At Perenna, we believe your mortgage should fit around your life – not the other way round!
In a world of rising rates and uncertainty, we are here to help you feel secure. That is why we have launched our new 7, 10, and 15-year fixed-rate mortgages, giving you long-term peace of mind, with the freedom to move when life does.
Why homeowners are choosing Perenna?
With our new long-term fixed rates, you can:
Enjoy steady payments for years to come – no surprises, no sudden changes.
Move home without penalties – no early repayment charges if you sell.
Pay a little extra each year to get mortgage-free faster (up to 10% overpayments).
Borrow with confidence – up to 6x your income and no maximum age.
Choose a term that suits your plans – 7, 10, or 15 years fixed.
Stability that gives you freedom
Whether you are buying your first home, growing your family, or planning for later life, our new range gives you control and certainty – so you can focus on living, not rates.
Our 7-15 year fixed-rate mortgages have a flexible early repayment charge (ERC). There is no ERC if you move home or sell your house.
Find out more about our long-term fixed rate mortgages here.
Find a Perenna mortgage through a broker. Expert advice, tailored to you, every step of the way.
We have recently made some changes to how we look after our mortgage customer accounts. You may have received a letter or email with updates about your account.
What does this mean?
The Perenna portal is no longer active.
To access documents or make changes to your account, please contact us directly.
A full overview of changes can be found in a letter you have received in the post and in the terms and conditions.
What do you need to do?
You don’t need to do anything – this update is for information only.
If you have any questions, please call our Customer Service team on 0333 038 2430, email admin@servicing.perenna.com. You can also visit our Help page for answers to the common questions about your Perenna mortgage, documents, and your account.
First-time buyers are paying much more in rent than before. Did you know that over the last ten years, first-time buyers have spent an extra £46,621¹ on rent before buying a home? Yes, really!
Many now rent for nearly 13 years¹ before stepping onto the property ladder:
Average total rent: £163,047¹ (up from £116,427¹ in 2015)
Average monthly rent in the UK: £1,348¹
London average: £2,253¹ per month
Rising rents make it tough to save for a deposit. This can slow down the move to homeownership and strain long-term finances. Colin Bell, Perenna’s COO & Co-Founder, says that while some people choose to rent for life, many end up paying more each year without building anything for the future.
Buying vs renting
So, what does this mean for people deciding whether to rent or buy?
Owning a home has clear long-term benefits:
Security:Your home is yours for as long as you want it.
Control:You can decorate or change your home how you like.
Investment:When you buy, you own your home, which could then go up in value.
Predictable costs:Fixed mortgage payments stay the same, unlike rent, which can rise (This applies to long term fixed rate products; shorter-term or variable-rate mortgages (SVR) may fluctuate.).
Renting can still be a good short-term choice if you need flexibility or want to avoid upfront costs. But over time, renting often ends up costing more than buying.
How Perenna can help
If buying feels overwhelming, here’s how Perenna can make it simpler:
Flexible mortgages: Options to suit your needs.
Lower deposits: Making buying easier.
Guidance: Support throughout the process.
Fixed payments: So monthly costs don’t change.
Extra flexibility: Short early repayment charges if your circumstances change.
Life does not always follow the old pattern of buying your first home in your twenties and retiring in your fifties. Many people buy later in life and may still be paying off a mortgage well into their later years.
There are flexible mortgage options to help you plan for life, retirement, and your family.
Why your needs may be different later in life?
As we get older, our financial picture can change.
Your income may come from pensions, savings, or investments instead of work.
You want monthly payments you can manage easily.
You would like to enjoy your home now while leaving something for your family.
You are thinking about future care needs.
You want a long-term fixed rate, so rising interest rates aren’t a worry.
How we can help you?
Retirement Interest-Only (RIO) mortgages
With a RIO mortgage, you only pay the interest each month, keeping payments lower. The loan is usually repaid when you sell your home, move into care, or pass away. No repayment plan is required.
Standard residential mortgages with longer terms
You can take out a full repayment mortgage well into later life. If you prefer, interest-only options are also available, if you have a repayment plan in place.
