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UK’s Digital Bank Perenna Partners with London and Country Mortgages to Initiate Lending

Perenna, a fintech firm that recently obtained a full banking license from the Prudential Regulatory Authority (PRA) and the UK’s Financial Conduct Authority (FCA), has announced an exclusive partnership with London & Country Mortgages as they venture into the lending sector. The company will initially offer mortgages to selected borrowers looking to remortgage.

John Davison, Head of Product, Proposition, & Distribution at Perenna, stated that they aim to provide homeowners with a new type of mortgage that offers long-term security and flexibility. He also expressed excitement about working exclusively with London & Country Mortgages during this phase, highlighting their experience with new lenders. Davison assured customers that they will receive excellent service from London & Country Mortgages while also benefiting from dedicated support from the Perenna team.

Alan Young, CEO at London & Country Mortgages, expressed his enthusiasm for partnering with Perenna to introduce their long-term fixed-rate proposition. Given the recent interest rate hikes, borrowers are increasingly aware of the volatility of the mortgage market. Perenna’s unique offering, which provides long-term security with just a 5-year tie-in period, will enhance the range of solutions available for customers.

Perenna has also successfully raised over £42m in their latest funding round, led by Silverstripe Investment Management with participation from existing investors. This significant achievement is a testament to the company’s exceptional team. The funds raised will be used to exclusively launch the Perenna mortgage to selected borrowers initially and will later be made available to the wider public.

Perenna’s mortgage product appeals to both first-time buyers and those looking to borrow into retirement, making it an attractive option for a diverse range of borrowers. With their exclusive partnership with London & Country Mortgages and the funds secured through their recent funding round, Perenna is well-positioned to make a significant impact in the mortgage market.

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