It will facilitate the distribution of the lender’s long-term fixed rate mortgages in the UK
Legal & General Mortgage Club has expanded its lender panel by adding Perenna Bank, known for its range of long-term fixed rate mortgages.
Under the partnership, Legal & General will facilitate the distribution of Perenna’s mortgage products in the UK through intermediaries. These mortgages have a fixed term ranging from 20 to 40 years, featuring a five-year early repayment charge.
Potential borrowers can avail themselves of up to 95% loan-to-value (LTV) deals and secure loans of up to six times their income, subject to specific criteria. Also, Perenna’s mortgages do not have maximum age limits and standard variable rates.
“We’re excited to be launching our range of long-term fixed rate mortgages through Legal & General Mortgage Club,” Colin Bell, chief operating officer and co-founder at Perenna, said. “Customers will be secure in the knowledge that their monthly repayments are fixed for the long-term, while knowing they can also change their mortgage if and when they want to without any charge, after five years.
“At a time when mortgage affordability continues to be strained for first-time buyers, our products will help people get a foot on the property ladder by allowing them to borrow more in a sustainable way. We believe our products will go a long way to solving some of the mortgage market’s most common issues, and our partnership with Legal & General will help us achieve that goal.”
Clare Beardmore (pictured), director at Legal & General Mortgage Club, added that they, too, were excited to see Perenna’s mortgages launch on their lender panel.
“We pride ourselves on offering a range of mortgage solutions to our members that best suit their customers’ needs,” she said. “Perenna is looking to provide certainty over customers’ monthly payments, and a range that opens up new options for borrowers.
“With recent volatility in mortgage rates, rising living costs and stubborn levels of inflation, long-term stability is something borrowers are searching for more and more. In this changing market, we believe it’s important to continue to expand our product offering and support advisers with new and innovative solutions, so they can best serve their clients.”
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