continue to provide guidance confidently. 

What does this mean for your customers? 

• The Perenna customer portal is no longer active. The broker portal is unchanged. 

• If your customers need to retrieve any documents or make changes to their account they can do so by contacting us directly. 

• A full overview of changes can be found in a letter your customer received in the post and in the terms and conditions. 

What do they need to do? 

No action is required. This update is for information only. 

If your customers have questions, they can call our Customer Service team on 0333 038 2430 or email admin@servicing.perenna.com. They can also visit our Help page for answers to the most frequently asked questions about their Perenna mortgage, documents, and their account. 

Correct at time of publishing. 

We’re excited to welcome Alia Rehimbek and Ryan Hutchison to Perenna as our new Intermediary Support Agents. 

Alia and Ryan will be working within the Intermediary support team to provide brokers with guidance and ongoing support. 

From assisting with day-to-day queries to helping brokers navigate our proposition, they’ll play a vital role in ensuring our broker partners can deliver the best outcomes for their customers. 

Graham Laverty, Intermediary Support Manager, said:
“We’re thrilled to have Alia and Ryan join the team. Their energy and expertise will be a huge asset as we continue to support our broker networks and grow Perenna’s presence in the market.” 

Please join us in welcoming Alia and Ryan to the Perenna team! 

Correct at time of publishing. 

We’re excited to welcome Steve Mannakee as Perenna’s new National Account Manager. 

He’ll be working alongside Janet Frame, who has recently been promoted to National Account Manager. 

Together, they’ll support broker networks, mortgage clubs, and key accounts, providing training, guidance, and ongoing support. 

From onboarding new partners to representing Perenna at industry events, he’ll play a vital role in building our presence in the mortgage market. 

John Davison, Head of Product, Proposition and Distribution, said: 

“Brokers are at the heart of everything we do at Perenna, and the advice they provide borrowers is irreplaceable. We’re delighted to have Steve join as we look to expand Perenna’s distribution and product range. Steve will bring valuable experience, energy, and commitment to supporting our partners.” 

We’ll also be saying goodbye to our National Account Manager, Deborah Reeves, as she heads on to pastures new. We’d like to wish her the very best and thank her for being such an important part of Perenna’s journey. 

Please join us in welcoming Steve Mannakee to the team! 

Correct at time of publishing. 

More people are buying their first home in their mid-30s ¹ ². The old idea of retiring in your 50s with a final salary pension is becoming less common. 

As borrowers get older, their financial needs change. Many are now looking for mortgage options later in life, to boost retirement income, support family, or fund lifestyle changes. That is why lenders and advisers need to adapt. 

Understanding the needs of later life clients 

Older borrowers usually have different needs than younger ones. Here are a few important points to consider: 

• Income: Many rely on pensions, savings, or investments instead of a job. 

• Affordability: Monthly payments must be easy to manage. 

• Inheritance: Clients may want to unlock money from their home but still leave something for their family. 

• Health: Plans should allow for possible care needs and longer lifespans. 

• Attitude to risk: Old borrowers may be less willing to take interest rate risk and will benefit from longer term fixed rates 

Tailored mortgage solutions 

Perenna offers brokers a range of products to suit older clients: 

1. Retirement Interest-Only (RIO) Mortgages

• Clients pay only the interest, so monthly costs stay low. 

• The loan is paid back when the home is sold, the client moves into care or passes away. 

• No repayment vehicle is needed. 

2. Standard Residential Mortgages with Longer Terms

• Clients can get a full repayment mortgage well into later life. 

• Interest only mortgages are available where the borrower has a repayment vehicle. 

• There is no maximum age at application or at the end of the term, and we offer terms up to 40 years. 

• The mortgage can stay with the home and pass to beneficiaries. 

3. Downsizing and Moving Home

• Selling a bigger property and moving to a smaller one can free up money. 

• It also lowers living costs and helps clients stay financially flexible. 

Key considerations for brokers 

When advising later life clients, keep these points in mind: 

• Stay compliant: Make sure your advice follows FCA guidelines. 

