The Government should provide extended guarantees to mortgage lenders for extending mortgages periods by up to one year for everyone impacted by Covid-19. The extension of the mortgage period averts the increased mortgage repayments at the time people are burdened by Covid-19 debts.
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The current payment holidays offered by banks alone are inadequate as they prescribe increased payments due to interest and shortened duration for repayment. All this at the time when other debts have mounted due to limited income. The combination of payment holidays and an extended mortgage period of equivalent length to the holidays averts the additional burden of increased mortgages. The weakness of the economy is likely to dictate longer unemployment periods whilst the economy adjusts to the impacts of Covid-19.