Does mortgage company need to be informed?

[informedisgood]

Without going into all the details I own 95% of a house, my brother owns 5%. House is mortgaged in joint names (small mortgage in relation to the house value). I pay it and always have.
Brother offered to give me his 5% so house will belong to me and be totally in my name. Does the mortgage company need to be informed? (Brother not worried about any financial effects of still being on mortgage as he will not be looking for new mortgage/loans in the future).

he can gift you the 5% no probs but he will still be liable while he is still on the mortgage - mortgage co wont care whos names the deeds are in

The mortgage company may well care what names are on the deeds. They may not be too keen on having a mortgage secured against a property when one of the borrowers doesn't own the property. You need to tell them.

@prh47bridge Thank you. Your advice was correct!