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Perenna cuts long-term fixed rates to 4.99 per cent

Perenna cuts long-term fixed rates to 4.99 per cent
Shekina Tuahene
Written By:
Shekina Tuahene
Posted:
06/02/2024
Updated:
07/02/2024

New long-term fixed rate mortgage provider Perenna has reduced pricing across its range by up to 0.5 percentage points.

The lender has also added to its range of mortgage terms to include options of 15 and 20 years.

Its rates now start from 4.99 per cent for a deal up to 40 per cent loan to value (LTV), which is fixed for 15 to 20 years.

At 95 per cent LTV, rates start from 5.99 per cent down from 6.04 per cent on a 25 to 30-year term.

For the same term length, its 90 per cent LTV purchase deal begins from 5.76 per cent, down from 5.9 per cent.

Potential to borrow more

Perenna brought its long-term fixed rate offering to the market at the end of last year.

It potentially allows for increased affordability through the removal of the reversion stress test and the lender only charges early repayment charges (ERCs) for the first five years.

Earlier this week, it announced the launch of its interest-only and retirement interest-only products, and last week it revealed that its affordability calculator had reached more than £700m in enquiries.

Colin Bell, co-founder and COO of Perenna, said: “Our flexible long-term fixed rate mortgage provides a great option for consumers who are looking for the complete mortgage product – increased affordability, rate stability, and flexibility through short ERCs – you remortgage when and if it is good for you, not at the wrong time.”