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Pay off full mortgage
rafhelp
Posts: 365 Forumite
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.
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