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this post was submitted on 06 Sep 2023
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Same thing is happening to me right now (UK). LL inherited a portfolio of mortgage-free properties a few years back, immediately jacked the rent up on them all. I tried to haggle what imo was an egregious rent increase (notified middle of the year after asking for a minor repair), we agreed on a price then he served me notice to quit; via the letting agent, not a peep or thanks from the LL after I've put ~£90000 into his familys' accounts over 13 yrs.
Of course, I can pay someone elses mortgage, but when I apply to a bank for one myself, I can't afford it.
But when you can't afford it any longer, the landlord is free to replace you with someone who temporarily can. That's the difference!
Bank can't do the same thing?
This is what I don't get. Where's the risk for the lender? If I can't pay, they get the house and can sell it. I guess there's a potential cashflow issue but the underlying asset isn't going anywhere.
Typically it's pretty low risk in comparison to other loans which is why home loans are relatively low but there's a risk that both the property value declines and the outstanding loan and selling costs is more than property value.
non-artist-based pOrTfOlIos should be criminalized
Why? In a non-artistic sense it's just a pretentious way to say "stuff you own". (Unless you're saying owning things at all should be criminalized, in which case... can't really argue with you there.)