Credit Application Mortgage

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.

Bridgestone Profit Down 68 Percent

Pedestrians are reflected on the show window of Bridgestone Corp. in downtown Tokyo Wednesday, Aug. 9, 2006. The Japanese tiremaker reported Wednesday a 68 percent plunge in profit for the fiscal first half because of expenses related to closing a U.S. plant and the surging cost of raw materials, including crude oil and rubber. (AP Photo/Shizuo Kambayashi)

Morgan Stanley to Buy Saxon Capital

GLEN ALLEN, Va. — Saxon Capital Inc., a residential mortgage lending and servicing real estate investment trust, said Wednesday that Morgan Stanley agreed to acquire the company for $706 million, or $14.10 per share in cash.

The acquisition is expected to close by the end of the year, subject to regulatory and Saxon shareholder approvals.

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