100 Bad Credit Mortgage
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Low rates forcing mortgage fee rises
According to a report from MoneyExpert.com, the cost of applying for a mortgage has risen by almost a quarter in the last 12 months alone. The research suggests that mortgage lenders are trying to remain profitable whilst at the same time provide market-leading products to customers when even the rates on bad credit mortgages are relatively low. The average fixed-rate home purchase loan arrangement costs £494, up 22 per cent, MoneyExpert.com says, while the arrangement fee for a discount mortgage currently stands at £407 – an increase of 15 per cent from 12 months ago. "Borrowers need to budget for application fees when they take out a mortgage," said Sean Gardner, MoneyExpert's chief executive. "What you believe is a cheap deal saving you, for instance, £100 a month won't look quite so good when you add on application fees." Mr Gardner noted that because the base rate of interest had remained unmoved for almost a year, mortgage providers were looking at new ways to maximize their profits on fixed-rate products.
OfficeMax Posts 2Q Profit
ITASCA, Ill. — OfficeMax Inc. on Thursday posted a second-quarter profit compared with a year-ago loss, as the office supplies retailer cut operating expenses. It also forecast improved operating income margin for the full year.
For the quarter ended July 1, the company reported net income of $26.4 million, or 35 cents per share, versus a prior-year loss of $22.7 million, or 28 cents per share.
.Homeowners 'under pressure' as interest rates rise
Homeowners were under fresh pressure last night after a surprise hike in interest rates by the Bank of England added to pain over soaring energy bills.
Just days after the latest price hike from British Gas, the Bank said concerns over inflationary pressures had prompted it to change its base rate for the first time in a year - by a quarter of a percentage point to 4.75%.
For homeowners with an average 80,000 mortgage, today's decision is likely to add around 12 a month to repayments.
Lenders were reviewing their positions ahead of announcements on mortgage and saving rates in the coming days.
Figures from the Insolvency Service tomorrow are expected to show a record 27,000 people went into insolvency between April and the end of June.
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