[user104658]

Originally Posted by DemolitionRed

Your property is your asset that ensures you can re-pay your loan. During the last recession, many people defaulted on their mortgage payments and many lost their homes back to the lender.

Yes, you only owe the amount agreed but if the bank forecloses on you, they still re-possess the house, re-sell it and give you the residue not owed to them. They can't only take a portion of the structural asset, unless, its been divided into apartments, in which case they could take one apartment.

We had quite a nice house in Surrey but we reached a stage where everything revolved around working hard and paying the endless bills. The decision to give that up was the best thing we ever did. We still work hard but we now have enough free cash to play hard too. Life's too short!

Well exactly, it is yours, you own it but it is forfeit should you default on the terms of the loan... However, it is for all intents and purposes "yours", and you can make modifications / do pretty much what you want with it, so long as you do keep up with the repayments... If the bank literally owned mortgaged properties, you wouldn't even be able to paint the walls without seeking permission.

Also, the only thing you need to do to keep your home secure is make the payments... Which is a world away from the private rental sector, where if your tenancy is ending and your landlord fancies selling up, you're ****ed... Bye bye "home".