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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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Original poster

to think you're not a 'home owner' if you are still paying a mortgage on it

170 replies

pipsqueak25 · 13/02/2017 10:22

prepared to be flamed but over heard a conversation of a loud guy the other day and it really irritated me. the jest being ' got my mortgage last year, £260,000, in my name so she can't get the house [knob], now i can do what i fucking well like with it, gonna knock out the interior and do open up stuff, blah,blah' eh?? so he's splitting with his dp/dh and possibly going to knock half the house down that he does nor own because he's paying a mortgage and the bank owns most of the house ? er, knob, you aren't a home owner until you've paid in full for it !
mainly i felt sorry for the ex, but glad she was going to be rid of him!

OP posts:

MadameCholetsDirtySecret · 13/02/2017 10:24

He is a knob, but mortgage holders are, I suppose, part home owners, if they have equity in the property.

ContraryToPopularBelief · 13/02/2017 10:24

Well these are 2 totally different things. Yes he is a homeowner. The title will be in this name. The bank will have a security over it and would therefore need to be consulted before major structural work takes place.

AgainstTheOddsNo2 · 13/02/2017 10:24

I think on forms you still tick the homeowner box even if it is mortgaged to the hilt ( doesn't stop man being a nob though)

EssieTregowan · 13/02/2017 10:28

Lots of forms have Homeowner (mortgaged) or Homeowner (owned outright).

witsender · 13/02/2017 10:30

He sounds like a nob, but with a mortgage you do own the house. You can do what you want to it as against renting and any increase/decrease in value is yours.

PlayingGrownUp · 13/02/2017 10:31

i work for a mortgage company and my attitude is that the house isn't entirely yours (or mine) until the last payment has been made. Having said that work has made me a cynic.

But any large structural changes often do need to be approved if you have an outstanding mortgage although I don't know of us ever turning one down.

anonbecauseiwanna · 13/02/2017 10:33

Well I have a 55% mortgage and consider myself a homeowner, that's the box I would tick. Never seen a box for 'someone with mortgage'.
That aside, he's a knob.

user1478860582 · 13/02/2017 10:34

So even though we don't know the situation and have merely eavesdropped a conversation we know this guy is a knob?

Trifleorbust · 13/02/2017 10:36

You do own the house. You borrowed money to buy it but you are the legal owner. The property secures the debt.

tinglyfing · 13/02/2017 10:37

How do we know he is a knob?

PurpleDaisies · 13/02/2017 10:38

I think you're being pedantic. Lots of those forms mean you're the person on the deeds rather than mortgage free.

The guy sounds a total areshole though. There are plenty of actual things to be pissed off with him about. I'm not sure his use of "homeowner" is the big issue here.

budgiegirl · 13/02/2017 10:38

But he is the homeowner. He sound like an idiot, but he is the legal homeowner.

EssentialHummus · 13/02/2017 10:40

He doesn't come across well at all in the snippet you heard, but (as a mortgaged homeowner) my attitude is along the lines of "I can do much more than a renter but if I stop paying I'm as fucked".

AllMyBestFriendsAreMetalheads · 13/02/2017 10:42

You're right, but as anon says above, I've never seen a person with a mortgage box.

Some people say that renting is dead money, but so is mortgage interest.

It's not just a national obsession with buying houses, it's a more general change in how we feel about being in debt. It's completely normal now to have credit cards and overdrafts without the feeling of being in debt. I find that some people don't even think of these things as debt.

Also, the size of a mortgage is linked to income, therefore for some people it gets used as a way of showing off about your income, without actually mentioning your salary (because we're still a bit funny about that).

MixedGrill · 13/02/2017 10:45

So if you buy a handbag on your CC are you not a handbag owner?

He has bought the house, but has borrowed the money to do so. The mortgage company have a charge, but the when we buy other things bailiffs can take them away if we don't pay up.

Maybe Any of us in any kind of debt 'own' less than we think.

Also, we don't know his circumstances. Maybe he bought it with his inheritance, maybe they have no kids, are not married and she chooses not to work...

But it is the sort of conversation people who are not married, pay into a mortgage, are not on deeds, and have given up an income to be a SAHP should carry in their heads.

TheElementsSong · 13/02/2017 10:49

£260K mortgage?!

Original poster

pipsqueak25 · 13/02/2017 10:50

it sounded stupid for him to call himself a home owner and doing what he wanted with the house because there is the fact that most mortgages run for many years and it you don't pay, the bank can eventually evict you, so yes like renting and if you can't pay you are fucked as essential pointed out.

OP posts:

BreconBeBuggered · 13/02/2017 10:52

OP does make him sound like a knob. But as he's the one liable for any repairs to the house, he's the homeowner, not the bank.

anonbecauseiwanna · 13/02/2017 10:56

*£260K mortgage?!

^^*

Why so shocked? Mine is £230k, we would have been entitled to £280k and we're not big earners. Not unusual.

FairyDogMother11 · 13/02/2017 10:58

The deeds to my house have mine and my DP's names on them; yes we have a mortgage but I don't think at 22, saving up nearly £20,000 between us to put down a deposit anything to be sniffed at. I do consider that we are homeowners but then I think so do most people who have a mortgage. I only know about three people whose houses are owned outright
So yes he's a nob but YABU to think that you have to own the whole thing outright to consider yourself an owner. I'm hardly going to refer to myself as half a homeowner once we've paid it off, although TECHNICALLY that would be correct

Original poster

pipsqueak25 · 13/02/2017 10:58

'mixed* re buying handbag on cc, if you buy a handbag for £500 on credit card and that is the only charge on your card then you only pay £10 on the cc bill you still owe £480 plus interest, but you don't own the bag until it's paid for in full as you've borrowed the money from the credit card company to pay for it,

OP posts:

DrivingMeBonkers · 13/02/2017 10:59

You overhear one side of a conversation and he's a "knob". She might be the modern-day equivalent of Zsa Zsa Gabor and alway keep the house dahlink! She might be working her way through the entire household cavalry. She might be many things. Or she may not. We will never know. But he's apparently a knob for wanting to keep his assets and do some decorating. Did you manage to earwig her contribution to the relationship to make balanced judgement?

amispartacus · 13/02/2017 10:59

The bank most definitely own my home...

I own more than 60% of it. But they can pull the plug when they want.

PossumInAPearTree · 13/02/2017 11:00

But you can do what you like with a house even if it has a mortgage on it. If I wanted to make my house open plan I wouldn't consult my mortgage company, wouldn't cross my mind that I needed to.

EssentialHummus · 13/02/2017 11:01

theelements I've just totted up what I owe across 2 BTLs, our current home and the one we're buying. Are you ready to fall off your chair?

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