Perenna has agreed a distribution partnership with Primis Mortgage Network, in a move designed to expand broker access to the lender’s growing range of longer-term fixed rate mortgages.
Primis, one of the UK’s largest appointed representative networks with over 1,000 firms and 2,000 advisers, will now offer Perenna’s products to its brokers nationwide.
The lender said the deal supports its ambition to grow the market for extended fixed terms and improve consumer choice.
Perenna argues that the stability associated with long-term fixed rates enables higher income multiples, allowing lending of up to 6 times income. It believes this can help more renters make the transition into homeownership.
The partnership follows the recent launch of Perenna’s seven, 10 and 15-year fixed rate products, offering customers fixed monthly payments on loans up to 95% LTV. Borrowers also face no early repayment charges if they move or sell their home.
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John Davison, head of product, proposition and distribution at Perenna, said: “Primis is a natural fit for Perenna and this is a key step towards the expansion and normalisation of long-term fixed rate mortgages.
“Through our range of partnerships with the UK’s biggest brokers and networks, we further improve access to products and give consumers the flexibility and choice they deserve.
“Perenna gives consumers a new way to think about their mortgages, and we’ll continue working closely with brokers to see how we can provide solutions to long neglected and underserved segments of the market.”
Craig Hall (pictured), director of strategic partnerships at Primis, added: “Borrowers are increasingly presenting complex circumstances and the more options our brokers have to address these nuances, the better.
“Perenna’s flexible long-term fixed rate mortgages provide increased borrowing capability combined with the stability that many buyers may need.
“With Perenna on our panel, our brokers have more tools to address the challenges today’s home buyers face.”
