Pat Flanagan: 'Mortgage break a positive move, but only if implemented properly'

The decision by banks to give homeowners a three-month mortgage break is a positive move if it is implemented in full.There are particular worries for homeowners whose loans have been sold on to vulture funds as it’s unclear if they can avail of the scheme.

That old saying if something appears too good to be true it probably is should be applied when dealing with the banks. On the other hand these are desperate times so desperate measures are needed or there will be an economic disaster along with a health crisis. There may be a case for extending it further as the majority of families will be affected by the coronavirus crisis.

Source: Loan Digest (loandigest.net)

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