Clorox had big hopes for its “Green Works” line when it introduced it in 2008, promising it would “move natural cleaning into the mainstream.” But thanks to the recession, that hasn’t actually worked out, the New York Times reports; Green Works sales have fallen from more than $100 million to…
Continue reading …A Canadian human rights tribunal has ordered a stand-up comedian to pay a woman $15,700 after he insulted her and her partner at a show. Lorna Pardy says amateur comic Guy Earle discriminated against her based on gender and sexual preference, the Vancouver Sun reports. The owner of the…
Continue reading …Mexican authorities have uncovered another mass grave, this time in northern Mexico. They pulled 37 decomposed bodies from the site in Durango yesterday and Wednesday, reports Reuters . Two rival drug camps, the Zetas and Sinaloa cartels, have been battling for control of the region, notes AP . The development comes after…
Continue reading …Congressional Republicans took aim at the advisory board designed to reduce Medicare costs this week, arguing that what we really need is to make government health care “more responsive to consumer choice.” Which left Paul Krugman with one question: “How did it become normal, or for that matter even acceptable,…
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With rents on the rise mortgage lenders see landlords as a better bet than first-time buyers. Patrick Collinson asks if a worrying bubble is being created in a resurgent market Britain’s lenders are turning their backs on first-time buyers and other traditional borrowers, and granting mortgages to landlords instead amid signs of a new buy-to-let bubble. Northern Rock this week joined an expanding list of lenders, including a Lloyds Banking Group subsidiary, pushing out new buy-to-let loans on better terms, while Santander is also preparing to enter the market. In an extraordinary admission, Nationwide – one of the biggest mortgage lenders – says it would rather give mortgages to landlords than first-time buyers. Matthew Wyles, the society’s “distribution director”, told an industry debate hosted by HSBC: “As a lender, we would rather lend 75% LTV [loan-to-value] on a buy-to-let mortgage to an experienced buy-to-let investor, than to a first-time buyer at 95% LTV.” Figures from the data provider Moneyfacts show that the number of buy-to-let loans available to landlords has doubled over the past year, with the pace of new launches accelerating in recent weeks. According to its research, there are 434 different buy-to-let loan offers currently available, compared with 215 at the start of 2010 and 330 just a month ago. Behind the dash back into buy-to-let is the rise in rents in a market fuelled by frustrated first-time buyers who can’t find the finance for a home of their own. This week, LSL Property Services , Britain’s biggest network of letting agents, said that rents were “powering ahead” in many parts of the country, especially London. David Newnes of LSL, which owns Your Move and Reeds Rains, says: “Landlords are seeing demand for their properties go from strength to strength. First-time buyers simply can’t afford the average £25,000 deposit required and, as a result, most are remaining in rented accommodation for nearly a decade. “The growing demand continues to outstrip supply, and this is pushing rents upwards beyond the rate of inflation, and well above wage rises.” Big lenders are also easing constraints that were put on borrowing during the credit crunch. According to the Council of Mortgage Lenders (CML), £3bn worth of loans were granted to landlords in the last quarter of 2010 – substantially below the peak levels of 2006 and 2007, but up 42% over the year. The CML added that the average loan ceiling for investors – the maximum amount an individual landlord can borrow from a single lender – has risen from £2m to £2.5m over the past year. Separately, maximum LTVs on buy-to-let mortgages have edged up in recent months towards 85%. State-owned Northern Rock , which this week cut rates on buy-to-let loans by 0.4%, will offer landlords mortgages on up to 10 properties, worth up to £3m. Landlords need prove an income of only £25,000 a year to start qualifying for buy-to-let loans. Meanwhile BM Solutions , a division of Lloyds, is promising a “one-minute mortgage” deal for landlords. Some of the specialist lenders that withdrew from the market during the credit crunch have now reopened for business. A name synonymous with the pre-2008 boom, Mortgage Trust , part of the Paragon Group, this week returned to the market three years after closing its doors. It