Do I need to get a buy-to-let mortgage?

littleayesha

Hi All,

I live in a "share of freehold" flat with a mortgage in my sisters name. The original mortgage agreement was with both of us. We remortgaged some years ago as it was cheaper for her to be the sole person on the mortgage (I was a student at the time).

She subsequently moved out and I have remained at the property since. When my sister moved out we did not inform the lender. I have been paying the mortgage during this time.

We are now in a position to fully pay the mortgage and intend to do so. My questions are
1) Should I have informed the mortgage company of this arrangement?
2) What will happen if I now inform the mortgage company of this arrangement? Will I be penalised / fined?
3) What are the consequences of not informing the mortgage company

Many Thanks

Jenniefour

Why do you think you need to tell them what the arrangement has been between you and your sister, given that the mortgage is now going to be paid off in full? I can't see any benefit to anyone by going into what you might/should have done differently. The lender will be happy that the mortgage payments have been made and they are now getting their money back.

I'm not sure what your thinking is about your question on buy-to-let mortgage, and how that fits with the contents of your post.