Target Group signed a deal with fintech mortgage lender Perenna which will become the first client of its Mortgage Hub.
The partnership, which is set to launch later this year, will see the Mortgage Hub powering Perenna’s mortgage offering and allowing the lender to provide decisions-in-principle within 20 seconds.
Perenna is set to launch a range of 30-year long-term fixed rate mortgages, providing consumers with the option to lock in their mortgage interest rate for several decades.
Stuart Anderson, chief commercial officer, at Target Group, said: “Moving house is a priority for many following the pandemic, but for most, the mortgage application process is painful, with the requirement to provide the same information multiple times. Slow decisions are dogged by legacy technology – it’s time that changed.
“Our partnership with Perenna will transform the market for the better, providing speed, flexibility and certainty to both intermediaries and consumers – making the process not only more efficient, but more enjoyable too.”
Colin Bell, chief operating officer at Perenna, added: “Perenna is bringing flexible long-term fixed rate mortgage to the UK to help create a nation of happy homeowners.
“Our mortgages offer borrowers better terms than short-term alternatives, which leave them exposed to sudden repayment increases and high refinance costs. Our partnership with the Mortgage Hub marks another exciting landmark in our journey to market and will see us providing customers with near-instant decisions about their borrowing options.