Being Evicted. A life lesson

[Mid Boss]

So, my apartment is part of my landlord's house. A separate part. We have plenty of quiet and privacy, we have our own entrance, but still part of his house. My landlord has a mortgage on his house. A mortgage he did not get a set interest rate on. So, Monday, the bank called him and told him they are doubling his interest rates. He can no longer afford his home.

He says he's going to try to hang on until May. But, even with the lease we have, when he loses the house to the bank we lose our apartment.

So! Always get a fixed rate mortgage on your house. Otherwise they can raise your rates whenever they want how ever much they damn well feel like. And, if you're renting an apartment that's part of someone's house like we did, ask about their mortgage.

 

[Albino Boo]

The decision on what type of mortgage to get depends of what you think the interest rate is going to do during the period of time you intend to live in the house. If you went with fix rate mortgage in 2005-2008 you would be paying far higher repayments than if you went with a tracker. Currently going with a fix rate is the smart move because interest is only going to go up from their current historic lows.

Personally I do not believe your landlords story and I think he is only telling you part of the truth. Mortgage providers are not in the habit of setting interest rates for an individual but set them across the board for their loans. Rate changes are normally announced publicly and each recipient of the loan is notified by letter of the new rate. Calling each individual debtor in and telling them of the rate change costs too much money across the company. If the Bank called him in to say that they are doubling the rate means something has happened to change the banks attitude to the landlord. He may have bad debts elsewhere or a change in his circumstances made him a much riskier prospect to lend money.

 

[lechat]

not sure what country this is but i call bullshit.
assuming this isn't greece or spain, if a bank decided to double your interest rate you would just wander down to one of the other 10 banks down the street and switch to them.

 

[Johnny Novgorod]

Well, I have a different experience with eviction. It was just my landlady throwing me out of her apartment after about 4 years of lodging because she was getting senile and was convinced I was trashing the place. Hey, at least I own my place now.

 

[Angie7F]

Moving isnt such a bad thing.
I had to move houses because the owner of the building started a indian restaurant and allowed people to smoke.
I was getting curry and cigarette smells coming in to my house all day.
Curry is good. but not if you smell it day in and day out.

So I moved.
Now my house is the most comfortable house yet!