Perenna has added a flexible, long-term fixed rate retirement interest only (RIO) mortgage to its product range.

Perenna’s RIO products will be available to borrowers over the age of 50, and up to a maximum of 60% Loan to Value (LTV). Perenna says its long-term fixed rate RIO is market leading – as determined by lowest priced fixed for life RIO product on the market as at 31 January 2024 – with rates starting at 5.84%.

It has also added an interest only option to its product range, up to a maximum of 75% LTV, on offer to both purchase and remortgage customers.

Perenna recently launched in Q4 2023 with its flexible long-term fixed rate repayment mortgage, which combines increased affordability through no reversion stress test, stability through a fixed rate for the whole term, and flexibility through early repayment charges being no longer than five years.

Colin Bell (pictured), co-founder and COO of Perenna, said: “Our RIO is a game changer for brokers and borrowers alike. Those aged over 50 have narrow options when it comes to mortgage products. With our market-leading long-term fixed rate RIO, we provide a great choice for those in or approaching retirement, with ERC for only five years putting you in control.”