We’re thrilled to announce our recent partnership with Octopus Energy, marking a significant milestone in our commitment to revolutionising mortgages and supporting sustainable living.  

This collaboration with Octopus Energy represents a monumental step forward in our mission to make sustainable homes more accessible and affordable for individuals and families across the board.  

This partnership is centred around our Zero Bills Mortgage, which has been created specifically for people looking to buy properties which Octopus have certified as eligible for their Octopus Zero Bills™  tariff. This game-changing tariff provides a one-of-a-kind energy solution, ensuring zero bills for or at least five years, guaranteed on designated Zero Bills™ homes.  

The combination of this mortgage product and this energy tariff means homeowners secure long-term certainty for their finances. Our Zero Bills mortgage enables homeowners to borrow more, responsibly, as our affordability assessment factors in zero energy costs into the calculation. This Zero Bills™ affordability boost could be worth up to £38k¹.  On top of this, with our Zero Bills mortgage, we’ll also offer a rate discount to reward borrowers for buying a sustainable home and supporting the green energy revolution.  

Together, with Octopus Energy, we are paving the way for a future where sustainability in home energy and home finances go hand in hand. By joining forces, we will lead the charge in transforming the mortgage industry, empowering individuals to embrace greener, more sustainable lifestyles.  

The future of homeownership is evolving, and we want you to be a part of it.   

¹ Affordability boost assumes dual applicants with 3 child dependants, an initial rate of 5.65%, and a Zero Bills discounted rate of 5.50%.

Correct at time of publishing.

We’re thrilled to announce a significant milestone: 1,000 brokers have joined the mortgage revolution and are part of our growing network!  

This achievement reflects our dedication to strengthening partnerships with brokers and our mission to create a nation of happy homeowners. We believe that everyone that can afford to own a home, should be able to own one. And we’re pleased to have a growing network of brokers to help make this happen.   

Our Head of Product & Proposition, John Davison, shared his thoughts: “Reaching 1,000 registered brokers is a testament to the dedication and hard work of our business development team and the trust placed in us by our valued brokers. Together, we’re transforming the landscape of homeownership, one partnership at a time.“ 

At Perenna, we work with a select panel of FCA Authorised Intermediaries. If you are a member of an approved Mortgage Club or AR Network that has joined our panel, you can register to submit business with us. 

We’re growing our panel all the time. If your network or club hasn’t signed up yet, don’t worry, you can join our mailing list to be kept up to date with our latest news. We look forward to you joining us in the future. 

Perenna is dedicated to providing exceptional support and services to our intermediary partners. For enquiries or more information, contact us at 0333 344 1013 or via webchat during office hours.

Correct at time of publishing.

Dedicated phone lines and webchat services to provide smoother and more immediate help for our intermediary partners are now available. 

Key updates: 

• Phonelines: Our dedicated support phone lines are available from 9am to 5pm, Monday to Friday, aligning with your essential working hours. 
• Webchat: We’ve introduced webchat services during the same hours, offering a quick and convenient alternative for assistance.
  

Our Intermediary Support Team is here to assist you. 

Graham Laverty, Intermediary Support Manager, shared, “We’re excited to bring you new support options. Our aim is to deliver a first-class experience for our intermediaries, providing support through the onboarding journey and with any new business enquiries”. 

Perenna is dedicated to providing exceptional support and services to our intermediary partners. For enquiries or more information, contact us at 0333 344 1013 or via webchat during office hours.

Correct at time of publishing.

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

This collaboration means intermediaries working with Legal & General can now provide their clients access to Perenna’s distinctive long-term fixed-rate mortgages. 

Legal & General Mortgage Club’s Director, Clare Beardmore, said , 

“We pride ourselves on offering a range of mortgage solutions to our members that best suit their customers’ needs. Perenna is looking to provide certainty over customers’ monthly payments, and a range that opens up new options for borrowers.  

With recent volatility in mortgage rates, rising living costs and stubborn levels of inflation, long-term stability is something borrowers are searching for more and more. In this changing market, we believe it’s important to continue to expand our product offering and support advisers with new and innovative solutions, so they can best serve their clients. We are excited to see this innovative brand launch on our lender panel.”

