New lender set to offer 30 year mortgages after bank licence approval

New specialist lender, Perenna, has secured an unrestricted banking licence from Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA). allowing it to introduce its long-term fixed rate mortgage products to the UK.

Perenn is the first UK start-up to secure an unrestricted bank licence in 2023, will offer 20- or 30-year mortgages and an Early Repayment Charge (ERC) period of five years.

Perenna Chief Executive and co-founder Arjan Verbeek said  “We’re introducing much needed structural change to the UK. In other countries, billions of pounds of pension savings are channelled into the real economy using covered bonds.”

“Together, our unique funding model and banking licence will enable us to do exactly the same in the UK and unlock the housing market, an important part of GDP.”

Perenna Chief Operating Officer and co-founder Colin Bell sai “Our mission is to create a nation of happy homeowners. We’re excited to offer our flexible products to consumers who, for too long, have been left underserved.”

“We want people to get on with their life and not worry about their mortgage product.”