promises cheap and simple mortgages for smaller landlords, starting at 3.99%, and what’s called “fast-track” underwriting through mortgage intermediaries. Fast-track underwriting has a controversial recent history. In July last year, the Financial Services Authority (FSA) published proposals to ban fast-track and “self-cert” mortgages, effectively granted without stringent checks on an applicant’s income and ability to repay. It also expressed concerns about interest-only mortgages. But unlike conventional residential mortgages, buy-to-let deals are not subject to regulation by the FSA. Interest-only lending to landlords is commonplace, and lenders are free to offer fast-tracking. In a note this week hailing the return of Mortgage Trust, Legal & General’s Mortgage Club told landlords that the loans would be subject only to “fast-track, credit score-based underwriting”. The revival in buy-to-let has angered critics who argue that lending to landlords has prevented millions from buying a home. Matt Griffiths of the campaign group PricedOut says: “For anyone concerned about maintaining widespread home ownership, this is deeply worrying. Many young people are now being effectively disenfranchised from the property-owning democracy by buy-to-let investors. Buy-to-let benefits from both cheaper mortgage finance (via the use of interest-only mortgages) and tax breaks on interest payments, which means they can easily outgun any first-time buyer for the purchase of lower-end properties. “This has been exacerbated by the growing tendency of first-time buyers to use repayment mortgages (over 90% did in December 2009), and the higher deposit barrier required by cautious mainstream lenders. This is deeply ironic, as buy-to-let activity has been much riskier and more volatile than lending for normal homebuying.” Will the re-emergence of buy-to-let be a warning light to regulators and the Bank of England? Eight of the top nine UK buy-to-let lenders in 2007 have since been either rescued by the taxpayer, closed to further business or forced to undergo substantial retrenchment. PricedOut argues that, in the run-up to the financial crisis, buy-to-let disproportionally utilised the new financing opportunities created by investment bank securitisation deals, and was dominated by short-term and speculative behaviour. “It was the main conduit through which excessive credit availability has been transmitted and amplified into the UK housing market,” says Griffiths. PricedOut wants buy-to-let to be regulated, but recent government intervention has favoured landlords. In the last budget, the chancellor unveiled a £560m tax giveaway on buy-to-let stamp duty bills. Meanwhile tenants face an uphill struggle to save the large deposits needed to obtain a mortgage, as landlords push through rent rises much in excess of wage rises. LSL predicts that, at the current rate of increase, average monthly rents paid by tenants across Britain will hit £715 this time next year, and top £1,050 in London. Property investment firm Assetz , one of the cheerleaders of the buy-to-let boom, said business had doubled over the past year and that landlords are fast replacing first-time buyers. Its chief executive, Stuart Law, told the industry magazine Mortgage Strategy this week that: “Lenders are making no secret of the fact that they would rather allocate the limited funds they do have to the lower-risk option of buy-to-let loans, with deposits of 25-40%, than first-time buyers loans with 90% LTVs . As a result, the buy-to-let sector is recovering at a remarkable rate.” Loans for landlords Buying to let Renting property First-time buyers Property Mortgages Housing market Patrick Collinson guardian.co.uk
Continue reading …With rents on the rise mortgage lenders see landlords as a better bet than first-time buyers. Patrick Collinson asks if a worrying bubble is being created in a resurgent market Britain’s lenders are turning their backs on first-time buyers and other traditional borrowers, and granting mortgages to landlords instead amid signs of a new buy-to-let bubble. Northern Rock this week joined an expanding list of lenders, including a Lloyds Banking Group subsidiary, pushing out new buy-to-let loans on better terms, while Santander is also preparing to enter the market. In an extraordinary admission, Nationwide – one of the biggest mortgage lenders – says it would rather give mortgages to landlords than first-time buyers. Matthew Wyles, the society’s “distribution director”, told an industry debate hosted by HSBC: “As a lender, we would rather lend 75% LTV [loan-to-value] on a buy-to-let mortgage to an experienced