What is my residency status ?

Jordan_1412

I’m 22 and looking to make my credit file as strong as possible before applying for a credit card to build my score, but I also want it to be accurate for obvious reasons.

I’m trying to build my profile on the MSE Credit Club but struggling to determine which residency status category I fall under.

I currently live with my parents, however my dad and I have bought a flat and paid off the mortgage (joint mortgage). Should I class myself as a homeowner (no rent/mortgage) or living with parents ?

Thanks in advance

bris

If you got a joint mortgage your credit file can't be that bad.
I assume the property is an investment property? If you are living with your parents. As far as the government are concerned you are now a home owner so first time buyer privileges are no longer open to you.

For your intended purpose though I would put living with parents and list the property as an asset.

happy_hazelnuts

It is fairly straightforward - you say you are living with your parents and therefore that is your residency status

funkycredit

happy_hazelnuts said:

It is fairly straightforward - you say you are living with your parents and therefore that is your residency status

But it's not. They're a homeowner / no mortgage. You can own property and live/rent elsewhere, you're still a homeowner! Think most the politicians in Downing Street as an example of homeowners living elsewhere! 

Sandtree

If in doubt ask the company you are applying to. I would generally take the question to mean what is your status in the property that you live in. Anything like an outstanding/recently settled mortgage on another property will become visible when the credit check is done.

Malkytheheed

bris said:

If you got a joint mortgage your credit file can't be that bad.
I assume the property is an investment property? If you are living with your parents. As far as the government are concerned you are now a home owner so first time buyer privileges are no longer open to you.

For your intended purpose though I would put living with parents and list the property as an asset.

I've never had a CC company ask me about my assets. ever. Only income. 

To the OP, I would put homeowner. Because in law you are a homeowner. End of. 
It will look better on the application too. 

happy_hazelnuts

residency is where you live. The op is living at address x with parents so that is the residency status.

the fact that the op owns a house, flat, offshore island, condo in florida is irrelevant.

funkycredit

happy_hazelnuts said:

residency is where you live. The op is living at address x with parents so that is the residency status.

the fact that the op owns a house, flat, offshore island, condo in florida is irrelevant.

What absolute hogwash. On that analogy a gay man going for a meal with a female is straight. Because at that moment in time he's with a woman. Forget the fact his fella may be waiting at home eh? Ridiculous. 

I may live elsewhere but if I own property then I'll always be classed as a homeowner / no mortgage. 

EarthBoy

funkycredit said:

happy_hazelnuts said:

residency is where you live. The op is living at address x with parents so that is the residency status.

the fact that the op owns a house, flat, offshore island, condo in florida is irrelevant.

What absolute hogwash. On that analogy a gay man going for a meal with a female is straight. Because at that moment in time he's with a woman. Forget the fact his fella may be waiting at home eh? Ridiculous. 

I may live elsewhere but if I own property then I'll always be classed as a homeowner / no mortgage. 

What a stupid analogy.   I suggest you open a dictionary and look up the words residence and home. They both mean where you live.  You're only a homeowner if you own the property you live in. If you don't, then you could be a property owner, but you're not a homeowner. 

MalMonroe

I'm puzzled anyway. You say that you have a joint mortgage but then you say 'no rent/mortgage'. What does it mean? Is there a mortgage or not?  Are you a homeowner or not?  Joint owner? All very strange. If you're a homeowner, why living with parents? And if you ARE living with your parents, THAT is your status. 

funkycredit

EarthBoy said:

funkycredit said:

happy_hazelnuts said:

residency is where you live. The op is living at address x with parents so that is the residency status.

the fact that the op owns a house, flat, offshore island, condo in florida is irrelevant.

What absolute hogwash. On that analogy a gay man going for a meal with a female is straight. Because at that moment in time he's with a woman. Forget the fact his fella may be waiting at home eh? Ridiculous. 

I may live elsewhere but if I own property then I'll always be classed as a homeowner / no mortgage. 

What a stupid analogy.   I suggest you open a dictionary and look up the words residence and home. They both mean where you live.  You're only a homeowner if you own the property you live in. If you don't, then you could be a property owner, but you're not a homeowner. 

Talk sense. In the context of credit; being a homeowner is extremely important for risk. You don't stop being one cos you rent it out. Why argue with the unarguable fact you're totally wrong. 

He is a homeowner. End of. You cannot dispute or deny that. How can you? Does he own a house? Yes or no. Simple.