Perenna has expanded its product suite again with the launch of a five-year fixed rate mortgage, aimed at borrowers seeking stability without sacrificing flexibility.

The latest addition follows the recent rollout of the lender’s seven, 10 and 15-year fixed products, reflecting growing demand for longer-term options in a market still adjusting to higher borrowing costs.

The new five-year fix is available to borrowers who meet Perenna’s standard lending criteria and will sit alongside the lender’s broader range of flexible long-term fixed mortgages.

The product offers a fixed rate for five years without early repayment charges if the borrower sells or moves home within the period, or if they overpay by up to 10% a year.

The lender said the approach is intended to provide certainty for borrowers while reducing the constraints typically associated with fixed rate mortgages.

Perenna has positioned the series of new products as a way of reaching under-served parts of the market, offering loans up to 95% LTV and income multiples of up to 6x.

The lender said the launch forms part of its aim to support more households into long-term homeownership.

The new range will be available exclusively through brokers from 8am on Thursday 11 December. Rates start at 4.68% for a five-year fixed purchase at 60% LTV with a £995 fee.

Colin Bell, co-founder and chief operating officer, said: “Perenna is committed to delivering flexible, secure mortgage options in a market that has struggled to give borrowers what they really need – long-term financial stability without sacrificing flexibility.

“Our new five-year fixed is a direct response to broker and customer demand, and the team has worked hard to bring a solution to underserved segments who need certainty and choice.

“With this addition to our range, borrowers can now fix for five years or more while retaining real flexibility – no ERCs if they move home, or pay down from their own funds as well as the ability to overpay up to 10% a year.

“Combined with our seven, 10 and 10-year fixed options, it gives brokers a powerful toolkit of long-term stability with true flexibility.

“For clients who expect to move in the next few years, it’s a compelling way to secure certainty today without locking themselves in tomorrow – they can take the mortgage with them or pay it off if new products at the time are more favourable.”