Do I need to tell Mortgage co'?

FairyElephant_2

I'm thinking of becoming a mature student next year.

I have a joint mortgage with B/F, which he would unable to pay alone, so I will be relying on savings/student loan/part-time work to pay my share.

We have a fixed rate for the next 5 years, which should take me past the end of my proposed study.

As long as we continue to keep up the payments, so I have to tell the mortgage co' what I am doing? and if so, what difference will it make to them? if we keep up the payments, surely they need never know - or am I breaking some law here?

FE

crazyhazy

I work for a mortgage lender and would say no, you don't have to tell them. What might be worth looking at is contacting them to reduce your payments or take some payment holidays while you are at uni. I'm planning on going back to uni for a year next year and this is an option I am considering.

innovate

You should check whether and what your terms stipulate, to be on the safe side. If uncertain, ask a solicitor, and if still uncertain, I'd ask the lender. You don't want to gamble your house for a silly oversight.