Perenna’s Retirement Interest Only Mortgages Just Got Cheaper

Perenna has reduced rates on some of its popular products. This could mean lower monthly repayments and more money in your pocket!

Perenna, a specialist mortgage lender, has made cuts to its residential purchase and retirement interest-only (RIO) products. This means you could save money on a new mortgage or remortgage, whether you’re buying a home or staying put.

The changes affect their popular 40-year fixed rate product, designed to help you spread your mortgage over a longer period. It’s now even more affordable with a lower interest rate and reduced early repayment charges.

Here are some of the key changes:

  • 40-year fixed rate product: The rate at 95% loan-to-value (LTV) has been reduced by 0.34% to 6.61%. That’s a significant saving over the long term!
  • RIO Remortgages: Perenna’s RIO remortgage products now start at 5.88% for a 60% LTV loan.

How It Works For You

These changes are especially good news for those over 50 who want to buy or remortgage a property.

Perenna’s mortgages don’t have any maximum age limits. This means you can get a mortgage even if you’re well into retirement.

They offer a range of options, including:

  • Retirement Interest Only (RIO): You pay only the interest each month, and you pay off the full amount of the loan at the end of the mortgage term.
  • Capital and Interest Repayment: You pay both the interest and a portion of the loan each month, so the loan gradually reduces.

What Does Perenna Say?

John Davison, head of product, proposition and distribution at Perenna, said: “With Perenna, age is no more than a number. We offer innovative solutions for people who might have trouble getting a traditional mortgage due to their age or term restrictions.”