Perenna, a mortgage lender, has just cut its interest rates on several of its popular products. This means you could save money on your mortgage payments, whether you’re buying a new home or remortgaging your existing one.
What’s Changed?
Perenna has made these changes:
- Retirement Interest Only (RIO) Mortgages: The rates on these mortgages have been cut by 0.47%, meaning they now start at 5.43% for a 60% loan-to-value (LTV).
- Remortgage RIO Products: If you want to remortgage your RIO loan, the rates have also dropped. You could get a rate as low as 5.56% with a 60% LTV.
- Purchase Mortgages: If you’re looking to buy a new home, Perenna has lowered rates on its flagship purchase product by 0.21%, meaning you can get a rate as low as 5.43% at 60% LTV.
- Residential Remortgage Products: If you want to remortgage your existing home, the rates have dropped by 0.16% to 5.55% at 60% LTV.
What Does It All Mean?
These reductions mean you could save money on your monthly mortgage payments, which is great news for anyone on a fixed income. For example, if you have a £200,000 mortgage, a rate drop of 0.2% could save you around £40 a month.
More Good News!
Perenna also offers interest rate protection on all its mortgages, which means you can lock in your rate and avoid future increases. This is a great way to give you and your family peace of mind about your finances.