Perenna has expanded its product range with the launch of flexible long-term fixed-rate retirement interest-only mortgages.
The startup home loans firm says its retirement interest-only loans are available to borrowers over the age of 50, and up to a maximum of 60% loan to value, starting at 5.84%.
It has also added an interest-only option to its product range, up to a maximum of 75% loan to value, for purchase and remortgage customers.
Perenna co-founder and chief operating officer Colin Bell says: “Our retirement interest-only is a game changer for brokers and borrowers alike.
“Those aged over 50 have narrow options when it comes to mortgage products.
“With our market-leading long-term fixed rate retirement interest-only, we provide a great choice for those in or approaching retirement, with early repayment charges for only five years putting you in control.”
Perenna launched last year and lends up to 95% loan to value on fixed-rate terms ranging from 20 and 40 years at up to six times a borrower’s income.
In September, Perenna secured £42.6m ($52m) of cash from investors as geared up for launch.
In the same month, it was also awarded its UK banking licence from the Prudential Regulation Authority and Financial Conduct Authority.
