Home ownership status on application form

Gordon_Hose

Candyapple wrote: »

Going back to the initial query, I would only put down homeowner if my name was on the deeds of the property / I was paying for it and it was showing as such on my credit files.

In your instance I understand why you have done it previously, but you should have put private tenant. Don't forget that every lender has their individual scoring criteria and you putting down 'homeowner' might score you higher with their internal lending score due to it showing more stability, however when the computer checks your credit files and sees no entry for the mortgage on your files, at best it may go against you and you get declined, at worst, will land you on CIFAS / National Hunter databases for application fraud and god help you if you do end up on either.

How do people who have been mortgage free for over 6 years cope with application forms? They own their own homes, but haven't got a mortgage showing on their credit files.

Candyapple

Gordon_Hose wrote: »

How do people who have been mortgage free for over 6 years cope with application forms? They own their own homes, but haven't got a mortgage showing on their credit files.

No idea. But I would imagine being 55+ and mortgage free would probably mean the surplus money you would have spent on rent/mortgage payments would probably negate the need for a credit card in the first place.

I would also imagine that they would put down 'home-owner' and the part where it says monthly rent/mortgage payments in the section which is usually about your outgoings, they would put down zero which would indicate to the lender that they are mortgage free. Whereas in the OP's instance, if he was putting down 'home-owner' on applications and put down say £750pm for rent/mortgage payments, when the computer checked his credit file and didn't see the bank/mortgage lender on his file matching said info, that would probably raise flags.