buy-to-let investor, than to a first-time buyer at 95% LTV.” Figures from the data provider Moneyfacts show that the number of buy-to-let loans available to landlords has doubled over the past year, with the pace of new launches accelerating in recent weeks. According to its research, there are 434 different buy-to-let loan offers currently available, compared with 215 at the start of 2010 and 330 just a month ago. Behind the dash back into buy-to-let is the rise in rents in a market fuelled by frustrated first-time buyers who can’t find the finance for a home of their own. This week, LSL Property Services , Britain’s biggest network of letting agents, said that rents were “powering ahead” in many parts of the country, especially London. David Newnes of LSL, which owns Your Move and Reeds Rains, says: “Landlords are seeing demand for their properties go from strength to strength. First-time buyers simply can’t afford the average £25,000 deposit required and, as a result, most are remaining in rented accommodation for nearly a decade. “The growing demand continues to outstrip supply, and this is pushing rents upwards beyond the rate of inflation, and well above wage rises.” Big lenders are also easing constraints that were put on borrowing during the credit crunch. According to the Council of Mortgage Lenders (CML), £3bn worth of loans were granted to landlords in the last quarter of 2010 – substantially below the peak levels of 2006 and 2007, but up 42% over the year. The CML added that the average loan ceiling for investors – the maximum amount an individual landlord can borrow from a single lender – has risen from £2m to £2.5m over the past year. Separately, maximum LTVs on buy-to-let mortgages have edged up in recent months towards 85%. State-owned Northern Rock , which this week cut rates on buy-to-let loans by 0.4%, will offer landlords mortgages on up to 10 properties, worth up to £3m. Landlords need prove an income of only £25,000 a year to start qualifying for buy-to-let loans. Meanwhile BM Solutions , a division of Lloyds, is promising a “one-minute mortgage” deal for landlords. Some of the specialist lenders that withdrew from the market during the credit crunch have now reopened for business. A name synonymous with the pre-2008 boom, Mortgage Trust , part of the Paragon Group, this week returned to the market three years after closing its doors. It promises cheap and simple mortgages for smaller landlords, starting at 3.99%, and what’s called “fast-track” underwriting through mortgage intermediaries. Fast-track underwriting has a controversial recent history. In July last year, the Financial Services Authority (FSA) published proposals to ban fast-track and “self-cert” mortgages, effectively granted without stringent checks on an applicant’s income and ability to repay. It also expressed concerns about interest-only mortgages. But unlike conventional residential mortgages, buy-to-let deals are not subject to regulation by the FSA. Interest-only lending to landlords is commonplace, and lenders are free to offer fast-tracking. In a note this week hailing the return of Mortgage Trust, Legal & General’s Mortgage Club told landlords that the loans would be subject only to “fast-track, credit score-based underwriting”. The revival in buy-to-let has angered critics who argue that lending to landlords has prevented millions from buying a home. Matt Griffiths of the campaign group PricedOut says: “For anyone concerned about maintaining widespread home ownership, this is deeply worrying. Many young people are now being effectively disenfranchised from the property-owning democracy by buy-to-let investors. Buy-to-let benefits from both cheaper mortgage finance (via the use of interest-only mortgages) and tax breaks on interest payments, which means they can easily outgun any first-time buyer for the purchase of lower-end properties. “This has been exacerbated by the growing tendency of first-time buyers to use repayment mortgages (over 90% did in December 2009), and the higher deposit barrier required by cautious mainstream lenders. This is deeply ironic, as buy-to-let activity has been much riskier and more volatile than lending for normal homebuying.” Will the re-emergence of buy-to-let be a warning light to regulators and the Bank of England? Eight of the top nine UK buy-to-let lenders in 2007 have since been either rescued by the taxpayer, closed to further business or forced to undergo substantial retrenchment. PricedOut argues that, in the run-up to the financial crisis, buy-to-let disproportionally utilised the new financing opportunities created by