Why you’re stuck
Preferred Mortgages operates in, services or is associated with closed‑book mortgage portfolios that typically do not offer new products or further advances. The practical route is to switch to an active lender.
Your switch options
- MAA (Modified Affordability Assessment): like‑for‑like balance; based on payment history; new deal must be cheaper.
- RIO (55+): later‑life interest‑only; affordability and LTV still apply.
Quick eligibility check
- Up‑to‑date on payments (last 12–24 months)
- No extra borrowing under MAA (like‑for‑like)
- Not moving home
- Lower LTVs help (e.g., ≤ 60%)
- Ages 55+ may fit RIO route
What we’ll need
- Latest mortgage statement + 12m payment history
- 3–6m bank statements
- Pension/income evidence
- Photo ID + proof of address
Useful specifics
- Preferred Mortgages is a legacy brand with loans now serviced by third parties; new products are typically unavailable.
- We target active lenders that apply MAA where criteria fit; otherwise we look at standard or RIO routes.
- We’re independent and not affiliated with Preferred Mortgages.
FAQ’s
What if I had a previous payment blip?
Recent clean history is key; we’ll check lender tolerance and alternatives.
Can I fix without early repayment charges?
Product features vary — we’ll present options with/without ERCs where available.
Will my rate definitely be lower?
MAA requires the new deal to be more affordable; we only propose options that meet that test.
Get your free eligibility check
Compliance
- No advice implied until a suitability assessment is completed.
- MAA availability and lender participation vary over time.
- Your home may be repossessed if you do not keep up repayments on your mortgage.
- Brand names used for context only; no affiliation implied.