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Interest rate mortgage payments are those where the debtor is not obliged to repay the total amount due each and every calendar month, but merely to repay the interest thereon. Yet many debtors have got into difficulties financially because they have come to the end of their mortgage life without being able to repay the debts.
While Ishaan Malhi, the online mortgage agent Trussle, said that creditors were looking for the needs of borrower, he said that the mortgage companies were looking for a way to help them. "We have seen an increasing need for pure interest rate mortgage lending due to changes in lifestyles, stock approvals and corner client situations," he said. Even retail banking companies are targeting this client group with pure interest rate mortgage loans. Allpa Bhakta, of the Butterfield Mortgage Bank, said that retail bankers were better able to handle clients with this kind of credit.
"There is nothing false about pure interest rate mortgage as long as the creditor has an interest in how the credit is paid," she said.
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