There is no maximum age when you apply or when the mortgage ends. Terms can be up to 40 years (subject to your income).
These mortgages can stay with your home and even be passed on to your beneficiaries, giving you flexibility and peace of mind.
Downsizing or moving home
Selling a larger house and moving to a smaller one can free up cash and reduce your living costs, helping you keep your finances more flexible.
Things to think about…
If you are thinking about mortgage options later in life, it can help to:
Make sure your payments are comfortable for your budget.
Talk with your family so everyone understands your plans.
Be confident you know how your mortgage works and what it means for your future.
At Perenna, we believe your mortgage should give you both stability and flexibility.
Many people have a home that is full of value but do not have as much cash to spend day-to-day. The right mortgage can help you make the most of your home’s value, so you can enjoy life now while still planning for the future.
You could lose your home if you don’t keep up your mortgage repayments.
Adapted from an article written by Janet Frame, Business Development Manager at Perenna. Correct at time of publishing.
Buying your first home can feel like a big leap. But you do not have to jump alone!
In the UK, there are several schemes to help first-time buyers, from helping with your deposit to getting a mortgage.
Here is a quick guide to some of the most common options…
Deposit Unlock
Deposit Unlock helps you buy a new build home with just a 5% deposit. You own 100% of your home and get a normal mortgage.
Perenna is the only lender on the scheme that allows your deposit to come from you, the developer (if they offer incentives), or a mix of both, meaning you might need to save less upfront.
Deposit Unlock helps first-time buyers and home movers get on, or up the property ladder.
Own New
If you want to buy a new build home, Own New could help.
This scheme connects home builders and lenders to provide cheaper mortgages with lower interest rates. Normally, the discount only lasts for the initial fixed rate, but with Perenna, it applies for the full mortgage term.
Own New is funded by housebuilders (via a small fee when you complete). And you own 100% of your home.
Shared Ownership
Buy part, rent the rest. Shared Ownership lets you purchase a share of a property (for example, 25% or 50%) and pay rent on the rest.
Over time, you can buy more shares (“staircasing”) until you own your home outright.
This means lower upfront costs and smaller monthly payments than buying the whole home. Availability and rules can differ by area.
First Homes Scheme
Get a new build home at a discount of at least 30% off the market price.
This scheme is run by local councils and aimed at local buyers and key workers, like teachers, nurses, and armed forces members, helping them buy in the communities where they live or work.
The discount applies to all future sales, keeping the home affordable for generations. Available across England through local authorities and developers.
Lifetime ISA (LISA)
A Lifetime ISA is a savings account for 18- to 39-year-olds. The government adds a 25% bonus to your savings, up to £1,000 a year.
It is for first-time buyers or anyone saving for later life. You can use your savings and the government bonus to buy your first home (up to £450,000) or for retirement.
You must have had your LISA open for at least 12 months before using it for a home purchase. Withdrawals for other reasons have a charge.
Low / No deposit mortgages
Some lenders let you get a mortgage with little or no deposit. They can look at your rent payments as well as your usual affordability checks.
It is important to get advice from a qualified mortgage broker to make sure these products are right for you. You can find a broker here.
How to check eligibility?
Each scheme has its own rules, like income limits, location, and property price caps. To be sure you meet them, check the official government or developer websites for the full details.
Even if your savings are not huge yet, there could be a path forward. Exploring your options is the first step, you might be closer to your first set of keys than you think.
How could Perenna help?
We are here to help you explore your mortgage options, with features that could make buying your first home more manageable:
Borrow up to 6 times your income (subject to criteria).
Fix your rate for the full mortgage term, so your payments never change.
Short early repayment charges for added flexibility.
If you are dreaming about buying your first home but are not sure where to start, you are not alone. The good news? You do not have to figure it all out in one go. Breaking the process into smaller steps makes it much more manageable.
Perenna mortgages work with independent brokers who can guide you and give advice that fits you.
So, whether you already work with a broker or need to find one, this guide will help you take your first steps with confidence.
Step 1: Understand your budget
Think about how much you could spend on a home and how much you can set aside for a deposit. This will help narrow down your options.
