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Frequently Asked Questions

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Here you can find answers to some of the most commonly asked questions about Perenna and our products.

If you can’t find an answer to your question, contact our Intermediary Support Team who will be happy to help.

About Perenna

How do I change my contact details with you?
Contact the Intermediary Support Team who can update your details on our systems.
How do I contact you?
You can contact our Intermediary Support Team, Monday to Friday, 9am to 5pm. Please note we are closed on bank holidays
Do you pay trail commission?
In addition to paying a proc fee at the point of completion, we also offer trail commission. After the end of the third year of the mortgage, we will contact you and ask you to complete an online review with the customer – this will involve reviewing the customer's circumstances and is an opportunity for you to review their needs and wants. Once you have completed the review, we will pay an additional trail fee to your parent Distributor.

After the initial review, you will be invited to complete a further review every two years while the mortgage remains active.

Trail commission will be paid no more than once every two years and only upon completion of a customer review.
How does my customer contact you?
Your customer can call us at any time with a question regarding their application – however we are not able to provide them with advice or make changes to the application on their behalf – we will instead refer them back to you in the first instance.

Once the mortgage has completed, we will send the customer a welcome letter. This tells them how they can get in touch with us and how to access their Perenna Customer Portal. The customer will then be able to use their portal to keep track of their account, request changes online, or make overpayments etc.
What proc fees do you pay?
Our proc fee arrangements are agreed with our Distribution Partners who we pay directly for any business submitted by one of their firms. Please speak to your principal, network, or Mortgage Club for details of proc fee payments or to discuss a missing payment.
I’ve forgotten my password or username, what do I do?
Contact the Intermediary Support Team who will be happy to help.
Is Perenna a bank?
Yes, we are a bank. Perenna Bank PLC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 956138.
What does fixed for life mean?
This means we charge the fixed rate until the end of the agreed mortgage term. If the loan is not repaid at the end of the mortgage term the customer will move onto the Perenna Term Reversion Rate which is a variable rate set by Perenna.
When is my customers first payment due and how much will it be?
After completion we will send your customer a welcome pack which will confirm their first payment date and amount.

The first payment will be at least one month after completion and will be a payment to cover a full month and the interest between completion and the first payment.
Where do you get your funding?
Perenna, like many other lenders, has a warehousing arrangement in place which allows us to borrow money to lend out in the form of mortgages.

We intend to issue long term covered bonds soon after launch which will allow us to generate our own funding.

We are also funded by investors.
What is the Perenna Term Follow-on Rate
The Perenna Term Follow on Rate is currently 7.25%. This is a variable rate that we charge on our mortgages at the end of the mortgage term. This means that if you do not repay your loan in full by the end of the term, the interest rate that you are charged could go up or down.

Products

Are gifted deposits acceptable?
We can accept a gifted deposit where there will be no ongoing interest in the property from the third party. Our Gifted Deposit form must be used and submitted with the application.
Are you members of the Help to Buy or Government Mortgage Guarantee Scheme?
No, at the moment we are not a member of either scheme.
Can I staircase a shared ownership property with you?
We’ll only allow staircasing if the mortgage is to purchase the final share. Where an element of ownership is still held by a housing agency or similar, we cannot lend.
Can my customer use a loan for their deposit?
No, we do not accept loans for deposits.
Can product fees be added to the loan?
Yes, Product fees can be added to the loan provided the total LTV does not exceed 95% and the total loan is affordable.

No other fees can be added to the loan.
Do you accept adverse credit?
In some circumstances, a single missed payment or historic credit issue may still be acceptable. Please review our Lending Criteria for details.
Do you accept applications for joint borrower, sole owner?
No, all registered owners of the property must be named on the mortgage as an applicant.
Do you allow overpayments?
Yes, your customer can overpay as much as they want at any time; however, the payment may be subject to early repayment charges. Their mortgage offer will detail the charges that apply and how long they apply for.
Do you allow Right to Buy applications?
At the moment we cannot accept Right to Buy applications.
Do you allow vendor gifted deposits?
Yes, we can accept a vendor gifted deposits as long as no interest is retained in the property by the vendor following completion. Our Gifted Deposit form must be used and submitted with the mortgage application.
Do you lend on buy to let properties?
No, at the moment we only offer residential mortgages.
Do you offer capital raising?
Yes, we offer capital raising for most purposes. More details can be found on our Criteria page.
How do you treat credit cards and existing loans?
We take 4% of existing credit card balances and overdrafts at submission, even if the intention is to repay these before completion.

Existing unsecured loans and other debts will be included in our affordability calculations regardless of whether they are to be repaid prior to completion or not.
How flexible are your mortgages?
Our mortgages are portable meaning your customer can move house and take their Perenna mortgage with them – subject to assessment and valuation at the time. Our mortgages also allow for additional borrowing, overpayments, and transferability – more details can be found in our Terms and Conditions and the customer’s mortgage offer.
How long does my customer need to have owned their property before you will lend to them?
We ask that applicants have owned the property for at least six months before we will consider an application for a remortgage.

Application Process and Assessment

Can I amend the details of an application once it has been submitted?
If you need to amend a DIP or FMA before you have submitted it, you can do this in the Portal.
Once an application has been fully submitted; if you need to make a change, please contact the Mortgage Processing Team.
How do I track the progress of an application?
You can log into the Intermediary Portal to track cases and get updates on outstanding documents. You can also contact our Mortgage Process Team, Monday to Friday, 9am to 5pm.
How does my customer pay outstanding fees?
Fee payment is completed in the Intermediary Portal. We do not accept payment of fees by credit card.
How long are valuations valid for?
Valuations are valid for 180 days from the date of inspection. If the mortgage does not complete before the valuation expires, we may require a revaluation. If this is the case, we will contact you to discuss the options. In some cases, there may be a charge.
How long is the DIP valid for?
DIPs are valid for 30 days.
How long is the mortgage offer valid for?
All our mortgage offers are valid for:

Remortgage – 90 days
Purchase – 150 days

If the mortgage is not able to complete before the mortgage offer expires, please contact the Mortgage Process Team to discuss your options.

If a new offer is required a new product may have to be chosen from the current range available.

Who can I speak to about a DIP decline?
Call the Intermediary Support Team if you believe that your application has been incorrectly declined. Please note that for declines related to adverse credit you should review a copy of the customers Experian credit report before you contact us.