Perenna Bank PLC

What Perenna Bank PLC does

Perenna Bank PLC is a UK challenger bank operating as a specialist mortgage lender. Founded in 2018 and headquartered in London (with a secondary office in Newcastle), the company is authorised by the Prudential Regulation Authority and regulated by the FCA and PRA under registration number 956138. Its core proposition is long-term fixed-rate mortgage products spanning 5, 7, 10, 15, and up to 40-year terms, complemented by Retirement Interest-Only (RIO) mortgages for later-life borrowers. Differentiating product features include no maximum age caps, up to 95% LTV lending, 6x income multiples, a 10% annual overpayment allowance, portable mortgages, flexible early repayment charges (no ERC on sale or move with own funds), and a defined Perenna Reversion Rate (PRR) of 7.25% that applies after the fixed period. The company also offers deposit savings accounts and FSCS-protected deposits up to £85,000.

Distribution is conducted exclusively through a closed panel of FCA-authorised mortgage intermediaries — broker networks, Mortgage Clubs, and AR firms — with formal partnerships including PRIMIS and Mortgage Advice Bureau. Perenna operates a proprietary Intermediary Portal for case submission and tracking, supported by a national Business Development Team and a dedicated Intermediary Support Team. The company does not lend directly to consumers. Revenue mechanics comprise interest on the mortgage book, product/origination fees (addable to the loan up to 95% LTV), procurement fees paid to brokers at completion, trail commission on the fixed-for-life product after year three, and net interest margin on deposit accounts. Average application-to-offer time is reported at 9.9 working days.

Perenna serves a horizontally segmented UK retail customer base spanning first-time buyers, home movers, remortgagors, retirees and later-life borrowers, and Skilled Worker visa holders. The company has raised approximately £74m ($92m) across three funding rounds (January 2021 Series 1; August 2022 and September 2023 Series 2, both led by IAG Silverstripe). It employs 51-100 staff and competes within a UK challenger bank landscape of roughly 80 profiled entities. Operational technology integrates open banking (Credit Kudos) and the three main UK credit reference agencies for affordability and credit checks; no proprietary AI/ML underwriting stack is disclosed. Recognition includes consecutive Best Remortgage Lender wins at the Personal Finance Awards (2024, 2025), Innovation of the Year at the British Bank Awards 2025, and Best Newcomer / Best Relationship Management at the Smart Money People Awards 2026.

Name

Perenna Bank PLC

Legal name

Perenna Bank PLC

Website

https://perenna.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Perenna Bank PLC is a UK challenger bank offering long-term fixed-rate mortgages (5 to 40 years) and Retirement Interest-Only products, distributed exclusively through FCA-authorised mortgage brokers to first-time buyers, remortgagors, retirees, and Skilled Worker visa holders.

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221), Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Mortgage Bankers & Loan Correspondents (6162), Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Agency (GSE) Multifamily Lending (FSALADAD)

Keywords

• Long-term fixed-rate mortgages
• Retirement interest-only mortgages
• UK challenger bank
• High-LTV mortgage lending
• Intermediary mortgage distribution

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Mortgage lending interest: Perenna Bank PLC generates revenue primarily through interest charged on its long-term fixed-rate mortgage products. Mortgages are available in 5, 7, 10, 15, and up to 40-year fixed terms, with borrowers making monthly payments over the life of the loan.
2. Mortgage origination fees: Perenna charges product fees on mortgage products, which can be added to the loan provided the total LTV does not exceed 95% and the loan remains affordable.
3. Procurement fees to brokers and distribution partners: Perenna pays procurement fees to distribution partners and brokers at point of completion. Trail commission is also offered on the fixed-for-life product after the third year of the mortgage upon completion of an online customer review.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels9 records

Core offering

Perenna Bank PLC is a UK challenger bank offering long-term fixed-rate residential mortgages (with terms of 5, 7, 10, 15, and up to 40 years) and Retirement Interest-Only (RIO) mortgages. The company also accepts deposit savings accounts. All mortgage products are distributed exclusively through FCA-authorised mortgage brokers and intermediary networks, with no direct-to-consumer lending channel.

Product overview

Perenna Bank PLC operates as a UK mortgage bank offering a portfolio of long-term fixed-rate mortgage products distributed exclusively through FCA-authorised mortgage brokers. The core product line includes Flexible Fixed-Rate Mortgages spanning 5 to 40-year terms (5, 7, 10, 15, and 40-year options), alongside Retirement Interest-Only (RIO) Mortgages for later-life borrowers. After the fixed-rate period, mortgages transition to the Perenna Reversion Rate (PRR). Key product features include borrowing up to 6x income at 95% LTV, no maximum age limits, 10% annual overpayment allowances without early repayment charges when selling or moving, and flexible criteria supporting self-employed, retired, and Skilled Worker applicants. The company also offers deposit savings accounts. Broker services are supported through an Intermediary Portal for application submission and tracking, while individual customers access account management through Perenna's Customer Portal.

