Sir, – Over the past few months, we have heard reports from diverse groups, such as gardaí, soldiers, teachers, nurses, that their salaries are hardly sufficient, especially as they have huge mortgages to pay back. Some people are even forced to seek help from the Department of Social Protection.
I have a simple suggestion. Why don’t we allow mortgage-holders to extend their mortgage by a further 50, 60 or 70 years?
True, the terms and conditions would have to be modified vis-a-vis the death of the original policy-holder, but the idea is that the mortgage is passed on to the generations who will eventually benefit from the asset. Should the latter not wish to avail of the remaining mortgage, they can always sell and realise a profit in most cases, as things can only improve with time.
The immediate benefit would be that the monthly payments for the current mortgage holder would be significantly reduced. This would increase the disposable income, with all the resulting benefits to society. – Yours, etc,
GERARD COUNIHAN,
Rockmanor Drive,
Kilcoole,
Co Wicklow.