Perenna has reduced pricing on its flexible long-term fixed rate mortgage range by up to 50 basis points.

The lender said its flexible long-term fixed rate mortgages now start at 4.99% (up to 40% loan to value (LTV) with a product fee fixed for 15-20 years.

Perenna’s 95% and 90% LTV purchase products are now 5.99% and 5.76%, down from 6.04% and 5.90% respectively, on a 25–30 year term with a product fee.

Perenna recently launched in Q4 2023 with its flexible long-term fixed rate mortgage, which combines increased affordability through no reversion stress test, stability through a fixed rate for the whole term, and flexibility through early repayment charges being no longer than five years.

The lender has onboarded over 500 brokers over the last few months.

Perenna co-founder and COO Colin Bell said, “Our flexible long-term fixed rate mortgage provides a great option for consumers who are looking for the complete mortgage product – increased affordability, rate stability, and flexibility through short ERCs – you remortgage when and if it is good for you, not at the wrong time. With Consumer Duty now in place, brokers will see this product as an antidote to the ‘possible foreseeable harm’ placed on borrowers by traditional short-term fixed rate products.”