Perenna is building an exciting, innovative, and modern tech bank which will revolutionise the UK mortgage market.
For decades, consumers in the UK have seen very little mortgage product innovation and lending processes still remain largely inefficient and inflexible – we will change that.
One of the reasons for the lack of innovation is the domination of a few large lenders who have access to cheaper funding and compete on price. Perenna will introduce a capital market funding model into the UK which has been the bedrock of other mortgage markets, reducing this funding advantage. Working with existing and new UK mortgage lenders, Perenna will introduce true competition into the UK mortgage market.
Customers in the UK have to worry about interest rates rising – we will provide fixed rates in excess of 20 years, which will improve the affordability of mortgage debt. Our customers will not have to worry about their mortgage costs changing in the long term.
Perenna is currently progressing through the regulatory approval process and is therefore not regulated at this stage. We plan to start a pilot in Q3 2019, with full lending operations to commence early 2020.