Need advice on either re-mortgage on own or new mortgage re divorce

soontobedivorced

Hi All,

This is my first post on this site although I have been reading for a long time. I am getting divorced after 6 years seperation and I have been to mediation with my ex and finally agreed a figure to buy him out. The current mortgage is £92,500 and I need to raise the mortgage to approx £110,000. I don't think on my current salary I would be given that amount, however when speaking to a financial advisor a few years ago he advised a self certificated mortgage (I think). I also get maintenance payments plus tax credits.

Should I approach the Abbey and be honest with them and see if they will increase the amount knowing I would be on the mortgage on my own rather than joint (I have been paying the mortgage for the last 6 years which my ex has acknowledged), or should I go for a self certificated one? I am wary of approaching the Abbey incase this ruins my chance of getting a self certificated one.

Also, we have an endowment that is not performing this has been running since 1995. I have asked for a surrender value off Phoenix and they have quoted just under £11,000 but have given me a number where we might get more, any advice on this?

Thank you in advance for any advice.

beecher2

Yes, be honest - there's no way of lying when it comes to mortgages. The market's changed and self certification is longer an option for you. What's your salary? I'd advise going to a mortgage adviser - hopefully a different one from the one who advised you to lie.