• Check affordability: A full income and expenditure check helps find the right solution. 

• Educate your clients: Clearly explain how each product works, including any risks. 

• Get families involved: Including heirs in the conversation helps avoid confusion later. 

Final thoughts 

Perenna takes a modern approach to later life lending. Our products offer stability and flexibility, helping older clients make the most of their home’s value. 

Many are equity-rich but cash-poor. With the right support, they can enjoy life now — while they are still healthy and active, and still plan for the future. 

Written by Business Development Manager, Janet Frame. 

Correct at time of publishing.   

Footnote 

¹ Halifax First-Time Buyer Review 2024 – Average age of FTBs is now 33, the highest in two decades.
² TSB via This Is Money, April 2025 – Average first-time buyer now over 30 in all but one UK region. 

New to Perenna or just needed a refresh? Our recent Perenna Live webinar was a reminder of what makes us different and how you can place cases with confidence. 

Our National Account Manager, Deborah Reeves, and our Intermediary Support Manager, Graham Laverty led the session. They walked brokers through the basics such as who we can help, what our lending criteria is, and how to get started with Perenna. 

Who was it for? 

• Brokers looking for a quick criteria refresher. 

• Those who have not placed a case with us recently. 

• Anyone wanting to understand our flexible, fixed-for-term approach. 

What did we cover? 

In this session, we gave a refresher for brokers new to Perenna or those who have not worked with us in a while. 

We covered the core of the Perenna proposition: fixed rates for the entire term, no age limit, and a focus on long-term affordability. We also highlighted the types of clients we support, from high LTV first-time buyers to older borrowers and those with complex incomes. 

We talked about what incomes we accept like pensions, benefits, and money from abroad, and the types of deposits we accept. 

We shared real-life examples, such as gifted deposits, joint applications, and retirement income. During the live Q&A, brokers asked about foreign income, maximum LTVs, and lending to clients with UK travel documents. 

Did you miss it? 

Catch up anytime or connect with your BDM for support: 

• Visit our intermediary site for full criteria 

• Speak to your BDM to discuss live cases 

• Stay tuned for our next Perenna Live session, coming soon… 

We are proud to help brokers place cases with confidence. Brokers trust us because we respond quickly, make things easy, and offer flexible products that work for the long term, especially for clients with unique needs.

Correct at time of publishing.   

At the beginning of this year, we asked for your support – and you delivered! 

We’re incredibly proud to share that Perenna has been named Innovation of the Year at the 2025 British Bank Awards, run by Smart Money People. 

This award means the world to us. It’s not judged by panels or experts – it’s voted for by you, our customers. That makes this win even more special. 

Our Head of Product, Proposition & Distribution, John Davison, collected the award and said it best: 

“I was absolutely blown away last night to collect this award on behalf of Perenna and the fantastic team that have made long-term, flexible fixed rate mortgages a reality in the UK market. The winner of this award is chosen by real customers and is a reflection of the how our product is helping deliver positive outcomes and real change in our industry.  Perenna is here to change things and our customers love what we are doing.” 

It also reflects the belief, hard work, and passion of our brilliant team and partners. 

Smart Money People summed up the night by sharing that over 178,000 reviews were cast during the voting period – a huge show of support from real people, for real innovation. 

We also loved seeing your messages of support on LinkedIn and Instagram – thank you! 

We are moving! From 1 May 2025, our registered office and correspondence address will change to support our ongoing growth. 

While our contact details remain the same, we kindly ask you to update your records to ensure smooth communication and correspondence going forward. 

What is changing? 

Previous address: 

Perenna Bank PLC 

20 Eastbourne Terrace 

London, W2 6LG 

New registered office address: 

Perenna Bank PLC 

The Bloomsbury Building 

10 Bloomsbury Way 

London, WC1A 2SL 

Correspondence address: 

Perenna Bank PLC 

PO Box 854 

Chesterfield 

S43 9FA 

What do you need to do? 

