Some interesting replies to my original post, most of which were very helpful.
I have decided for my benefit, that yes, I will keep the mortgage in my net worth calculation, as its something I have to pay each month. Also if I want to be moving towards the million mark the first thing I need to do is to get rid of the debt before I can start investing for growth.
The second thing is that I am NOT going to include the value of the house in my net worth calculation. This is because I don't see it as an asset as I cannot / will not use it to raise capital. My family's security is paramount and the house is key to that. Its not something I plan to use at all.
I'm sure the purists out there will be pulling your hair out, but I've made my decision and I'm sticking to it.
Still no answer from Natwest. It looks like I'll have to get the relevant information together to start the court claim... Can't say I'm looking forward to it, its a bit scary.!
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You should add your Home as an asset and remove the emotional attachment to it (family security). There would be many reasons you actually would sell it. I heard a lot of stories of people saying never and then do.
Here are some examples, divorce, lose job and can't pay the mortgage, they discover oil under your house, etc. You're home could actually skyrocket in value for some unknown reason. You would sell if one day it was suddenly worth 5 times the amount you paid for it (in the short-term). So you really should include this asset in your NW.
Good luck,
a Purist.
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