Technology provider Mortgage Brain has welcomed Perenna to its Sourcing Brain and Criteria Brain platforms.
Perenna is a mortgage bank that specialises in flexible long-term fixed rate residential mortgages.
The challenger bank lends up to 95% LTV and offers fixed rate terms from 20-40 years, giving borrowers certainty over their monthly payments for the whole mortgage term.
This allows borrowers to better plan, and it allows Perenna to help more people onto the property ladder.
Perenna is also designing interest-only variants of its long-term fixed rate mortgage. When they launch, details will be available on Sourcing Brain and Criteria Brain for interested intermediaries.
Mortgage Brain’s platforms are widely recognised and utilised by over 15,000 intermediaries throughout the UK.
The firms said the partnership will bring long-term fixed rate mortgages to even greater numbers of intermediaries.
Mortgage Brain supports lenders, networks, corporates, and intermediary mortgage advisers. Its product suite includes intermediary and lender offerings.
The intermediary offering includes Criteria Brain, an online mortgage criteria sourcing platform and Sourcing Brain, an online first and second charge product sourcing platform.
While the lender offering includes Distribution Brain that provides distribution across product, criteria, affordability, and application submissions.
And Insights Brain, a range of data insights covering criteria, affordability, product availability, ESIS, and comparison data.
Perenna head of product, proposition & distribution John Davison said: “This is such an exciting time for us at Perenna. With fluctuating mortgage rates and increasing uncertainty, the UK mortgage market has been crying out for a long-term fixed rate product like ours for some time.
“Our mortgages have short early repayment charges and can suit anyone looking for financial certainty but are particularly attractive to those underserved segments of first-time buyers looking to borrow a little more and later-life borrowers wanting to release equity from their home. Now our products are accessible on Sourcing Brain and Criteria Brain, we’ll be able to reach an even wider range of intermediaries giving borrowers more options.”
Mortgage Brain sales & marketing director Neil Wyatt added: “As a technology leader, we’re big fans of innovation and creative solutions, so when Perenna joined our platforms with their new, innovative lending product, we were thrilled to have them on board.”