• Please update your records with our new addresses. 

• Use the new address for any future post or paperwork. 

• For any questions, email us at broker@perenna.com. 

This change will not affect our broker services – everything else stays the same. 

Correct at time of publishing.   

In the past, most people aimed to pay off their mortgage by the time they retired, relying on their pension to cover living costs. If they needed extra money, options like equity release were available. 

But that is no longer the case for many. 

Today, many people retire still owing a large amount on their mortgage. But when they look for support, some high street banks often say no. 

Lenders have not kept up with people living and working for longer. 

Why the change? 

Here is what is driving the shift: 

• Changing mindset: Easy access to low-interest rates has made debt more common. Many see it as a normal part of life. 

• Higher living costs: Inflation and rising costs have led to more borrowing for things like cars and holidays. 

• Regular remortgaging: Many people remortgage to raise capital, adding to their debt instead of reducing it. 

The key point: many people still need mortgage options later in life – and do not know they exist. 

How Perenna can help 

At Perenna, we are making it easier to get a mortgage in later life. Our long-term fixed-rate mortgages offer: 

• No maximum age at application or at the end of the term 

• Retirement income affordability, allowing pension income to be used 
• Flexible repayment options, including repayment, interest-only, or retirement interest-only

For example, Linda and Jack each receive a state pension of around £11,500 a year. Based on their income and no other debts, they could borrow over £100,000 with us at an interest rate of 6.06%.* This could be taken on either a repayment or interest-only basis. 

Stability in uncertain times 

With older borrowers often more vulnerable to interest rate change shocks, our long-term fixed rate mortgages provide the peace of mind and predictability that is crucial later in life. No unexpected rises. No short-term fixes. Just stability – for the full term of the mortgage. 

The bottom line 

Retirement is different today. Whether you are still working or relying on pension income, flexible mortgage options can make a big difference. 

If you have clients in or nearing retirement, contact us today to learn how we can help them maintain financial flexibility. 

Correct at time of publishing.  

Footer 

*Figures correct as of April 2025 and based on typical household expenditure. Actual lending will depend on a full affordability assessment and lending criteria. 

In 2024 alone, over 200,000 Skilled Worker Visas ¹ were issued, and many of these went to healthcare professionals like doctors and nurses. As these professionals look to settle in the UK, more are seeking to buy homes here. 

Getting a mortgage as a Skilled Worker or Global Talent Visa holder can be tough. Many lenders require larger deposits or set strict income limits. 

At Perenna, we are proud to offer a tailored solution for these clients. Our lending of up to 95% LTV and 6x income (LTI), subject to criteria offers a flexible and accessible option for Skilled Workers who want to purchase a home and start building their future in the UK. 

Why Perenna’s skilled worker mortgage could be right for your clients

We know your clients do not need more hurdles when buying a home. That is why our mortgage options make homeownership easier for Skilled Workers. Here is what makes our offering stand out: 

• 95% Loan-to-Value (LTV): This means your clients can get on the property ladder with a smaller deposit. 

• Up to 6x Loan-to-Income (LTI) subject to criteria: Lending is based on income, making it easier for Skilled Workers to borrow what they need. 

Eligibility criteria 

Here is a simple breakdown of the requirements . 

• £50,000 minimum annual income for the Skilled Worker Visa holder. 

• At least 18 months of UK residency, with at least 12 months remaining on the visa at the time of application. 

• Joint applications accepted: If applying with a spouse, the Skilled Worker must meet the £50,000 minimum income requirement, and the spouse’s income can be added to the affordability assessment. 

Our policy helps Skilled Workers buy their first home with a low deposit, so they can borrow what they need more easily. 

Flexible repayment options

With our long-term fixed-rate mortgages, you can offer your clients the peace of mind that their payments will stay the same.

We also offer a 5-year Early Repayment Charge (ERC) that reduces each year, so if circumstances change, your clients have flexibility. After five years, they can redeem the loan without penalties. 

Let’s talk! 

