Perenna, the innovative mortgage lender, has just announced big cuts to its interest rates – meaning cheaper borrowing for you.

The biggest winners are those looking at Retirement Interest-Only (RIO) mortgages. These specialist products, designed for older borrowers, have plummeted by up to 0.47% – that’s nearly half a percent! That means a 60% LTV RIO mortgage with Perenna now starts at a tempting 5.43%, with a fee of £1,999.

And it’s not just RIOs getting cheaper. Here’s a breakdown of the new rates:

• RIO Mortgages: From 5.43% (down 0.47%) at 60% LTV, £1,999 fee
• RIO Remortgages: From 5.56% (down 0.27%) at 60% LTV, £1,999 fee
• Standard Purchases: From 5.43% (down 0.21%) at 60% LTV, £1,999 fee
• Standard Remortgages: From 5.55% (down 0.16%) at 60% LTV, £1,999 fee

Colin Bell, Perenna’s top boss, said the company wanted to “help even more borrowers” with these cuts, whether they’re buying their dream home or navigating the mortgage market in retirement.