Perenna Launches First Mortgage Product Following Banking License Acquisition

Two months after receiving its banking license and a $52m funding boost, UK neobank Perenna has introduced its first mortgage product to the market.

A New Addition to the UK Mortgage Market

Perenna’s new offering is a fixed-rate mortgage product with terms extending up to 40 years. The neobank is willing to lend up to 95% loan to value (LTV) and up to six times the borrower’s income. This development follows the recent $52m funding received from Silverstripe, a backer of Zopa, and the approval of a UK banking license from the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

Aiming to Transform Homeownership

Perenna aims to revolutionize the concept of homeownership. Arjan Verbeek, CEO & co-founder of Perenna, expressed that their goal is to enable borrowers to maximize their borrowing capacity without sacrificing homeownership. In some instances, customers may be able to borrow up to 30% more than what traditional high street lenders offer.

Verbeek also emphasized Perenna’s readiness to instigate necessary changes in the UK mortgage market, thanks to their unrestricted UK banking license and recent funding round. The neobank is prepared to start delivering improved outcomes for homeowners across the country.