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Am I a homeowner yet?

sadielsmith
sadielsmith Posts: 2 Newbie
in House buying, renting & selling
This may be a stupid question!
I exchanged contracts on a house a couple of months ago and due to complete next month.
On credit applications, insurance etc when asked the question 'are you a homeowner?' I'm not actually sure what the answer is! Is it a yes as we've exchanged or is it a no because we are not completed / not paying the mortgage yet.

Any guidance would be great!

Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    A homeowner is someone who can`t be evicted by a landlord, or the bank.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You've entered into a contract to buy a home in the future. So the answer is no, not yet. Though be careful about entering into credit agreements etc as your mortgage lender might be carrying about further checks.
  • G_M
    G_M Posts: 51,977 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    sadielsmith wrote: »
    This may be a stupid question!
    I exchanged contracts on a house a couple of months ago and due to complete next month.
    On credit applications, insurance etc when asked the question 'are you a homeowner?' I'm not actually sure what the answer is! Is it a yes as we've exchanged or is it a no because we are not completed / not paying the mortgage yet.
    So do you own a home?

    When you finish work, where do you go? To a property you rent? To your mum/dad's place? Or to a place you own yourself?

    Do you pay rent each month? Or a mortgage? Or neither?

    If there's a storm in the night and a tile falls off the roof of the property you sleep in, whose responsibility is it to fix it?

    The answers should help you with your question.
  • silvercar
    silvercar Posts: 49,303 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    If there's a storm in the night and a tile falls off the roof of the property you sleep in, whose responsibility is it to fix it?

    To be fair to OP, if he is looking to take out building insurance for the property he is about to complete for, he will need to do it as the homeowner of that property. If that roof tile falls, he may still be responsible for fixing it.

    OP, what address are you giving in the applications? If it is of your new home then to be consistent, you will be the home owner of that property.

    Crashy_Time wrote:
    A homeowner is someone who can`t be evicted by a landlord, or the bank.

    You need to increase your understanding of what having a mortgage means. If you own a property, you own that property whether or not it has a loan secured against it.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • Bossypants
    Bossypants Posts: 1,280 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Crashy_Time wrote: »
    A homeowner is someone who can`t be evicted by a landlord, or the bank.

    Yes yes we all know the point you're trying to make, but that's not the definition for the purpose of the documentation the OP is trying to fill out, as you very well know.
  • gax23
    gax23 Posts: 205 Forumite
    Crashy_Time wrote: »
    A homeowner is someone who can`t be evicted by a landlord, or the bank.

    Excellent. Saves me paying my mortgage, then. I'll cancel the direct debit.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
    10,000 Posts Combo Breaker
    silvercar wrote: »
    To be fair to OP, if he is looking to take out building insurance for the property he is about to complete for, he will need to do it as the homeowner of that property. If that roof tile falls, he may still be responsible for fixing it.

    He should have done that at exchange, and you definitely don't need to actually be the homeowner in that circumstance.
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