Target Group and Perenna team up to transform the mortgage process

Mortgages Press Releases

We’re delighted to announce that our Mortgage Hub has secured its first client, the fintech mortgage lender, Perenna. The partnership, which is set to launch later this year, will see the Mortgage Hub powering Perenna’s mortgage offering; allowing it to provide decisions-in-principle within 20 seconds.

Perenna will soon launch a range of flexible 30-year long-term fixed rate mortgages in the UK, providing consumers with the option to lock in their mortgage interest rate for several decades. This is set to create significant disruption in the market, as borrowers will no longer have to repeatedly refinance to remain on a competitive mortgage deal. They will also benefit from certainty over their mortgage repayments for the lifetime of their loan. Thanks to its integration with the Mortgage Hub, Perenna will also be able to provide prospective borrowers with a decision-in-principle within seconds, ushering in the next phase in the mortgage application journey.

Leveraging Open Banking and API technology, the Mortgage Hub is making the cumbersome mortgage offer process far more efficient, by eliminating the need for repetitive data entry. Its approach means borrowers can benefit from a decision-in-principle in just seconds. The software launched earlier this year and has the aim of providing agility and increasing accuracy to help improve the user experience.

Stuart Anderson, Chief Commercial Officer at Target Group says:

“Moving house is a priority for many following the pandemic, but for most, the mortgage application process is painful, with the requirement to provide the same information multiple times. Slow decisions are dogged by legacy technology – it’s time that changed.”

Anderson continues:

“Our partnership with Perenna will transform the market for the better, providing speed, flexibility and certainty to both intermediaries and consumers – making the process not only more efficient, but more enjoyable too.”

Colin Bell, Chief Operating Officer at Perenna adds:

“Perenna is bringing flexible long-term fixed rate mortgage to the UK to help create a nation of happy homeowners. Our mortgages offer borrowers better terms than short-term alternatives, which leave them exposed to sudden repayment increases and high refinance costs. Our partnership with the Mortgage Hub marks another exciting landmark in our journey to market and will see us providing customers with near-instant decisions about their borrowing options.”

About Perenna

Perenna is building a mortgage lender with a customer-first mindset. Our ambition is to provide fair and flexible mortgages that meet the needs of borrowers across the UK.

Whether they are first-time buyers, homemovers, want to remortgage or want to borrow in retirement, our mission is to create a nation of happy homeowners by making mortgages more accessible through innovation. Where everyone who can afford a home can get one and where borrowers never have to worry about refinancing or interest rates rising ever again.

The Mortgage Hub Highly Commended in Mortgage Finance Gazette Awards

Mortgages Press Releases

We are proud to announce that Target’s Mortgage Hub has been given the accolade of Highly Commended in the Innovation Award for Technology Providers in the 2021 Mortgage Finance Gazette Awards!

These annual awards celebrate the best of the industry, and are a showcase for all the latest technological innovations shaping mortgages today.

In a virtual awards ceremony held on 18th November 2020, the winners and runners up were announced, highlighting the real breadth and depth of innovation in the marketplace, and giving a glimpse into the future of mortgages.

About the Mortgage Hub

The Mortgage Hub is a fundamental rethink of a process that has remained pretty much unchanged since the 1930s. This is the first mortgage platform to have been designed around the people, not the process. It’s centrally focused on customer experience, with technology as an enabler.

Simply put, The Mortgage Hub is unique. Its combination of broker CRM integration, customer portal and broker management system, all driven by Open Banking integrations, makes it the must-have tool. While other platforms have treated old processes with “digital lipstick”, The Mortgage Hub is truly accelerating much needed change in a complex and outdated environment. It’s customer-centric, designed by behavioural scientists and driven by UX and CX, making it intuitive to use.

We haven’t developed The Hub alone. We’ve brought consumers, brokers and lenders with us throughout design, development and testing, rather than making assumptions based on what’s happened in the past.

And you can see the rest of the award winners Mortgage Finance Gazette.

Target Group hires mortgage expert Katie Pender to drive disruption in mortgage market CX

Mortgages Press Releases

Target Group, the financial services outsourcing and software provider, has today announced the appointment of Katie Pender as its new Senior Solutions Lead. Reporting into Chief Commercial Officer, Stuart Anderson, Pender will be responsible for applying her experience and Target’s technical, operational and digital capabilities to drive disruption and innovation in the mortgage market, focusing primarily on enhancing customer experience.

Previously Head of Mortgage Operations at Capita and responsible for service and product development at Computershare, Pender has a wealth of mortgage market and outsourcing experience. A great deal of her work over the past decade has focused on establishing new entrants in the mortgage market, and she hopes to bring this unique perspective to Target Group.

Katie Pender, Senior Solutions Lead at Target Group says:

“I’ve worked in the industry for 15 years and have followed the developments at Target Group. Even from a distance it has been clear the company is growing and diversifying its client base in a period when other providers are doing the opposite. The appointments of my former colleagues Marcella Rich and Stuart Anderson to senior roles also signified to me the strength of the leadership team at Target Group and so now the opportunity has arisen to join the company, I’m pleased to say I’ve jumped at the chance.”

Pender continues:

“I am a firm believer that disruption will occur in every industry and my new role at Target provides me with an excellent opportunity to drive that disruption in the mortgage industry. Target has ambitious plans to introduce a new offering to the market by leveraging its technical, digital and operational capabilities and I want to be at the forefront of that.

Pender concludes:

“For too long the mortgage transaction has remained unchanged and behind the times. Whilst technology has enabled some parts of the process to become slightly more efficient the experience for both the broker and customer remains largely the same as it has been for decades. Our challenge is to take the mortgage customer experience into the future and Target is the right place for me to address that challenge. I’m looking forward to getting started.”

Stuart Anderson, Chief Commercial Leader at Target Group says:

“We are delighted to welcome Katie on board at Target Group as she brings a huge amount of knowledge and expertise that will help enhance the experience we offer to clients. We have ambitious plans for the mortgage market and the business will benefit greatly from having someone of Katie’s calibre spearheading activity. I look forward to working closely with Katie again to drive innovation in the market and deliver new solutions for our clients.”

Katie Pender, Senior Solutions Lead