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. 

Often Equity Release is provided as the only solution for older borrowers. But today, I want to explore the full range of options available. 

My drive and passion around this subject are all about choice and advice. The freedom to make choices and access professional and considered advice. 

From a personal perspective, I look at my own parents and want them to spend what is theirs, enjoy retirement to the full and be comfortable in the choices they make! 

As for the ‘alternative,’ this is not just about an ‘alternative’ for now, but about a well-thought-out plan. It might mean that Equity Release is the ‘right fit’ or the best solution in several years’ time, but for today, it is about exploring all options. 

As a broker, I encourage you to consider what later life lending means to you. Do you see yourself as someone who handles it? Many brokers tell me they do not specialise in later life lending, but why not? If you have advised a client to take out a mortgage beyond retirement age, then in my view, you do – and you should not shy away from it. 

Later life lending could be a great option for many people in retirement. The freedom that the right type of borrowing can bring in later years may be life-changing for those who embrace it. Life is for living, and I encourage you to help more clients do just that! 

While equity release is absolutely one option, I want to focus on those customers who can afford monthly payments now, especially with long-term fixed rates. 

Long-term fixed rates = stability for older borrowers 

When it comes to securing a mortgage or a loan in later life, one of the big concerns for borrowers is interest rate volatility. Rising rates can lead to higher monthly payments, which is a concern for those on fixed incomes or pensions.  

Protect your clients from rate changes and give them peace of mind.  

With a Perenna mortgage, there are no early repayment charges after five years. This means your clients can explore options like Equity Release or others, without worrying about penalties. 

Let’s look at those ‘alternatives’.  

A traditional ‘term’ mortgage

Perenna has a genuine no maximum age policy. If a traditional mortgage is affordable, it may be the right option for some clients. With a long-term fixed rate mortgage, clients benefit from payment security while repaying capital, should that be their preference. This ties back to the point of financial freedom and choice in the here and now. The mortgage could be inherited along with the property when the time comes. The intergenerational aspect that these supports should be explored – after all, family homes are more than just bricks and mortar! Of course, the mortgage can still be paid off with the proceeds of sale if that is the right option for the family or those inheriting the property. 

Retirement interest only (RIO)

This option suits those who want to keep payments lower but prefer to pay monthly interest rather than allowing it to roll up. This helps preserve the home’s equity. At Perenna, we’ve found that brokers have welcomed the option to use ‘downsizing’ in the event of the first death, which avoids the death stress test applied by some lenders (subject to minimum equity and the ability to downsize). RIO mortgages open that halfway house between a traditional mortgage and Equity Release and should not be discounted as an option. It could great solution for the right clients. 

Please do not assume that older borrowers can’t be helped. In some cases, the days of paying off a mortgage at retirement with a pension lump sum are not feasible. More positively, the days of limited choices – where clients were forced to downsize or rent due to a lack of mortgage options – are gone! 

Whether clients are coming to the end of an interest-only mortgage term without a repayment plan, need funds for home improvements, want to help family members onto the property ladder, secure the dream holiday, or are planning long-term estate solutions, there is now a range of options. These choices support financial freedom at any age. 

This is sensible, responsible lending, supporting sensible, responsible mortgage advice. 

So next time you have a client that is looking at their options in later-life. Ask yourself, whether you’ve presented all of the options.  

See how Perenna can help today.  

Use Perenna’s affordability calculator 

Written by Perenna’s National Account Manager, Deborah Reeves 

Correct at time of publishing. 

Is Perenna new to you, or have you not used us for a while? 

Join our webinar on Thursday, 13th February, from 12 PM to 1 PM GMT. 

Graham Laverty, Intermediary Support Manager, and Janet Frame, Business Development Manager, will explain our range and lending criteria. 

This session is perfect for those new to Perenna or anyone needing a quick update! 

Date: Thursday, 13th February 

Time: 12:00 PM GMT 

Platform: Microsoft Teams 

Register here: https://events.teams.microsoft.com/event/f756e46f-4d99-46ce-a866-740e7c0d8875@961e4b01-2f89-42cf-b991-aa3f575c5152] 

We look forward to helping you and your clients!

Correct at time of publishing. 

As a broker, you may have seen more homeowners over 65 seeking mortgage advice. 

Did you know that 2 in 5¹ new mortgages now stretch beyond pension age? Understanding this growing group and their needs is key to helping your clients.

Over 50s² in the UK hold 78% of privately held housing wealth. 

Many in this age group are looking for ways for their equity wealth to help them to live their life in retirement, or to support their family to buy homes of their own. Changes in pensions and longer life expectancy mean people now have less money to spend compared to previous generations. 

Providing options here is crucial, but this group may find themselves frozen out by many lenders. Age limits at application or term end can cap loan sizes and shorten repayment terms, making payments harder to afford. This pushes people towards expensive specialist products, which can harm vulnerable customers if they don’t get the right advice. 

Perenna are proud to offer solutions to this group. We don’t apply maximum age limits, meaning we can offer longer mortgage terms. As long as we are using sustainable income into retirement, we can offer a long-term repayment mortgage on our standard product range and criteria. Our long– term fixed rates could be ideal for borrowers who are retired, as they remove the need to refinance every few years.  

Knowing their monthly payment will never change can give clients peace of mind. Importantly though our products come with a reducing 5-year ERC, to give flexibility should they ever need to change their deal. 

