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Mortgage to pay legal fees?

(4 Posts)
shakti Mon 19-Sep-11 10:59:33

A friend of mine, after a long and painful divorce, has £70K legal fees to pay. Her only income is spousal maintenance (£1500 per month approx) but she owns a house worth about £280K outright.

Can she get a mortgage to pay off the debt based on her maintenance income? Where do we look for good advice?

Any suggestions very gratefully received.

CogitoErgoSometimes Mon 19-Sep-11 12:41:28

She can remortgage her home and raise the cash. I'd suggest looking for an independent mortgage broker to find the best deal and to give her advice.

Gonzo33 Mon 19-Sep-11 12:43:21

Is the award for life? If it isn't I doubt very much your friend would be able to gain a mortgage that way.

If it is it may be possible, however I have never ever heard of anyone making an application under those circumstances. Although I understand that the John Charcol Advisor's have products available under these circumstances, so it might be worth giving them a call (should say I have nothing to do with John Charcol's company).

shakti Mon 19-Sep-11 13:47:22

Thank you I will pass contact on. The award is for life, although will decrease over the next ten years when she will draw her pension at 55 (this will give an income of about £14K pa)

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