Paradigm has added long-term, fixed-rate mortgage lender, Perenna, to its lender panel.

From today, Paradigm member firms will have access to the bank’s range of long-term mortgages, and its offering of 10- to 40-year, fixed-rate products, with a short Early Repayment Charge (ERC) of just five years.

Products include interest-only and retirement interest-only (RIO) options, as well as Deposit Unlock and Own New schemes for customers looking for a new-build.    

The mortgages come with a number of key criteria including no teaser rates, no rising payments, and no shocks for borrowers.

In addition, borrowers can review or change their mortgage without any charge after five years, there is no maximum age limit, and no Standard Variable Rate (SVR) based stress tests.

Richard Howes, director of mortgages at Paradigm, said: “Opening up as much mortgage product choice to our member firms is of absolute paramount importance for us at Paradigm, and we’re therefore very pleased to be able to bring Perenna on panel today.

“Longer-term, fixed-rate mortgage options can be a viable option for a whole host of mortgage borrowers from first-time buyers to those who need lending into later life and retirement, especially for those who want absolute certainty of payment over a longer period.

“We’ll be working closely with the team at Perenna to introduce them to our member firms and to ensure they are aware of these product options, the criteria and the USPs that come with these mortgages.”

John Davison, head of product, proposition and distribution at Perenna, added: “Our priority is to bring change to the mortgage market and help even more people onto the property ladder by offering access to a wide and flexible range of mortgages.

“Our new partnership with Paradigm helps us get a step closer to achieving this goal, working with and supporting their members in creating a nation of happy homeowners.”