Pay off full mortgage

Say you had a mortgage of £100,000 and you were paying it as normal.
Then you won £250,000 on a scratch card.
it would make sense to stop paying mortgage and just buy it all with a lump sum payment.
but is this possible?  If yes what is the name given to such a event, are their hefty fees etc...

Another question on similars line:
Say instead you won just £50,000 on the scratchcard and your house was £100,000 on shared ownership (75% ownded), is it possible to restructure and refinance so that you completely buy half the house using most of the winnings and then reduce from 75% to 50% ownership and pay rent on the non owned portion.
Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam
Meet your Ambassadors

Categories

  • All Categories
  • 341.7K Banking & Borrowing
  • 249.7K Reduce Debt & Boost Income
  • 449.1K Spending & Discounts
  • 233.8K Work, Benefits & Business
  • 605.9K Mortgages, Homes & Bills
  • 172.3K Life & Family
  • 246.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards