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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
ProfessionalPirate · 13/02/2017 11:02

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 it really isn't like renting, he does legally own the house. As pp said, the mortgage is similar to having a debt secured against the house.

The guy is still definately a knob though.

Original poster
pipsqueak25 · 13/02/2017 11:03

fairy you are an actual home buyer and that is great at your ages, you should feel really proud of yourselves for saving up all that money, well done ! just need to motivate my dc now a bit more, what's your secret ? Smile seriously i really would like to know, did you save each month ? inheritance? extra work ?

OP posts:
Trills · 13/02/2017 11:03

YABU.

Language is for communication. Most people in the UK would expect "homeowner" to include those with a mortgage.

If you said "X is not a homeowner" because they have a mortgage, you would not be communicating effectively.

YWNBU to say that this man was being a bit of a dick, but he's perfectly entitled to refer to himself as a homeowner.

EssentialHummus · 13/02/2017 11:03

The other thing, from an economic point of view, is that (looking at BTLs/houses you mean to sell eventually) if I own less of the house outright my initial outlay is lower but my return each month and percentage of growth over time is higher relative to what I put in.

KondosSecretJunkRoom · 13/02/2017 11:06

So the next time I am accosted at the front door by yet another salesman looking for the homeowner, I should just point them in the direction of the bank? Yeah, o.k. fair enough YANBU, that works for me.

Dagnabit · 13/02/2017 11:07

He is a home owner - a mortgage is a home loan so he has effectively borrowed money from the bank to pay for it. If he fails to repay then they repossess...he owns it currently. If you borrow money on a credit card to buy a tv, the credit card company doesn't own the tv, you do.
That said, he sounds like a tit, showing off to whoever he was talking to.

FairyDogMother11 · 13/02/2017 11:08

Thank you, we still can't believe we've done it even after a year Grin Haha it was a lot of hard work, I was at uni but lived at home so I could commute and work to save money, and he did, and still does, 12 hour shifts often 5-6 days a week. I worked evenings and weekends the whole time I was at uni and saved and saved and saved. We didn't go out much for the best part of 2.5years but it was totally, totally worth it Smile

Original poster
pipsqueak25 · 13/02/2017 11:08

driving because his mate then said "well rid of her mate" didn't sound like happy families to me because knob carried on slagging of her, but that's neither here or there,

OP posts:
Original poster
pipsqueak25 · 13/02/2017 11:11

fairy you an your dp are amazing, i have a 22dd and she wants to move out but doesn't get the saving bit Grin now we've spoken i'll tell her about you and show her it can be done, totally amazing and full respects to you both [thumbs up] Smile

OP posts:
KoalaDownUnder · 13/02/2017 11:12

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

Correct.

FairyDogMother11 · 13/02/2017 11:16

Thank you very much! Yes it's the saving bit that's important Grin I had an ISA for my house savings which was really helpful. I was very careful to budget so I did still buy everything I needed and I did go on holidays while I was saving as well. That obviously meant it took a bit longer. On the other hand I'd rather go on a holiday than a night out, so I didn't mind foregoing a few nights out to fund it. Some of my friends spend £50 - £100 a week on nights out and I just think how much they could save if they didn't Grin

Original poster
pipsqueak25 · 13/02/2017 11:20

it's the figure of speech i was commenting on koala, everyone has a different view point on the matter, so as a result you aren't 'correct' and neither am i,

OP posts:
allchattedout · 13/02/2017 11:21

Yes, he is an owner. A mortgage is a legal charge secured against the house. The bank can only take possession with an order from the court and on proof of non-payment of the debt. The bank does not 'own' the house and you ARE a homeowner regardless of how heavily it is mortgaged. The same applies for the handbag scenario. You are the owner of the bag. You borrowed money to buy it but that is separate from the goods you buy with the money. Even more so than the mortgage because the mortgage is secured and a credit card is not. If you do not pay your credit card, the credit card company cannot at any point claim title to the handbag.

So in short, YABU.

TheNaze73 · 13/02/2017 11:21

I do think Koala is correct OP as well.

MagicMoments22 · 13/02/2017 11:21

You are a home owner - you just owe the bank money and the property is collateral

ShelaghTurner · 13/02/2017 11:22

I think you sound a bit ridiculous. You heard a snippet of conversation, that's all. If two women had been quietly having the same sort of conversation on the bus you wouldn't have thought anything of it.

WorraLiberty · 13/02/2017 11:23

For all you know, his ex could have been a complete and utter cunt

And he could be well rid of her Confused

Or does the fact he owns a penis as well as his own home, mean you're automatically on his ex's side?

allchattedout · 13/02/2017 11:24

fairy you are an actual home buyer and that is great at your ages

So, fairy is an 'actual home buyer' but has a mortgage, but this guy is not? How does that work?

Oliversmumsarmy · 13/02/2017 11:24

We all went to the cinema last night. I paid by credit card. Didn't stop me seeing the film because I hadn't paid for it.

Original poster
pipsqueak25 · 13/02/2017 11:25

fairy i'm thinking may be suggest once she has cleared some bills, to put that saved money to one side for starters, once she gets going i think she'll be more motivated, it is the little things that all add up. nights out ? yeah, there's a massive saving, she goes to A LOT of rock concerts, save your ears dd1 and some money Grin
big thank you for you advice, am signing out now and will talk with her later about it.

OP posts:
user1478860582 · 13/02/2017 11:25

The amount of posts saying that a woman would be well rid of a guy on MN to huge acclaim is astounding. But because you overheard a bloke saying it he's a knob?

Oliversmumsarmy · 13/02/2017 11:27

Well done fairy. We did similar but got told we were wasting our lives in the pursuit of getting on the housing ladder

ratspeaker · 13/02/2017 11:31

Yeh technically he is the house owner but with a huge debt secured on it.
If he defaults on payments the mortgage company can take the house and if its negative equity he will still owe them.

As for doing what he likes with it, I dont know the position in England but here in Edinburgh you need planning permission or at least building control involement to carry out internal and some external works.
We had to get planning approval for external vents for cooker hood and boiler flue.
Right enough our home is a listed building so we even had to get approval to change the windows- had to wooden be sash and case. Ive heard of the council serving notice on people to change windows . We had to submit pictures of the old windows, show what we intended to fit.
Had to submit architects drawings of kitchen showing where we were moving sinks and pipework. Had to leave the floor up until drainage was inspected. ( try keeping a curious cat out of that)

limitedperiodonly · 13/02/2017 11:34

You sound even more invested in this matter than he is to his mortgage lender

user1477282676 · 13/02/2017 11:37

I've always said the same as you OP. Until it's paid off, it's not yours.

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