Last month we used a relatively new lender for the first time. After 14 years advising, it is not often I get to say I have used a lender for the first time so I thought I would make a post about it.
We had a client who had recently got divorced. He wanted to try and stay in the same area for his kids, so his priority was trying to get as large a mortgage as possible.
We did our research to find the lenders who could lend the most and this is where Perenna came in. I am always a little dubious when it comes to new lenders and their promises – it is not uncommon for lenders to promise the earth and then fail to deliver.
Obviously with rates going up all the time, I was VERY reluctant to use them as it would have meant if they did not deliver, by the time we waited for the outcome rates would have gone up elsewhere.
Perenna account manager
I contacted Perenna and it turns out our account manager is a lady I have known for many years and trust completely! We talked through the case and she told me there would be no problems.
There are not many people I trust this much so if someone I trust is 100% confident, that makes me 100% confident… maybe 99%.
The application went in, it was reviewed the very next day. They came back and asked for a document my account manager said we would need (it had been requested but we submitted the application without it due to the rates about to be pulled later on that day).
Thanks to our account manager, we were able to get it ordered the day before the underwriter requested it.
The Perenna mortgage application
I really cant fault them! The application was looked at ridiculously quick! Faster than high street lenders. The document requirements were in line with what was expected and were reviewed without making a meal of everything. They picked up the phone to ask a question which we answered.
Within 24 hours of the final document being provided we had the valuation instructed
Within 24 hours of the valuation being returned we had a Mortgage offer.
I am not really sure what to say.
Application reviewed within 24 hours at various points consistently quick service.
Top notch BDM who knows her stuff.
Their online application form was “unique” but decent. It took a little getting used to, but I would not say it was bad. A lot of lenders use the same systems but with their own questions/branding so there is some familiarity, this was a new system but it worked and now I know a couple of the quirks I will probably fire through it a little quicker in future.
I dont think we will be using them regularly. They have a limited number of products (or at least did when we used them – although that could have been due to the market at the time). Also their selling point and our target market do not overlap much.
However, I think for applicants who are looking for an income stretch, they are a good shout and were actually better than the other lender I was originally leaning towards! I am definitely a fan and would have no issues recommending them in future.