Tip: Budget for more than just your deposit and monthly mortgage. Include extra costs like legal fees, surveys, stamp duty, insurance, and moving expenses. Planning ahead helps you avoid surprises and stay on track.
Step 2: Check your credit score
Your credit score can affect the mortgage deals available to you. Checking it early gives you a chance to understand what lenders will see.
Tip: Obtain your credit report from a trusted agency as soon as possible. If you find any errors or issues like unpaid bills, take steps to correct them. A better credit score can improve your chances of getting favourable mortgage rates.
Step 3: Explore mortgage options
There are many types of mortgages. A broker or lender can help you find one that fits your budget and needs. Perenna mortgages are available only through independent brokers, who can give personalised advice, compare products, and answer your questions.
Tip: If you don’t already have a broker, you can use our Find a Broker page to locate a broker registered with Perenna. Please note not all brokers are registered with us.
Step 4: Find a home that fits your needs
Think about location, size, and must-have features, but keep your budget front and centre. Finding the right balance is key.
Tip: List your must-haves and nice-to-haves to guide your search. Consider your lifestyle needs, such as commute times, schools, and local amenities, but always stick to what you can comfortably afford. Sometimes a smaller home in the right area is a smarter choice.
Step 5: Make your offer and move forward
Once you have found the right place, you can put in an offer through the estate agent or your mortgage broker. If it is accepted, the buying process begins.
Tip: Once your offer is accepted, the next steps include surveys, contracts, and final checks. Perenna’s long-term fixed-rate mortgages give you steady payments and flexible options, such as switching lenders after five years without fees. This helps make your move easier and less stressful.
You could lose your home if you don’t keep up your mortgage repayments.
Love the idea of a fresh, shiny new home, but not sure if your deposit or budget will stretch far enough? We hear you.
Between saving thousands upfront and juggling monthly costs, buying a home can feel like a financial balancing act.
But with Deposit Unlock, Own New, and builder incentives, you have more options (and more breathing room) than you might think.
Spend less upfront (hello, 5% deposit!)
With Deposit Unlock, you only need a 5% deposit to buy a new build home.
Here’s the clever part: we’re happy to accept your deposit from multiple sources – your own savings, a gift from family, an unsecured loan, or your builder (if they offer cash incentives). You can even mix these, for example part savings and part builder incentive, to make up your 5%.
So, if the developer offers £5,000 towards your deposit, you might only need to save the other half.
That means less time saving and more time planning your new space.
A smaller deposit or lower monthly payments gives you more freedom to focus on the fun stuff – like that corner sofa you have been eyeing, or all the paint, tools, and finishing touches.
It’s not just about saving money. It’s about making your home feel like yours, sooner.
Save more each month with Own New
Own New is a scheme designed to give you access to lower interest rates on new build homes.
With a Perenna Own New Rate Reducer mortgage, that lower rate is fixed for your full mortgage term. No teaser rates. No nasty surprises.
The developer pays a small completion fee to the scheme to make this possible, so you get predictable payments and long-term savings.
You will also get the full range of Perenna benefits:
Borrow up to 6x your income (subject to criteria)
Monthly payments that stay the same
No age caps
A short early repayment charge, just in case life changes
A real-world example
Let’s say your new build home costs £300,000:
With Deposit Unlock, you would need a 5% deposit = £15,000
Your builder offers £7,500 as a deposit incentive.
You only need to provide £7,500 yourself.
Now, pair that with a lower rate through Own New, and your mortgage feels more manageable and exciting.
How to get started?
These schemes are available through participating developers and brokers.
If you are working with a developer who offers Deposit Unlock or Own New, they can put you in touch with a mortgage broker who knows the ropes. They’ll help you find out which scheme suits you best and how to make it work for your situation.
Buying a new build is a big step, but it does not have to be overwhelming. And if you can keep more money in your pocket for the things that turn a house into your home? That’s a win.
You could lose your home if you don’t keep up your mortgage payments.
Whether you want to stay in your home, unlock the value of your property, or secure extra funds, there are options to help. Understanding them will guide you in making the right choice.
