A new lender has been granted a licence by UK financial regulators to offer mortgages with fixed rates of up to 50 years in a move aimed at helping borrowers manage soaring inflation.
Perenna, a UK-based specialist lender, is initially planning to provide home loans that lock in rates for 30 years, before rolling out products with even longer terms.
Its approval comes as the Bank of England raises interest rates in an attempt to tackle rapid inflation, which has reached a 40-year high of 9.4 per cent in Britain.
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