Buying a house without a mortgage but I want to pretend I have a mortgage

A

alwaysonit

Registered User
Messages
137
I plan to buy my home with my savings and won't need a mortgage.
However, I don't want to tell anybody this as I like to be discreet about my net worth.
Is there a case where somebody who owns their property could still be financially struggling, that I could somewhat portray?

My lack of steady employment would probably have people smelling a lie if I told them I got a mortgage.
I do have an unmarried partner who has had a steady job, perhaps I could say a mortgage was got in her name, or that a property she owns abroad was used as collateral.

Thanks in advance.
 
alwaysonit said:
However, I don't want to tell anybody this as I like to be discreet about my net worth.
Click to expand...
How many people will ask you about your mortgage?
I bought my house for cash, and it's not the kind of thing that has come up much naturally in conversation. My immediate family know I'm mortgage free, but would have absolutely no clue about my overall net worth. I don't drive flashy cars, or display wealth. Friends & colleagues just assume I've a mortgage. When rates increased last year there was some chat about tracker rates, and I just said I don't have a tracker mortgage.
 
Owning a property without a mortgage is more common than you might think. In fact most home owners these days are mortgage free.

Dwelling Characteristics - CSO - Central Statistics Office

www.cso.ie www.cso.ie

alwaysonit said:
Is there a case where somebody who owns their property could still be financially struggling, that I could somewhat portray?
Click to expand...

That might be easier than you realise. At the height of the mortgage crises some people in financial distress chose to ignore the problem and haven't paid their mortgage in years with little fear of losing their home .. so paradoxically just act like you don't have a mortgage and you'll fool everyone.
 
alwaysonit said:
My lack of steady employment would probably have people smelling a lie if I told them I got a mortgage.
Click to expand...

I think that telling them that you bought it for cash might have them smelling a rat as well.

It's none of their business. The only way it might come up is if someone who is buying a house themselves asked you which lender you got your mortgage from. Tell them that you got a family loan as you couldn't get a mortgage.

Brendan
 
alwaysonit said:
I plan to buy my home with my savings and won't need a mortgage.
However, I don't want to tell anybody this as I like to be discreet about my net worth.
Is there a case where somebody who owns their property could still be financially struggling, that I could somewhat portray?

My lack of steady employment would probably have people smelling a lie if I told them I got a mortgage.
I do have an unmarried partner who has had a steady job, perhaps I could say a mortgage was got in her name, or that a property she owns abroad was used as collateral.

Thanks in advance.
Click to expand...
I'm not sure what the issue is here, you are reading too much into what people are thinking, just tell people you got a mortgage, let them think what they want.
 
Maybe tell them you had an unxpected financial windfall like, say, prizebond win, family legacy, lucrative one-off Renault contribution or sale of your flip-flop collection........
 
Early Riser said:
As the Taoiseach pointed out:

“Because as we all know from past experience, some people who are billionaires on paper or appear to be billionaires are actually fur coat and no knickers.”
Click to expand...
Are you sure that that wasn't actually one of Matt's tweets from the coronation?
 
I often find lately there's a lot of chatter about interest rates and increase in repayment etc. If I am asked for my opinion now I just say yes I must look into that and see what rate we have. Most small talk is just passing the time and if you don't elaborate then conversation will go in a different direction.
 
Why do you need to put on the poor mouth? Are family/friends subsidising you in some way that you need to portray a lower net worth? Or are you afraid they will hit you up for a loan? Youve done well to be in this position and probably made sacrifices to get to this point. Try not to stress about what others might think.
 
I think I get it. You’re drawing the dole so don’t want them asking questions? Hence the poor mouth.
 
Solicitor will want documentation on source of funds; after that it's no ones concern.

Learn to smile politely and change the subject if people are ill-mannered enough to ask. You shouldn't lie, but neither do you have to tell all your business.
 
alwaysonit said:
I plan to buy my home with my savings and won't need a mortgage.
However, I don't want to tell anybody this as I like to be discreet about my net worth.
Is there a case where somebody who owns their property could still be financially struggling, that I could somewhat portray?

My lack of steady employment would probably have people smelling a lie if I told them I got a mortgage.
I do have an unmarried partner who has had a steady job, perhaps I could say a mortgage was got in her name, or that a property she owns abroad was used as collateral.

Thanks in advance.
Click to expand...
Are you hoping to claim a means tested payment?
 
You must log in or register to reply here.
Back
Top