Perenna has added more longer-term fixed rate mortgages to its offering, with the launch of seven-, 10- and 15-year products.
The long-term fixed rate lender obtained its full banking licence in 2023 and entered the market with product terms of 20 years or longer.
Last year, it introduced 10-year fixed rates to its proposition.
Perenna said the recently added products were in response to growing demand for a “new era of stable, long-term and flexible mortgages”. Options are available up to 95% loan to value (LTV), and no early repayment charges (ERCs) apply if a borrower moves home or sells up.
ERCs only apply if borrowers remortgage before the initial term expires or make overpayments of more than 10% each year.
The new products will be available exclusively through brokers from 9am on Tuesday 4 November, with rates starting at 4.89% for a seven-year fixed purchase at 60% LTV with a £995 fee.
Aldermore Insights with Jon Cooper: Edition 3 – Renters’ Rights Bill: Brokers urged to lead as landmark legislation reshapes UK rental market
Sponsored by Aldermore
Colin Bell, chief operating officer at Perenna, said: “Consumer demands are constantly evolving, but the traditional mortgage market hasn’t kept pace. Borrowers are looking for security without constraints. The UK’s commitment to short-term solutions belongs to the era of sub-1% interest rates and no longer serves a generation of borrowers that prioritises stability, consistency, and flexibility over the lowest possible cost.
“Perenna’s new long-term fixed rate mortgages give homeowners the freedom to plan for both the near future and the long term, without financial penalties.”
He added: “Home buying is widely accepted as a means of building wealth, yet with volatile interest rates and worsening inflationary pressures, homeowners are often left struggling with mounting household costs. Perenna’s long-term fixed rate mortgage solutions remove this uncertainty, all while enabling borrowers to budget better.”
Andrew Montlake, CEO of Coreco, said: “Perenna brings another important element of choice to the long-term fixed rate market, particularly for those needing to stretch a little further on income multiples.
“In a world where we have learned to expect the unexpected, Perenna offers a level of financial security, certainty, and peace of mind for homeowners that may have otherwise been locked out of accessing a sufficient mortgage from a traditional high street lender.”
