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What if?

  • 15-11-2011 3:42pm
    #1
    sellerbarry
    Closed Accounts Posts: 776 ✭✭✭


    Hi all.
    Just say, the government brought in a bill to put everyones mortgage in Ireland on hold for say 2 years. ( To be put on to the end of your term instead). This would only apply to existing mortgages and not new ones. This would free up joe soap to spend his money in shops and on services etc and so help the economy. Banks would still be making profit on new mortgages, savings, laser, debits, credit etc. What are the disadvantages of this? Thanks


Comments

  • #2
    Riskymove
    Registered Users, Registered Users 2 Posts: 10,900 ✭✭✭✭Riskymove


    sellerbarry wrote: »
    What are the disadvantages of this? Thanks

    how can you guarantee people will spend on the things you want?

    money saved or spent paying off other debt wont really help the economy

    what about buy-to-rent properties, landlords would affectively get all rent without any mortgage to pay


  • #3
    sellerbarry
    Closed Accounts Posts: 776 ✭✭✭sellerbarry


    Riskymove wrote: »
    how can you guarantee people will spend on the things you want?

    money saved or spent paying off other debt wont really help the economy

    what about buy-to-rent properties, landlords would affectively get all rent without any mortgage to pay

    OK, so we will only allow this on principal properties only. No buy to rent etc.


  • #4
    mari2222
    Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    Most spending is on stuff made abroad - that supports retail workers but not the manufacturing.


  • #5
    GetWithIt
    Registered Users, Registered Users 2 Posts: 2,081 ✭✭✭GetWithIt


    Will the bank's creditors be doing the same - not requiring any payments for the next 2 years?

    Your savings may fall into this category.


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