Colin Bell, Chief Operating Officer and Co-founder of Perenna, highlighted the benefits for customers, noting, 

“We’re excited to be launching our range of long-term fixed rate mortgages through Legal & General Mortgage Club. Customers will be secure in the knowledge that their monthly repayments are fixed for the long-term, whilst knowing they can also change their mortgage if and when they want to, without any charges, after five years. At a time when mortgage affordability continues to be strained for first time buyers, our products will help people get a foot on the property ladder by allowing them to borrow more in a sustainable way. We believe our products will go a long way to solving some of the mortgage market’s most common issues, and our partnership with Legal & General will help us achieve that goal.” 

Stay updated on our exciting journey by joining our mailing list. The future of homeownership is evolving, and we want you to be a part of it.

Correct at time of publishing.

Tom and Janet will serve as the day-to-day point of contact for brokers, playing a crucial role in developing our brand and cultivating strong relationships with our broker partners, whether engaging with brokers virtually or face-to-face. 

Their responsibilities will include onboarding and training new broker partnerships, being on-hand for business enquiries, pre and post-completion queries, and providing unwavering support throughout. 

John Davison, Head of Product, Proposition and Distribution, highlighted the significance of broker relationships: ‘’Broker relationships are vital when it comes to launching a new bank and building a new brand. We want to ensure that brokers have direct, face-to-face access to a business development team that can help them deliver better outcomes for their customers. It’s great to welcome Tom and Janet to the team, who bring with them a wealth of first-hand broker knowledge and experience.’’ 

National Account Manager, Tim Sorrell, echoed this sentiment, saying: “I am really pleased to welcome Tom and Janet to our growing team. Tom & Janet will play a key role in training our broker partners and bringing them up to speed on all things Perenna.” 

We are thrilled to have them join us at an exciting time in Perenna’s journey.

Correct at time of publishing.

Perenna is thrilled to announce that we have been crowned the Banking Innovation Newcomer in the Finder’s Banking Innovation Awards 2023. 

We are committed to pushing the boundaries of innovation in banking, and this award confirms our dedication to transforming the mortgage industry. 

As we work hard to build a nation of happy homeowners, we are delighted to share this exciting news with our valued broker community. 

Thank you for your continued support and for helping us lead the way in innovation in finance. 

Correct at time of publishing.

Perenna launches “highest affordability” 1 mortgage in the market to first-time buyers 

We have officially opened up our flexible long-term fixed rate product to new purchase customers and first-time buyers, within our pilot with L&C Mortgages.  

We will lend up to 95% LTV, with fixed-rate terms up to 40 years, helping borrowers lower their monthly payment amount. We will also lend up to six times a borrowers’ income, subject to criteria, which could act as a significant lending boost for many first-time buyers who consistently struggle with affordability.  

A longer fixed rate term allows borrowers a higher affordability boost compared to those on a short-term fixed rate mortgage. This is because of the way current mortgage products are designed which place all the market risk on borrowers. Once this is removed, through fixing the rate for the entire term, first time buyers could borrow more. This is the innovation we offer. 

For example, on a £60k joint income, a first-time buyer could borrow up to £355k with us, which is about £70k more than the closest high street lender.2

This could make a massive difference for first time buyers. As a result, borrowers looking to maximise their borrowing responsibly should consider a longer-term fix compared to a shorter-term fix like a 2 year or 5-year fixed rate mortgage.  

 The product also only carries declining early repayment charges (ERCs) for the first five years, making it highly flexible. This gives borrowers certainty that their payments will never increase, as well as allowing them to change when the time is right for them. 

Colin Bell, COO & Co-Founder of Perenna comments:  

“We’re really excited to open up the Perenna Mortgage to first time buyers and new purchase customers. First rime buyers are constantly struggling to get onto the housing ladder due to affordability issues – whether that’s saving up enough for a small deposit or being able to borrow enough to afford a home they really want. The Perenna Mortgage is the complete mortgage product – increased affordability combined with long-term stability and flexibility.” 

Arjan Verbeek, CEO & Co-Founder of Perenna comments: 

“We believe in unlocking the power of homeownership without having to sacrifice the amount you can borrow – borrowers should be able to have both their cake and eat it. As we remove market risk from borrowers, customers can borrow what they actually can afford, which in some cases can be on average up to 30% higher than the high street lenders.3 With our full unrestricted UK banking license and recent funding round, we are ready to deliver the much-needed changes in the UK mortgage market, and start delivering better outcomes for homeowners across the country.” 

