A new lender to the UK mortgage market, Perenna, has raised $10m after completing its latest round of funding.
Perenna is currently applying for a banking licence from the PRA & FCA and aims to bring its technology-centric lending proposition of fixed for life mortgages to the UK housing market in summer 2021.
The lender indicated it will use long-term covered bonds to finance its products, “taking inspiration from the Danish mortgage model”, and suggested this approach to lending in the UK will mean Perenna will be able to issue 30-year fixed rate mortgages.
Perenna’s products will be available to borrowers ranging from first-time buyers, to those who want to move, remortgage or take out a mortgage in later life.
“Long-term, fixed rate mortgages have the power to help many of the currently underserved demographics in the UK, such as first-time buyers and those in later life,” said Perenna COO and co-founder, Colin Bell.
“By increasing the numbers of people able to secure mortgage finance, we will help boost business volumes for intermediary partners who will play an essential role in helping to promote and educate the benefits of fixed for life mortgages to those who have found the current market model time-consuming and costly.
“We want to create a mortgage experience for customers and introducers that puts them at the centre. Mortgages should be easy to apply for, quick to attain and delivered with certainty and that is what we are aiming to do.”
The latest investment in Perenna has been raised from a group of investors that includes former Deutsche Bank head of structured product syndicate Kevin Flaherty, Capdesk founder Casper Arboll as well as Star Capital managing partner Tony Mallin.
“This latest investment is a powerful vote of confidence from a high quality investor consortium in Perenna’s proposition,” the lender’s CEO and co-founder, Arjan Verbeek, added.
“It puts us on target to launch our innovative range of long-term fixed-rate products, which we really believe could transform the UK mortgage market for consumers, allowing them to borrow what they can actually afford and creating a nation of happy homeowners.”
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