Perenna has struck an exclusive partnership with L&C Mortgages as it begins lending this month.  

The new firm, which offers 20-to-30-year fixed-rate home loans, has announced a tie-up with L&C to initially launch products to customers on its waiting list of over 5,000 potential borrowers.   

L&C will also make Perenna’s mortgage products available to other L&C customers for remortgage.  

The lender firm says it then plans to launch into the wider UK mortgage market with a panel of distribution partners around the country.   

It adds its long-term mortgages only carry early repayment charges for the first five years.   

“This gives customers certainty that their payments will never increase, as well as allowing them to take advantage of lower rates that may be available in the future, and change when the time is right for them,” the business says.  

Perenna head of product, proposition, & distribution John Davison points out: “We are launching a new kind of mortgage, offering true long-term security, and flexibility, for homeowners.   

“L&C has substantial experience of working with new lenders and we are excited to be working with them exclusively during this phase.   

“Customers will still get the same great service from L&C as well as dedicated support from the team at Perenna.”  

L&C chief executive Alan Young adds: “Borrowers are acutely aware of how volatile the mortgage market can be following the recent hikes in interest rates.   

Perenna’s offer of long-term security, with only a five-year tie in period, brings a brand new approach to the fixed rate options in the market and will only strengthen the range of solutions for our customers.”  

Last week, Perenna secured £42.6m ($52m) of cash from investors as geared up for launch.  

Last month, the new lender was awarded its UK banking licence from the Prudential Regulation Authority and Financial Conduct Authority.