Remember the days of 1471 and the talking clock? If not, then you might be young enough to not really remember a time when, believe it or not, phones were mainly used for making phone calls.

Fast forward to 2020 and the number of things we can do almost instantly using our smartphones beggars belief. Whether ordering a takeaway, watching a funny cat video or getting the latest football transfer news, more and more is quite literally at our fingertips than ever before.

But with something as serious and important as mortgages, surely that same accessibility isn’t feasible?

Well it has not really been to date. But that could be about to change, with more lenders looking to move with the times and develop apps to help borrowers keep tabs on and gain oversight of their mortgages.

With this aim, a new app-based mortgage bank from Perenna is set to soon hit the UK market.

What’s the deal? Well, Perenna is committing to delivering mortgages with up to 95% LTV for later life and first time buyers.

Not only would this mean that only 5% of a property’s value would need to be put down, but Perenna is also offering a 30-year fixed interest rate.

The aim is to provide its customers with long-term peace of mind and offer a genuine alternative to help to buy and low-deposit loans for some buyers. These kind of offerings have been hit hard by the recent pandemic and unfortunate industry flux that’s been subsequently caused.

The Perenna app, as well as sitting neatly on your homescreen, allows users to check in on mortgage applications, payments, interest rates and any rewards they may have gained.

The app is set to launch soon, and whether such a model will work and be more widely adopted remains to be seen.

However, it is interesting that Perenna is committing to such an accessible and consumer-friendly business model, and such an approach could see more lenders seeking to enhance their customer experience with similarly attractive offerings.