Mortgage bank Perenna obtains an unrestricted banking license from the FCA and PRA, allowing it to introduce long-term fixed-rate mortgages in the UK, aiming to provide an alternative to variable and short-term fixed-rate products.
Facts
- Perenna secures an unrestricted banking license from the FCA and PRA.
- The bank plans to offer fixed-rate mortgages for up to 30 years.
- Perenna aims to address rising interest rates’ impact on UK households.
- Over one million UK mortgage payers face a £500+ increase in repayment costs by 2026.
- Perenna’s mission is to offer improved affordability, payment certainty, and low ERCs to create happy homeowners.
- Perenna’s launch in the UK is expected later this year.
