Perenna has announced its partnership with Air, the later-life lending platform for advisers and lenders.

Perenna’s recent research shows that 60% of over 55s report a lack of choice and mortgage products tailored to them, and 36% believe their mortgage is restrictive because of their age.

Through this partnership with the UK’s largest later life lending adviser organisation, Perenna broadens its reach to brokers catering to borrowers in and approaching retirement age, a demographic which is projected to make up one quarter of the UK population by 2050.

With no maximum age limits on the Perenna mortgage, advisers now have a capital & interest repayment product to offer their clients allowing them to spread their mortgage over a much longer time period compared with mortgage products offered by the high street lenders. Advisers will also have access to Perenna’s interest only and RIO products, offering a new option for customers who need to borrow in later life, but aren’t ready for equity release.

As part of the partnership, Perenna has also been named the latest Air Advocate Ambassador.

This follows a series of additions to Perenna’s lending panel, which now includes Mortgage Advice Bureau, Stonebridge, Legal and General Mortgage Club and, most recently, Connells Group.

Colin Bell (pictured), founder and COO of Perenna, said: “At Perenna, we strongly believe that age is little more than a number, however not all lenders see the value in this. Partnering with Air will enable advisers access to Perenna’s mortgage products specifically tailored to over 50s, bringing them a step closer to securing their future.

“These are changing times where having the majority or all your wealth locked in your home does not allow for financial needs later in life.”

Paul Glynn, CEO at Air, added: “There is a new demographic of customers entering later life with significantly different needs compared to previous generations. Borrowers approaching retirement age are increasingly facing higher loan-to-earnings multiples when remortgaging, carrying this debt into their later years.

“We’re pleased to welcome Perenna as our latest partner in tackling this challenge, aiming to better serve these customers with their product offering.

“Air’s Campaign for Comprehensive Conversations sits at the heart of addressing the needs over the over 50s borrower and ambassadors such as Perenna are perfectly aligned to enable this.”