Sir, – The simplest and fairest way to tackle this crisis is to extend the mortgage term by 20 years for those who now can’t service their loans. In desperate cases this could be interest-only for the first four years. It’s not realistic to write off debt and it’s also unfair to people who are paying their mortgage on time.
To qualify for this extended period there should be a rigorous examination of the financial position of those applying for a mortgage extension. We will get over this recession and in four to five years it’s reasonable to expect a significant decrease in the number of unemployed; and of people falling into arrears. – Yours, etc,