In this blog, we will explain the different types of later-life mortgages, how they work, and help you pick the right one for you.
What is a Later-Life Mortgage?
A later-life mortgage is a loan for people aged 50 and older. It lets you borrow money or unlock the value of your home as you near retirement. There are different mortgage options to fit your needs.
Later-life mortgages can help you:
Stay in your home longer by unlocking its value.
Access extra funds for retirement or other goals.
Choose the best payment option for you, like interest-only or regular payments.
By checking your options, you can find the right mortgage for retirement.
Types of Later-Life Mortgages
Every situation is different. And the products on offer may evolve over time. To make sure you choose the best option for you, you should speak with a mortgage expert.
Below are two common types of later-life mortgages.
Retirement Interest-Only (RIO) Mortgages
With a RIO mortgage, you only pay the interest each month. This keeps your payments low. The loan is repaid when you pass away or move into long-term care, usually through the sale of your home. This option is ideal if you want to stay in your home without worrying about repaying the loan during your lifetime.
Key features:
Pay only interest each month.
Loan repaid when you pass away or move into care.
Flexible terms with no fixed end date.
Equity release
Equity release allows you to take cash from your home without moving. You can choose to receive a lump sum or regular payments. The loan is repaid when your home is sold, usually when you pass away or go into long-term care. This is ideal for getting extra funds from your home.
Key features:
Access cash from the value of your home.
No monthly repayments unless you choose to.
Loan repaid from the sale of your home.
Benefits of Later-Life mortgages
Later-life mortgages offer many advantages, including:
Financial security: Get extra funds for retirement, home improvements, or other goals without having to downsize.
Stay in your home: Many options let you live in your home for as long as you like.
Tailored for you: These mortgages are designed for older borrowers, with flexible options to fit your needs.
Things to consider before choosing a Later-Life mortgage
Before you choose a later-life mortgage, think about the following:
Your Financial goals: Do you need extra funds for retirement, or are you looking to lower monthly payments? Understanding your needs will help you decide.
Your health and longevity: Mortgages like equity release are typically repaid from the sale of your home when you pass away or move into long-term care. It’s important to consider your health, life expectancy, and future care needs when planning.
Repayment plan: With a RIO mortgage, the loan is usually repaid from the sale of your home when you pass away or move into long-term care. However, it’s important to plan ahead and understand how this fits into your overall financial goals.
How Perenna can help
At Perenna, we believe later-life lending should be clear and fair. We offer long-term, fixed-rate RIO mortgages to give you peace of mind in retirement.
With a Perenna RIO mortgage, you will enjoy:
A fixed interest rate for predictable payments.
No age limit – because borrowing should not be limited by age.
Flexible options, like the ability to make overpayments after five years with no extra charges.
We are here to help you choose the best option for a happy and stable retirement. Whether it is a Retirement Interest-Only mortgage or equity release, we will guide you to the right choice for you.
Want to learn more?
Use our mortgage calculator to see how much we could lend you and get an idea of your monthly payments. It is quick and easy!
You could lose your home if you don’t keep up your mortgage repayments.
You will likely come across two options: Interest-Only (IO) and Retirement Interest-Only (RIO) mortgages.
They may sound similar, but they have key differences that can affect which one is right for you.
Let us break them down and help you choose the right fit for your future!
What is an Interest-Only mortgage?
An Interest-Only mortgage means you only pay the interest each month, so your payments are lower. It lasts for a set time.
When the loan term ends, you will need to pay the loan amount back, often by selling your home, remortgaging, or using savings.
Key features:
You pay only the interest each month, keeping payments low.
The loan must be repaid at the end of the term.
Borrowers need to have a specified way of repaying the loan at the end of the term, which is provable from the outset.
Available to all ages but may have strict requirements.
Making overpayments over the life of the loan is not an acceptable plan to repay the loan at the end of the term.
As you only pay the interest, you need a plan to pay back the loan later. This plan is called a “repayment vehicle,” and lenders have rules about what is allowed.
What is a Retirement Interest-Only mortgage?
