"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."
Perenna has announced an exclusive partnership with L&C Mortgages as it begins lending this month.
Perenna received its full banking licence from the PRA and FCA at the start of September and has announced lending will begin this autumn.
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.
Initially Perenna will make their mortgages available to homeowners on their 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, Perenna will launch into the wider UK mortgage market with a panel of distribution partners around the UK.
John Davison, head of product, proposition, and distribution at Perenna, 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, added: “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 five-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.”
