Perenna has partnered with Mortgage Advice Bureau and Stonebridge as they prepare their broker panel for launch at the start of 2024.

Perenna, which received regulatory approval in September, has an exclusive pilot phase with L&C Mortgages this autumn.

The lender said its mortgage fixes the interest rate for the full term of the loan.

Perenna said by removing interest rate risk, borrowers could receive an affordability boost compared to those applying for a 2-year or 5-year fixed rate mortgage.

It will offer up to 95% LTV, up to 6 times borrower’s income, and no age caps subject to criteria.  

And with early repayment charges for only five years, customers are given certainty and flexibility.

It added that this provides an option for borrowers including first-time buyers, home movers looking to remortgage or borrow in retirement.

Perenna said it will continue to add distribution partners around the UK.

Perenna head of product, proposition and distribution John Davison said: “Our product ensures homeowners never have to pay to remortgage again and protects them from experiencing the rate shocks we’re seeing in the market right now. Stonebridge and Mortgage Advice Bureau are the perfect partners for us to launch with, offering nationwide coverage and a high-quality service to customers.”

Mortgage Advice Bureau head of lending Danny Belton added: “We’re excited to collaborate with a new lender who will bring fresh perspectives, cutting-edge products, and criteria that has been proven to perform well in an international market. The Perenna proposition will be well suited to customers who are looking for long-term fixed products.”

Stonebridge business partnerships director Jo Carrasco said: “We are extremely excited to be in a partnership with Perenna and believe their innovative products and ambition to change the shape of the market will be well received by our Appointed Representative firms.”