Our Retirement Interest Only (RIO) product could be great for those who prefer interest only. While some brokers might not deal with these cases often, our support teams are here to explain the options available for your clients and how we can help. 

At Perenna, we believe anyone who can afford a home should have the chance to own one – no matter their age. 

Do you talk to clients in or approaching retirement? Want to offer tailored mortgage solutions for those in later-life clients? Contact our support team or explore Perenna’s flexible products today. 

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

Correct at time of publishing. 

 ¹  Two in five mortgages set to run into retirement: LCP   – Mortgage Strategy 

 ² Savills UK, Housing wealth held by over 65s hits record high of over £2.6 trillion.

We are excited to announce that Perenna has won Best Remortgage Lender at the 2024 Personal Finance Awards! And we were also highly commended in the Best Fixed Rate Mortgage Provider category!  

These awards reflect the strong partnerships we have built with brokers and the trust consumers have placed in us. Thank you for your continued support. It helps us provide flexible mortgage solutions to homeowners. 

We are excited to keep working with brokers to create a nation of happy homeowners. Your role is crucial to our shared success, and we couldn’t do this without you. 

Thank you for being a key part of our journey! 

Correct at time of publishing. 

We really appreciate it when our broker partners take the time to share their experiences with us.  

Your views help us to know where we’re doing things right and help us to identify where we could improve.  

Celebrate with us as we share the positive experiences you’ve had with Perenna. Our #FridayFeedback series on LinkedIn showcases the feedback we’ve received. Here’s a snapshot of what our broker partners have said: 

• David at L&C liked our clear process and great service. He was impressed by how we helped a distressed client when no one else could, noting that our quick and personal support made a big difference. Read more. 

• Rob at Sunland appreciated being listed in our ‘Find a Broker’ directory, which brought him a new referral. He mentioned that this feature helps small businesses get noticed and find new opportunities. Read more. 

• Richard at Hawkstone described the experience of submitting his first case with Perenna as the best he’s had in 20 years. He praised our team, policies, and quick service, noting that the whole process was outstanding. Read more. 

• Robert at New Homes Mortgage Helpline appreciated our Deposit Unlock new build proposition, which allowed first-time buyers to secure a new home with just a 2.5% deposit. He valued the comprehensive support we provided throughout the application process. Read more. 

• Corey at L&C was impressed with our modern, user-friendly system. He also praised our team’s prompt and helpful support, which greatly enhanced his experience. Read more. 

• Aaron at Mortgage Advice Hub praised our team for being efficient and responsive. He found our platform to be the fastest and easiest to use, which made for a great experience. Read more. 

• Dan at UK Moneyman enjoyed working with Perenna and valued our top-notch support, fast processing times, and creative solutions for older borrowers. Read more. 

• Hubert at Cooper Associates was impressed by our service and quick underwriting, highlighting our strong commitment to supporting brokers. Read more. 

We appreciate the positive feedback from our broker partners. Your insights help us grow and get better.

Stay connected with us on LinkedIn for more stories from our #FridayFeedback series. We’d also love to hear your experiences—email us at broker@perenna.com.

Correct at time of publishing.

For many borrowers, the amount they can borrow is a key priority. But do they realise that the product they choose can impact the amount they can borrow?  

Perenna’s fixed for life products don’t have an SVR or ‘revert’ rate that most short-term products have (and therefore no SVR based stress test)! This means we can unlock higher borrowing amounts for those who need it, whilst giving the flexibility of a short ERC period of 5 years.  

If maximising borrowing power is important to your client, we have a new tool that can help bring this to life. You can now easily see how a Perenna product compares with short-term fixed rate products. Why not give it a try today?

Correct at time of publishing.

Discover the latest from Perenna! Over 100 brokers recently joined our webinar led by Graham, Intermediary Support Manager, and Tim, National Account Manager. They highlighted essential lending insights that you won’t want to miss. 

Graham kicked off the session by exploring our long-term fixed rate proposition with short ERCs, and how this is a great addition to the UK market offering stability with flexibility.   

Tim explained in depth our recent enhancements to lending policy for non-UK nationals, as well as some of our new build products helping more first-time buyers onto the housing ladder.  

They both used case studies to bring the policy to life, with examples ranging from first time buyers, through to borrowers remortgaging, or lending into retirement – covering the full range of customers Perenna aims to serve. 

Perenna provide fixed-rate mortgages for the long term, which keep payments stable throughout the loan period with decreasing Early Repayment Charges (ERCs) over the first 5 years. 

Perenna shows commitment to inclusivity for older borrowers by offering mortgage products designed with no maximum age limits.

The webinar provided brokers with an overview of Perenna’s range, which includes high LTV options, support for self-employed applicants, and updated policies for foreign nationals and new build properties. For more information about Perenna’s lending criteria, please visit our website. 

During the Q&A session, Tim and Graham addressed numerous broker questions, highlighting strong interest in Perenna’s offerings and policies. Topics ranged from offer extensions to non-standard properties and specific case scenarios.  

Graham ended by emphasising how important the relationship between lender and intermediary is to Perenna, and how working together can help us to deliver better customer outcomes.  

Don’t miss our next webinar on Thursday, July 25th! Learn how Perenna’s products cater to clients in later life stages. Register now to secure your spot!

Correct at time of publishing.