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But an interest-only mortgage covers only interest payments and not the underlying debt.
BBC: Q&A: House prices rise again
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With the calculation of the impact of rising interest rates on debt repayments we have assumed that only the mortgage element rises.
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People may be tempted to take out an interest-only mortgage, because the monthly payments are lower than a repayment deal.
BBC: Q&A: House prices rise again
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"Anyone with an interest-only mortgage maturing before the end of 2020 should expect to be contacted over the course of the next 12 months by their lender, " said Paul Smee, director general of the Council of Mortgage Lenders.
BBC: Shortfall fears for interest-only mortgage holders
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Because Ms. Hansen's student loans are accumulating interest at a lower rate than the mortgage, she should only pay the monthly minimum there.
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Under that proposal, upper-income taxpayers would benefit only 28 cents on the dollar for their charitable deductions, mortgage interest, employer-provided health insurance, etc.
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Wholesale lenders competed aggressively for market share by undercutting the banks and creating sexy new mortgage products like home-equity, interest-only and low-documentation loans.
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The government could, for example, design a program to subsidize mortgage interest payments under the same terms as the current deduction, only instead of including it in your tax return, you'd send the relevant financial information to a different agency, which would cut you a check.
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In 1990, the average 30-year fixed rate mortgage was more than 10% but mortgage interest payments were only 4.3 percent of expenditures.
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You get a deduction for the mortgage interest worth 35 cents on the dollar, but your investment income is taxed at only 15 cents on the dollar.
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