Differentiator

Problem solved

Functional benefit

Products and services

• Flexible Fixed-Rate Mortgages Long-term fixed-rate residential mortgages offered across 5, 7, 10, 15, and 40-year fixed terms with fixed monthly payments throughout the term, followed by the Perenna Reversion Rate (PRR). Features include up to 6x income at 95% LTV, no maximum age limits, 10% annual overpayment allowance, flexible early repayment charges, and portable products. Available through FCA-authorised mortgage brokers only.
• 5-Year Fixed Rate Mortgage A 5-year fixed rate mortgage that transitions to the Perenna Reversion Rate (PRR) after the fixed period. Features include rates from 4.68%, 10% annual overpayment allowance, and flexible early repayment charges. Available up to 6x income at 95% LTV with no maximum age (subject to criteria).
• 7, 10, and 15-Year Fixed Rate Mortgage Range Medium-to-long term fixed-rate mortgages (7, 10, and 15-year options) offering payment certainty and stability for the full term. Features include no ERCs when clients sell or move, 10% annual overpayment allowance during the fixed period, up to 6x income at 95% LTV, and no maximum age limits.
• 40-Year Fixed Rate Mortgage An ultra-long-term 40-year fixed rate mortgage offering the longest possible payment certainty, designed for borrowers seeking extended repayment periods and maximum long-term stability.
• Retirement Interest-Only (RIO) Mortgages A mortgage product for older borrowers where clients pay only interest each month, keeping monthly costs low. The loan is repaid when the home is sold, the client moves into care, or passes away. Designed for retirees and later-life borrowers with no maximum age limits at application or end of term.
• Deposit Accounts Savings deposit accounts offered by Perenna Bank PLC to UK depositors. Eligible deposits are protected by the FSCS up to £85,000 per depositor.

Quantifiable outcome

• Up to 6x income multiple at 95% LTV, enabling higher borrowing for customers with smaller deposits
• +4 more outcomes

Named customers4 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• PRIMIScoreChannel Partner/ Reseller/ DistributorPRIMIS, a mortgage network, joined Perenna's broker panel, enabling brokers within the PRIMIS network to access and offer Perenna's full suite of long-term fixed-rate mortgages including the new 7, 10, and 15-year products.
• Mortgage Advice Bureau (MAB)coreChannel Partner/ Reseller/ DistributorPerenna participated in the MAB Conference 2025 (27th November, ICC Birmingham) marking 25 years of Mortgage Advice Bureau. Perenna showcased its 7-15 year fixed-rate mortgage products to advisers, business owners, and introducers.
• Lender ExchangeminorImplementation/ SI/ Consulting PartnerLender Exchange manages Perenna's Solicitor Panel, including panel applications, registrations, and compliance checks for conveyancing firms. The panel is currently managed by Lender Exchange and is closed to new firm applications.
• Octopus EnergyminorStrategic or Co-development PartnerPerenna partnered with Octopus Energy to make sustainable homes more accessible and affordable. This partnership supports sustainable homeownership and aligns with Perenna's sustainability commitments.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Atom Bank: UK challenger bank offering residential mortgages and savings via mobile app, focused on fixed-rate products and intermediated distribution. Most directly comparable challenger bank competitor to Perenna in the UK specialist mortgage space.
• Kensington Mortgages: UK specialist mortgage lender known for serving borrowers who don't fit high-street criteria, including self-employed and higher-LTV customers. Closely mirrors Perenna's specialist, high-LTV, complex-borrower positioning.
• Metro Bank: UK challenger bank offering residential mortgages, current accounts, and savings through both direct and intermediary channels. Comparable as a UK-licensed challenger bank with a mortgage product set distributed via brokers.
• Accord Mortgages: UK intermediary-only mortgage lender (subsidiary of Yorkshire Building Society) specialising in fixed-rate products distributed through brokers. Directly comparable in distribution model and product architecture to Perenna.
• Precise Mortgages: UK specialist residential mortgage lender (now part of Charter Savings Bank) focused on complex borrower cases including self-employed and high-LTV. Closely comparable specialist positioning and broker-only distribution.

Emerging players

• Habito: UK online mortgage broker and fintech that has also launched specialist mortgage products. Comparable as a digital-first UK mortgage intermediary with overlap in the underserved-borrower thesis Perenna pursues.

Broad incumbents

• Aldermore Bank: UK challenger bank with specialist mortgage, savings, and SME lending franchises. Comparable as a UK specialist lender serving borrowers outside high-street criteria, though with a broader product portfolio than Perenna.
• Skipton Building Society: UK's largest building society, offering a wide range of residential mortgages including later-life and high-LTV products. Comparable as a UK mortgage incumbent serving similar borrower segments, though at much greater scale.
• Coventry Building Society: UK building society offering fixed-rate residential mortgages and savings, including specialist later-life products. Comparable as a UK mutual lender with strong fixed-rate mortgage franchise and similar customer profiles.
• Yorkshire Building Society: UK building society offering residential mortgages, savings, and other financial products, with a substantial intermediary mortgage book. Comparable as a UK mortgage lender with broad product set including later-life and fixed-rate offerings.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/PerennaMortgage
• Facebookfacebook.com/perennamortgage
• LinkedInuk.linkedin.com/company/perenna
• Instagraminstagram.com/perenna_mortgage

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds3 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Perenna Bank PLC