Perenna has cut rates across its five-year fixed mortgage range, with reductions of up to 21 basis points.

The changes apply to products launched only recently by the lender, which specialises in longer-term fixed rate mortgages distributed exclusively through brokers.

Within the revised range, rates now start at 4.53% for purchase mortgages at 60% loan-to-value, carrying a £995 fee. At the top end of the loan-to-value scale, five-year fixes at 95% LTV are now priced from 4.89%, also with a £995 fee.

The products are available to borrowers who meet the lender’s standard affordability criteria and form part of a broader proposition that allows customers to fix their rate for five, seven, 10, 15 or even the full term of the mortgage, up to 40 years.

Perenna’s five-year to 15-year fixed products also offer a degree of flexibility, with no early repayment charges during the fixed period where borrowers overpay by up to 10% or sell the property.

Colin Bell, founder and chief operating officer at Perenna, said: “We’ve had a fantastic reception so far for our increased range of long-term fixed rate products and this rate cut is a show of our commitment to moving quickly with the market’s needs.

“Perenna will do everything we can to deliver viable products for consumers wanting to take full advantage of the benefits that long-term fixes provide.

“We will continue to move into areas of the market where we see opportunity to deliver innovation – improving access, getting families onto the ladder, and raising the health of the wider mortgage ecosystem through product diversity.”