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New lender prepares to launch 30-year fixed rate mortgages

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Sat 20 Aug 2022

New lender prepares to launch 30-year fixed rate mortgages

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.

The fintech firm will be able to market its products once it confirms its banking infrastructure and its restrictions are lifted.The Perenna business model aims to use the covered bond market by channelling the trillions of pounds of insurance and pension funds into the UK economy through its loans.....