Target Group, the FCA regulated business processing and software provider, announced today that fintech mortgage lender Perenna has become the first customer of its mortgage hub.
With the partnership due to begin later this year, the Mortgage Hub will support Perenna’s mortgage offering. This means that fundamental decisions can be made within 20 seconds.
Perenna is about to launch a range of flexible 30 year long term fixed rate mortgages in the UK that will give consumers the option to set their mortgage rate for several decades. This will cause significant market disruption as borrowers will no longer have to repeatedly refinance in order to maintain a competitive mortgage business. You also benefit from the certainty that your mortgage will be repaid during the life of your loan. Thanks to the integration into the Mortgage Hub, Perenna can make a fundamental decision to potential borrowers within seconds and thus initiate the next phase of the mortgage application journey.
The Mortgage Hub uses Open Banking and API technology and makes the cumbersome process of offering a mortgage far more efficient as it eliminates the need for repeated data entry. With this approach, borrowers can benefit from a fundamental decision in a matter of seconds. The software was launched earlier this year and aims to provide flexibility and accuracy to improve the user experience.
Stuart Anderson, Chief Commercial Officer at Target Group, commented, “Moving is a post-pandemic priority for many, but the mortgage application process is painful for most as the same information has to be provided multiple times. Slow decisions are haunted by legacy technologies – it’s time to change.
“Our partnership with Perenna will change the market for the better, providing both intermediaries and consumers with speed, flexibility and security. This will not only make the process more efficient but also more enjoyable.”
Colin Bell, Perenna’s Chief Operating Officer, added, “Perenna is bringing flexible long-term fixed rate mortgages to the UK to create a happier homeowner nation. Our mortgages offer borrowers better terms than short-term alternatives, exposing them to sudden repayment increases and high refinancing costs. Our partnership with the Mortgage Hub marks another exciting milestone on our way to market and will enable us to provide our clients with near-instantaneous decisions about their loan options.