Introducing Perenna: The Game-Changer
A new bank is set to revolutionize the mortgage market in the UK. Perenna, founded by Colin Bell, Arjan Verbeek, and Hamish Peacocke in 2018, has recently obtained its unrestricted banking license from the Prudential Regulation Authority and Financial Conduct Authority.
Mortgages with a Difference
Perenna is launching a range of mortgages with fixed rates spanning from 20 to 30 years, giving homeowners stability and peace of mind. What sets Perenna apart is its unique early repayment charge period, which allows users five years of flexibility in case their circumstances change.
Structural Change for the UK
Perenna CEO Verbeek stated, “We’re introducing much-needed structural change to the UK. In other countries, billions of pounds of pension savings are channeled into the real economy using covered bonds. Together, our unique funding model and banking license will enable us to do exactly the same in the UK and unlock the housing market, an important part of GDP.”
A Revolutionary Funding Model
Perenna’s funding model revolves around issuing covered bonds to investors seeking long-term stable income, including pension funds and insurance companies. With this approach, Perenna aims to provide stability in the mortgage market while ensuring the availability of affordable homeownership for the British public.
Impressive Growth and Backing
Since its inception, Perenna has made significant strides. The bank originally received a restricted license from the FCA in August. Over the years, it has successfully raised £35m in funding, including a £25m Series A round backed by Zopa-investor Silverstripe IAG.
Creating Happy Homeowners
Perenna’s chief operating officer, Colin Bell, expressed the bank’s mission, saying, “Our goal is to create a nation of happy homeowners. We are excited to offer flexible and consumer-centric mortgage products to those who have been underserved for far too long. Our products enhance affordability, provide certainty of monthly payments, and offer flexibility through low ERCs, allowing individuals to focus on their lives rather than stressing over their mortgage product.”
Exclusive First Access
Perenna plans to roll out its mortgage offering to individuals on the waitlist initially, with plans to open to the wider public later in the year. This approach ensures that those eagerly anticipating Perenna’s innovative products will have first access to the bank’s groundbreaking mortgage solutions.
