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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Do you think your mortgage is a debt

114 replies

HaudYerWheeshtBawbag · 18/05/2018 23:27

I don’t...

I think of it as an investment & not a debt that I would say in terms of a credit card etc...( I/We dot have one)

WDYT?

OP posts:
maddening · 18/05/2018 23:29

It is a secured debt.

malmi · 18/05/2018 23:31

The house purchase is the investment. The mortgage is the debt you have taken on to fund the investment.

SuperLoudPoppingAction · 18/05/2018 23:33

Yes I see it as a debt.
I pay interest on it.
The quicker I pay it off the less I will pay.
That's like any debt surely.

ReanimatedMuse · 18/05/2018 23:34

Not in real terms no.

Of course it's money I owe but given that prices rise year on year i make more than I pay in interest.

megletthesecond · 18/05/2018 23:34

Yes.
I'm overpaying and want it gone as soon as I can (9yrs hopefully).

BackforGood · 18/05/2018 23:35

Well, it is a debt, as it is what you have borrowed, and therefore owe, in order to buy the house, which, in itself will become an asset over time.
It's not a bad debt to have.
It is also a secured debt, which makes it a vey different kind of debt from a loan for a holiday, or a credit card etc.
In most cases, it also saves you paying a similar amount (or often more) in rent each month, so the 'debt' can, in most people's minds, be balanced by that 'saving'.

Fatted · 18/05/2018 23:37

Of course it's a debt. It's just a secured debt.

I do think it's funny when people say they have no debts but a £200k mortgage.

Wanderwall · 18/05/2018 23:39

I said the same thing on that other thread.

Technically it's a debt. But, over the long term, it works in your favour. Like an investment.

Inflation erodes it. And rising house prices offset it.

Colonelpopcorn · 18/05/2018 23:40

Yes I see it as a debt.
But like df has always said, debts aren’t necessarily a bad thing, providing they are affordable.
For us, our mortgage is reasonably manageable.

Copperbonnet · 18/05/2018 23:40

Of course it’s a debt.

MrsElla · 18/05/2018 23:42

Of course its debt and there's nothing secure about it either. Makes me laugh when people buy a house and assume they own it when there's a massive mortgage attached to it which makes it property of the mortgage lender not whoever "bought" it with money they don't even have

Tulip7 · 18/05/2018 23:42

Hmm, I don't really consider it a debt in the same ilk as credit cards/loans etc.. Mortgage/rent is something I've come to terms with that I'm going to have to pay monthly for the remainder of my life (boo!) So I don't really worry about it too much.

FittonTower · 18/05/2018 23:44

Yes it's a debt, but it's cheaper than renting and it's worth it. I love my little house, its mine and it maybe small but its lovely. And the payments are small too.

40isnew50 · 18/05/2018 23:45

A debt. A weight around your neck that weighs you down and ties you down. Even when it is paid off, the interest you will have paid would have bought you a mansion. If I had my time again I would rent. And I do mortgages for a living!

OverTheMountain42 · 18/05/2018 23:47

It is a debt, it's a priority debt too.

You don't own the house until all the monies borrowed is payed back, plus the interest. The bank will reposses the house if you don't pay on the terms agreed, therefore it's a debt.

HicDraconis · 18/05/2018 23:48

It’s a debt. Secured on the house, which gives us lower interest rates than unsecured debt, but means that if ever we can’t make the payments, we lose the house.

The house is the investment side (hopefully appreciating in value) but I’ll be really pleased when the mortgage is paid off.

blue25 · 18/05/2018 23:50

It is a debt of sorts, but in my view a good debt. Certainly beats paying rent for life. Our 'debt' is paid off aged 50 & then (if all goes to plan) no more debt, rent or mortgage payments again.

Whatthefoxgoingon · 18/05/2018 23:50

Yes it’s a debt, but one worth having.

I don’t think the interest would you buy you a mansion unless you had a huge mortgage for a very long time on a high interest rate (and your mansion was in the middle of nowhere!)

DuchyDuke · 18/05/2018 23:52

Mortgages are low to medium risk long term investment.

PurpleTigerLove · 18/05/2018 23:56

Of course it’s a debt . You can’t say you don’t have any debt but have a mortgage. A mortgage is a debt

AjasLipstick · 18/05/2018 23:57

It is a debt but the gravity of the debt varies from person to person. In the case of a 23 year old with a new mortgage and a secure, well paid job, then it's a "good" debt.

If a person were to get a mortgage aged 45 with a mediocre or insecure job, then that would be a bad debt.

angelikacpickles · 18/05/2018 23:59

Yes, I do think of it as a debt because it is one.

Teacuphiccup · 18/05/2018 23:59

It’s a debt.

I hate having a mortgage and am paying it as fast as I can.

PurpleTigerLove · 19/05/2018 00:00

I don’t agree with the good debt and bad debt analogy. Debt is debt regardless of being able to pay it or not .

Tattybear16 · 19/05/2018 00:01

It’s a debt, the house isn’t mine it’s the banks until the mortgage loan is all paid off that has been secured against it.

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