Perenna , a mortgage provider, has announced a partnership with L&C Mortgages as it commences its lending operations in October 2023. This development follows after Perenna received its full banking licence from the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) at the beginning of September 2023, with lending operations set to start in autumn.

Perenna’s offering includes mortgages with fixed full-term loans spanning 20 to 30 years, accompanied by early repayment charges for the first five years. This approach is intended to offer customers the certainty of stable payments throughout the entire mortgage term, while also allowing them to take advantage of lower rates that may possibly be available in the future and make changes that align with their financial goals. Initially, Perenna will exclusively extend its mortgage products to homeowners on their waiting list who are looking to remortgage.

To facilitate this launch, Perenna has joined forces with L&C, a mortgage advisory service. Furthermore, L&C will also make Perenna’s mortgage products available to its customers looking to remortgage. As per the information in the press release, Perenna intends to expand its presence in the broader UK mortgage market.

The company plans to collaborate with a panel of distribution partners across the UK, aiming to empower a growing community of homeowners. About Perenna Based in the UK, Perenna's aim is to build mortgage lending with a customer-first mindset. The company provides mortgages designed with various customers in mind, whether they are first-time buyers, home movers, want to remortgage, or are borrowers.

Perenna's mission is to establish a community of homeowners with less worry and focus on rising interest rates and cost of living. To achieve this, Perenna created a mortgage bank that changes how mortgages are funded, by utlising covered bonds instead of savings deposits. In September 2023, Perenna received USD 52 million in a funding round to roll out fixed-rate mortgage products and improve the financial infrastructure of the UK.

The investment would be used in the process of launching its long-term fixed-rate mortgage products. The platform is set to provide customers with access to the UK mortgage market, while also enabling them to generate sustainable risk-adjusted returns and delivering improved outcomes for homeowners. About L&C Mortgages Based in the UK, L&C Mortgages is a mortgage broker and adviser.

The company helps customers find mortgage deals that they would be eligible to apply for and will also help manage the mortgage application process. L&C is known for its fee-free mortgage advice that aims to offer a simple and cost-effective process. .