Do you have clients who are Skilled Workers or Global Talent Visa holders? We would love to help. Perenna’s solutions are flexible, stable, and affordable, making it easier for them to take their next step in homeownership. 

We would love to hear from you! Feel free to reach out to our friendly team to discuss any cases or questions you may have. Contact us today! 

Or why not try out our affordability calculator to see whether Perenna is a perfect match for your clients. 

Written by Perenna’s Intermediary Support Manager, Graham Laverty.

Correct at time of publishing.  

¹ Why do people come to the UK? Work – GOV.UK 

Mortgages in later life are changing, and brokers need to stay ahead. 

In our first webinar of the year, Tom Blackler and Deb Reeves shared key insights on lending into retirement. They showed brokers how to offer flexible mortgage solutions that better support their clients’ needs. 

What makes Perenna different? 

At Perenna, age is but a number. That is why we have removed age limits on some of our products, both at application and at the end of the mortgage term. 

Our goal? To help homeowners make the most of their retirement, with a mortgage that truly works for them. 

Key takeaways from the webinar 

Business Development Manager, Tom, highlighted key Perenna policies that are particularly beneficial for clients over 55: 

• Fixed for term mortgages – All Perenna mortgage products come with a fixed rate for the entire term. This means clients can count on a stable interest rate. And more importantly, a predictable monthly payment throughout the mortgage term. 

• Flexibility – While our mortgages are fixed for the full term, they come with a 5-year Early Repayment Charge. This means that after five years, clients can pay off their mortgage, remortgage with another lender, or stay on the same rate. If Perenna offers a lower rate, they can choose to switch through a product transfer. 

• Income multiples – Unlike other lenders, we base stress tests on the customer’s pay rate instead of the Standard Variable Rate (SVR). This allows us to lend up to 6 times income – up to 95% LTV, or 70% LTV for those 65+ at application and 85+ at term end. 

National Account Manager, Deb, explained how Perenna considers retirement income for customers: 

• Pensions & annuities – State, workplace, and private pensions are all accepted. 

• Drawdowns & SIPPs –We can use 4% of the total pension value as annual income, provided the client is not withdrawing more than that. 

• Rental income – This is considered if it is well-documented, sustainable, and factors in property costs. 

• Earned income – This can be used up to age 70. For clients who are more than 10 years from retirement and paying into a pension, earned income can still be considered, so long as less than half of the mortgage term remains before their retirement age (or age 70). 

Deb shared an example of a 59-year-old client, to show how mortgage terms are based on the expected retirement age. There may be some lenders that assume retirement at 70, but Perenna offers more choices, for self-employed and for office workers. 

For borrowers lending into retirement – either within 10 years of retirement or where at least half of the loan term falls during retirement – the Loan-to-Value (LTV) is typically capped at 70% to support long-term affordability. 

January’s webinar also covered Perenna’s Interest-Only and Retirement Interest-Only (RIO) mortgages – both built for long-term stability. 

Interest-Only mortgage criteria 

• Up to 25-year term 

• Maximum 75% LTV 

• No maximum age limit, as long as there is an alternative repayment plan. 

Retirement Interest-Only (RIO) mortgage criteria 

• Minimum age 50 

• Maximum 60% LTV 

• Affordability based on interest-only payments 

• Repayment triggered by a life event (e.g., death or long-term care) 

• Independent legal advice required for applicants aged 80+ at application 

Not sure which is best for your client? You can compare our product offering here. 

Q&A highlights  

Brokers raised key questions on affordability, joint applications, and rental income. A key topic was how we assess joint applications when one borrower is retired, and the other is still working. In these cases, we consider both incomes and overall affordability.  

Perenna’s Lending into Retirement policy gives brokers more options to help clients get long-term mortgage solutions. 

Do you want to learn more? Take a look at our intermediary website for full criteria details. 

Join our next webinar! 

Do not forget to join our next webinar on Thursday, 13th February. We will be talking about Perenna’s unique selling points. Register here and keep an eye on our socials for details! 

Correct at time of publishing.