Perenna Launches Mortgage Lending with L&C Mortgages Partnership

Financial institution Perenna has entered an exclusive partnership with L&C Mortgages to kick off its lending operations. The company recently secured its full banking licence from the PRA and FCA.

A New Chapter for Perenna

The lending activity, set to commence this autumn, comes with the introduction of Perenna mortgages that are fixed for the full term of the loan, which can range from 20 to 30 years. Early repayment charges will only apply for the first five years. This structure provides customers with the certainty that their payments will not increase while enabling them to benefit from potentially lower rates in the future.

Exclusive Launch with L&C Mortgages

Initially, Perenna’s mortgages will be available to homeowners on their waiting list looking to remortgage. The company has selected L&C Mortgages for this exclusive launch. L&C will also extend Perenna’s mortgage products to its other customers seeking to remortgage.

Wider Market Rollout

Following this initial phase, Perenna aims to break into the broader UK mortgage market, leveraging a network of distribution partners across the country. The company’s goal is to foster a nation of satisfied homeowners.

John Davison, Head of Product, Proposition, & Distribution at Perenna, expressed enthusiasm about the new mortgage offering. He emphasized the long-term security and flexibility it provides homeowners. He also praised L&C for its extensive experience working with new lenders and the dedicated support it will offer during this phase.

Echoing Davison’s sentiments, Alan Young, CEO at L&C, expressed delight at partnering with Perenna. He highlighted the novel approach of Perenna’s long-term fixed rate proposition amid the volatility of the mortgage market and recent interest rate hikes. Young is confident that Perenna’s offering will augment the range of solutions for their customers.