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Am I a homeowner yet?

sadielsmith
Posts: 2 Newbie
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!
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!
0
Comments
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A homeowner is someone who can`t be evicted by a landlord, or the bank.0
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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.0
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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.
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.0 -
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 & coronavirus Boards, 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.0 -
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.0 -
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.0 -
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.0
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