Perenna, who recently submitted its application to the PRA and FCA to become the UK’s first pure covered bond bank, has appointed Dan Pass as chief technology officer.

The mortgage lender intends to use covered bonds matched to mortgages to fund its lending, which it believes will create long term fixed rate mortgages with flexibility for the customer, and stability for borrowers.

Perenna believes the benefit of covered bond funding is that it would deliver high volumes of liquid funding, which allows longer fixed rates without customers being locked in for long periods, and removes liquidity and refinance risk.

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Pass joins the lender from Oplo, where he contributed to building automated and fast decisioning into lending. He has also spent time at as 1st Stop and Betfred.

Arjan Verbeek, chief executive of Perenna, said: “Perenna is going to develop a best in class technology centric lending proposition, putting the customer and their experience of getting a mortgage at the core of delivery.

“Pass joins us with great experience of delivering lending technology as well as significant customer UX experience.”

Pass, added: “I am delighted to have joined Perenna as we embark on our journey to launch a true next generation mortgage bank. Our fixed for life mortgage is truly innovative and empowering for our customers who thought they may never get onto the property ladder.

“Technology has permanently changed customer expectations. The same tech-enabled and simple experiences that are available in many other areas of their lives are critical to our vision.

“We want to bring those curated experiences to the mortgage process and truly change it for the better. The chance the join the truly passionate and driven team who want to make that big difference was an opportunity I could not pass up.”