Notes:

• Footnote 1 – “Highest affordability” defined as highest borrowing amount by use of intermediary mortgage affordability calculators across leading high street lenders2, as at 13 November 2023 
• Footnote 2 – “Leading high street lenders” defined as those who control 75% of the market by gross lending during 2022 – MM10, UK Finance (as at 13 July 2023) 
• Footnote 2 – “Leading high street lenders” defined as – HSBC, Natwest, Nationwide, Santander, Virgin Money, Lloyds Banking Group, Barclays 
• Footnote 3 – Data chart, see below, as at 13 November 2023:

All applications subject to full underwriting and credit assessment

Correct at time of publishing.

We are delighted to announce our recent partnerships with Mortgage Advice Bureau and Stonebridge as we prepare our broker panel for launch at the start of 2024. We received our full banking licence from the PRA and FCA at the start of September and began an exclusive pilot phase with L&C Mortgages this autumn.

The Perenna mortgage fixes the interest rate for the full term of the loan. By removing interest rate risk, borrowers could receive an affordability boost compared to those applying for a 2-year or 5-year fixed rate mortgage. We will offer up to 95% LTV, up to 6 times borrower’s income, and no age caps subject to criteria. And with early repayment charges for only five years, customers are given the best of both worlds – certainty and flexibility.

This provides a fantastic option for borrowers, whether they are first-time buyers, home movers, looking to remortgage or borrow in retirement.

As we progress, we will continue to add distribution partners around the UK as we look to create a nation of happy homeowners.

Head of Product, Proposition, & Distribution, John Davison, said: “Perenna offer a new kind of mortgage, giving homeowners improved affordability, true long-term security, and flexibility. Our product ensures they never have to pay to remortgage again and protects them from experiencing the rate shocks we’re seeing in the market right now. Stonebridge and Mortgage Advice Bureau are the perfect partners for us to launch with, offering nationwide coverage and a high-quality service to customers.”

Danny Belton, Head of Lending at Mortgage Advice Bureau, said: “We’re excited to collaborate with a new lender who will bring fresh perspectives, cutting-edge products, and criteria that has been proven to perform well in an international market. The Perenna proposition will be well suited to customers who are looking for long-term fixed products.”

Jo Carrasco, Business Partnerships Director at Stonebridge, said: “We are extremely excited to be in a partnership with Perenna, and believe their innovative products and ambition to change the shape of the market will be well received by our Appointed Representative firms.”

Stay updated on our exciting journey by joining our mailing list. The future of homeownership is evolving, and we want you to be a part of it.

Correct at time of publishing.

We have announced an exclusive partnership with L&C Mortgages as we begin lending.

We received our full banking licence from the PRA and FCA at the start of September.

Perenna mortgages are fixed for the full term of the loan (20-30 years), and only carry early repayment charges for the first five years. This gives customers certainty that their payments will never increase, as well as allowing them to take advantage of lower rates that may be available in the future, and change when the time is right for them.

Initially we will make their mortgages available to homeowners on our waiting list who are looking to remortgage, and have partnered with L&C for this exclusive launch. L&C will also make Perenna’s mortgage products available to other L&C customers looking to remortgage.

After this initial phase, we will launch into the wider UK mortgage market with a panel of distribution partners around the UK, as they look to create a nation of happy homeowners.

Head of Product, Proposition, & Distribution, John Davison, said: “We are launching a new kind of mortgage, offering true long-term security, and flexibility, for homeowners.  L&C has substantial experience of working with new lenders and we are excited to be working with them exclusively during this phase. Customers will still get the same great service from L&C as well as dedicated support from the team at Perenna.”

Alan Young, CEO at L&C, said “We’re always keen to help bring new lenders and innovative solutions to market and are delighted to be partnering with Perenna, to launch their long-term fixed rate proposition.  Borrowers are acutely aware of how volatile the mortgage market can be following the recent hikes in interest rates. Perenna’s offer of long-term security with only a 5-year tie in period brings a brand new approach to the fixed rate options in the market and will only strengthen the range of solutions for our customers.”

Correct at time of publishing.