Perenna secures PRA and FCA authorisation to accept retail deposits

Long-term fixed rate mortgage provider, Perenna, has received authorisation from the PRA and FCA to accept retail deposits.

The approval comes as the lender expands its mortgage proposition to include a range of five to 15-year fixed rate products and seeks to diversify its funding strategy. 

The new regulatory permission enables Perenna to access additional sources of funding alongside its existing £200m warehouse facility with ABN AMRO, which currently supports its long-term fixed rate lending.  

Perenna has also partnered with savings and investment platform, Raisin, to launch its retail savings proposition.

The partnership enables Perenna to offer fixed-term savings accounts with maturities from six months to five years, alongside 95-day notice accounts, to Raisin’s customer base.  

The move complements Perenna’s existing funding arrangements and supports the growth of its new mortgage product range, which launched at the end of 2025.

Colin Bell (pictured), chief operating officer at Perenna, said: “Gaining authorisation for retail deposits is a significant moment for Perenna in our growth and value story, and will enable our continued innovation in the mortgage market. As our products become more diversified in response to market demand, so too must our funding sources.

“Launching a savings proposition is the natural next step for Perenna, and securing regulatory approval to do so is a testament to the quality of the controls, processes and people we have in place within the business. 

“We’re committed to providing innovative products to the market and creating a nation of happy homeowners. Working with Raisin, we can fund access to a broader range mortgage solutions for homeowners, giving borrowers greater financial certainty and helping them navigate the UK’s affordability challenge, through funding from savers.”