Quick reminder..do I include my mortgage as a debt?

ferry

Hi all
Just getting round to sorting another SOA for you all to tear into.
Could you please just remind me if my mortgage is considered a debt ..or is it just the 'other bits' I need to list?

Out of interest if I dont need to include my mortgage,how is a mortgage viewed as on this forum-a must have??

Cheers
Terry

Debt_Free_Chick

A mortgage is "good debt" so don't include it in your personal debts.

The repayment, however, is a priority and should go at the top of your list of outgoings.

dave318

It is necessary for your outgoings, but it can often help people work out your over all picture. Some people put down their amount of debt, followed by the amount of debt and their mortgage.
Just mark it clearly so people get the right information.

ferry

Ok-many thanks.

tyllwyd

I can't quite get my head around that one - we've got a Virgin One mortgage (where your current account and mortgage are combined), so we don't have any debts except the mortgage. But a month or so back it dawned on me that this means that we although we don't have any unsecured debt, effectively all our debt is secured on the house. And if we fall behind plan (ie not paying back as much as we should), I guess that means we are treating the mortgage as interest only, because we aren't paying off any capital. In our situation, we have to look at the big picture including the mortgage, but I'm not sure that makes life easier.

Broken_hearted

From my viewpoint no debt is good. I don't include the mortgage or student loans my debt would be nearer £40,000. These are essential debts I had to have a home and an education, but they still nedd paying back.

PigginSkint

i don't include student loans either as i dont earn enough yet to start paying it off yet - just keep deferring - i will have to have a major pay rise first!