you don't own it until mortgage is paid in full

[fecketyfeck21]

i own my home and i'm 20 ? i'm buying my own home and i'm 20. second one sounds correct,
what do others think ? it's not a major thing, but i'm interest to get other views, [even if i'm flamed for it]

Oohhh interesting, I've never thought of that, I've always said it's mine, I guess my mindset is: I'm paying for it so it's mine?

Watching for others opinions.

You own, you’ve just got a massive loan attached to it

I think in conversation you could say you own your own home, or describe yourself on insurance docs as a homeowner, but I think technically the bank does own it until the debt is repaid.

But in day to day life that doesn't really mean anything unless you default on payments, so you own your own home is fair enough.

On forms you would tick "home owner" box.

I think you own the home but if you default on payments mortgage company will take your home. When mortgage is paid off I would call myself mortgage free.

All my opinion no idea what is technically correct.

You do still own it, you’re registered in the title deeds as the owner. If it’s mortgaged this means that the loan will be secured against the property so that if you default on payment the mortgage company can then take possession of the house so they can sell it to get their money back

You own the property, the bank has a charge against it.

@InTheHeatofLisbon The bank doesn't own the property.

Alan Partridge : “It’s my house, it’s my name on the ruddy deeds.”

It’s an interesting question though.

There are plenty of people who think they own their own homes yet have interest-only mortgages. I find it mind bending.

Ownership in property is split into legal ownership and beneficial ownership. Typically in a mortgage scenario the owners have both forms of ownership and the bank has a charge over the property. In practice a charge is like s form of beneficial ownership in that they have the right to the proceeds of the sale however they aren’t going to be taxed and they have no right to money you earn from the property/interest in value so it’s not a form of ownership.

However, overarching all of this as per a very old piece of law dating back to the Norman invasion the queen actually owns all the land in England as the true owner but obviously this has no practical baring on anything.

If someone told me they owned their own home I wouldn't assume they meant mortgage paid off, just that they didn't rent.

*person buying the house owns it in the common sense of the word
Mortgagor has a change against the property (a secured loan)
Crown actually owns everything

However, overarching all of this as per a very old piece of law dating back to the Norman invasion the queen actually owns all the land in England as the true owner but obviously this has no practical baring on anything.

Is that why there are leaseholds or whatever they're called in England? One of my friends said she doesn't technically own the land her house is on in England and I wonder if this is why!

You own it but youve an oustanding loan against it. I own my kitchen but ive got an outstanding loan against that too

but a loan is just that, you don't pay it's not yours anymore, must admit i'm still a little confused, a very slow bhm here i need a .

We considered ourselves as joint owners with the Nationwide until we’d paid it off

But youve loaned the money. The item youve bought with the money is yours iyswim.

I think you are conflating 2 different things.

The legal definition of ownership (as pp pointed out) yes, you own the property, the name on the deeds is yours. You ARE the legal owner. If it fell down and injured someone because you didn’t maintain it, the legal system would hold you, as the owner responsible.

The moral, non—legal argument: The house costs money, you didn’t hand over that money, the bank did and now you are paying the bank back. So i can see how, morally the person who put the money up can be the ‘owner‘

I still say I own my house. even thouh im I’m only halfway through mortgage payments.

You’re wrong, sorry.
You borrow money, and use the money to buy a house.
The house is now yours, but you owe the bank the money.
If you don’t pay the money back, you’ve agreed that the bank will take the most expensive thing you own - the house.

You also dont own the land it stands on. You are a feudal tenant of the state. The Crown owns all lands in Britain ,the foreshores and subsea land out to the 12 mile limit. If the state wants your land they just throw you off it and give you statutory compensation.

The Crown owns all lands in Britain

No it doesn't, Scotland has it's own laws on land ownership and property.

I own the land our house sits on, and it's stated in the deeds.

UK is not England. Just a wee reminder. Again.

If you bought a car with a loan from your bank, would you call it "your" car?
I would....

Just try not bothering to pay your mortgage for a couple of months and then see how much of a safe and secure ''home owner'' you feel.

Although I suppose these days with general policies of ''protect home owners at all costs'' even the feckless, irresponsible and over leveraged are shown huge levels of support and forbearance.

I own my home sounds fine to me. I would understand that to mean you most likely have a mortgage, especially if a young-ish person says it.

If you say I'm buying my own home I would assume you are in the process of buying it. Not that the sale has already gone through and you 'own' it.

In a sense you're 'renting it' from the bank, but it's your own home - as long as you keep paying the mortgage you're not going to have some landlord saying he wants you out in 2 months because he wants to sell.

And eventually making that final payment, when it's actually all your own at last, is a lovely feeling.,

but a loan is just that, you don't pay it's not yours anymore

But they have to take steps to repossess it. They don’t automatically own it.