A new lender is preparing to enter the mortgage market with long-dated fixed rate mortgages in a move seen by some as a sign of a market downturn.
Longer-term fixed term loans have been suggested as a solution to help first-time buyers onto the property ladder, with previous backing from the Tony Blair Institute, the Bank of England and the UK government.
New lender Perenna, which has received a banking licence with restrictions from the Prudential Regulation Authority and Financial Conduct Authority, has unveiled plans for a 30-year fixed rate mortgage alongside a wider suite of products that could later stretch to a 50-year timeframe.