A Retirement Interest-Only mortgage lets you pay only the interest each month, so your payments stay low.
There is no set end date. The loan is paid back when you pass away, move into long-term care, or sell your home.
Key features:
Pay only the interest each month, keeping payments low.
No fixed end date – the loan is repaid when you pass away or sell your home.
Available to older borrowers (aged 50+ with Perenna).
No need for a repayment plan, as the loan is repaid from the sale of the home.
A Retirement Interest-Only mortgage is a great choice if you want to stay in your home without a repayment deadline. It helps keep your payments low and lets you stay in your home as long as you want.
Interest-Only vs. Retirement Interest-Only: Which one is right for you?
Both mortgages let you pay only the interest each month, but they differ in when the loan is repaid.
With an Interest-Only mortgage, the loan must be repaid at the end of the mortgage term. You will need a clear plan for how to repay it from the start.
A Retirement Interest-Only mortgage has no fixed end date. The loan is repaid when you pass away or move into long-term care, usually from the sale of your home.
How Perenna can help
At Perenna, we make borrowing in later life simple and fair. That is why we offer a Retirement Interest-Only mortgage with a fixed rate of interest for as long as you need it, so you can feel confident and at ease.
With our Retirement Interest-Only mortgage, you will get:
A fixed interest rate for the long term, so your payments stay the same.
Available to borrowers aged 50+, offering more flexibility.
No age limit – because borrowing should not depend on your age.
The option to overpay after five years with no charge.
We are here to help you stay in your home and enjoy a worry-free retirement.
Want to learn more?
Thinking about your later-life mortgage options? A mortgage broker can help you find the best solution for your needs. Make sure you seek advice to understand your options.
You could lose your home if you don’t keep up your mortgage repayments.
We believe your age or being retired should not stop you from getting a mortgage.
Want to move, remortgage, or unlock cash from your home? Your pension doesn’t have to stop you!
Good news! Many lenders, like Perenna, accept pension income. The key is finding the right mortgage for you.
How do lenders look at pension income?
Lenders may consider different sources of retirement income, such as:
State pension: Money from your government pension.
Private and workplace pensions: Income from personal or work pensions.
Investment income and savings: Some lenders count rental income, dividends, or savings.
Annuities and other retirement benefits: Regular payments from retirement plans.
At Perenna, we take a flexible approach to affordability. We look at your full financial situation, not just your income, to make sure the mortgage works for you now and in the future.
Mortgage options for retirees
If you are looking for a mortgage in retirement, here are some options to consider:
Long-term fixed-rate mortgages
Ideal if you have a fixed pension income.
With Perenna, your payments can stay the same for up to 40 years.
No surprises, no rate hikes – just peace of mind in retirement.
Standard repayment mortgages
If your pension meets affordability checks, you may qualify.
Retirement Interest-Only (RIO) mortgages
Pay just the interest each month.
Repay the loan when you sell your home.
Available with some lenders, but options may be limited.
Considering equity release?
Many think equity release is the only way to unlock funds from their home in later life. But that is not the case. With Perenna, you can borrow and still keep full ownership of your property.
What to think about when getting a mortgage on a pension
When exploring mortgage options, think about:
Lenders who accept pension income: Not all do, so make sure to choose a lender that does.
Predictable payments: Fixed-rate mortgages offer stable payments, helping you budget with ease.
Flexibility: Can you move home or repay early without high fees?
Why choose Perenna?
At Perenna, we believe your age should not hold you back from owning a home. That is why we offer:
No maximum age limits – Borrow at any stage of life.
Fixed-for-life payments – No surprise rate changes.
Short early repayment charges – More flexibility when you need it.
We don’t have strict age limits like other lenders. Our mortgages are designed to give you options at any stage of life.
Your retirement, your rules. Let’s make your mortgage work for you.
Use our mortgage calculator to see how much we could lend you and get an idea of your monthly payments. It is quick and easy!
If you would like some mortgage advice, that is no problem. We can help you find a mortgage broker.
You could lose your home if you don’t keep up your mortgage repayments.