investment bank securitisation deals, and was dominated by short-term and speculative behaviour. “It was the main conduit through which excessive credit availability has been transmitted and amplified into the UK housing market,” says Griffiths. PricedOut wants buy-to-let to be regulated, but recent government intervention has favoured landlords. In the last budget, the chancellor unveiled a £560m tax giveaway on buy-to-let stamp duty bills. Meanwhile tenants face an uphill struggle to save the large deposits needed to obtain a mortgage, as landlords push through rent rises much in excess of wage rises. LSL predicts that, at the current rate of increase, average monthly rents paid by tenants across Britain will hit £715 this time next year, and top £1,050 in London. Property investment firm Assetz , one of the cheerleaders of the buy-to-let boom, said business had doubled over the past year and that landlords are fast replacing first-time buyers. Its chief executive, Stuart Law, told the industry magazine Mortgage Strategy this week that: “Lenders are making no secret of the fact that they would rather allocate the limited funds they do have to the lower-risk option of buy-to-let loans, with deposits of 25-40%, than first-time buyers loans with 90% LTVs . As a result, the buy-to-let sector is recovering at a remarkable rate.” Loans for landlords Buying to let Renting property First-time buyers Property Mortgages Housing market Patrick Collinson guardian.co.uk
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Not marrying a future monarch? Then how about a hen party in the woods that’s less camp and more camping Kate Middleton apparently had a very low-key hen party – just a quiet evening at home with a few friends. I’m getting married in June and had hoped I would be able to sidestep the event entirely. I’m not a fan of anything that might involve fancy dress. But somehow I found myself agreeing to test out Babes in the Woods, a new venture for hens that offers “Champagne camping with a touch of the wild!”, despite the fact I also dislike camping (too much work), organised fun – and exclamation marks. I suspect it was the promise of expensive alcohol, and the fact I could bring five unwitting friends. Things don’t start well. One of the girls turned 30 the day before and there has been a blurry evening of tequila in Soho, some very muddled late-night packing and a nauseating minicab ride to Paddington at the crack of dawn. Babes in the Woods is based in south Devon, just north of Dartmouth, and a three-hour train journey from London. The area is a countryside cliche – gently rolling hills dotted with newborn lambs, shady woodlands filled with bluebells – and, it turns out, a far better cure for a hangover than a sofa and a DVD box set. We are met by Hetti Dysch, the founder of BITW and a great one for bushcraft – which is a key element of the weekend. She quickly runs through some of the activities she and her partner, Pip Griffin, have planned for us – fire making, basket weaving. Before we can jump back into our taxi, she dumps our bags into a pick-up truck and takes us on a leisurely stroll towards the camp, with a lesson in foraging as we go. NB: primrose petals do not taste anywhere near as nice as they look. On the way we are told there are no showers, running water or electricity, which feels problematic until we get to the site, which is beautifully tucked away in a small patch of private woodland. Our sleeping quarters are comfy-looking camp beds inside a bell tent, our dining area is a large wooden bench in the middle of a clearing, and another bell tent contains an antique nightstand with mirror, china wash bowl and jugs of hot and cold water. A wood-fired sauna should be up and running by the beginning of May. The setup is charmingly rustic, and so it feels fitting that we have to pee in the bushes and use a compostable toilet for other matters. Well, fitting-ish. Despite a blackboard that has a timetable chalked on it (shelter building 3-5pm, champagne reception 7pm), Hetti and Pip make it clear that nothing should feel regimented. They are immediately likeable, keen to engage with us, but also good at leaving us to our own devices. The weekend has been carefully thought out – the activities are kept short, and everything is broken up with meals. We start with a lunch of nettle soup (who knew those stingers could be so tasty?), wild mushroom risotto, rainbow salad and several bottles of champagne. It is clear that we’re going to be well fed. And drunk, which seems the best way to tackle shelter making and is perhaps why we enjoy the afternoon activity so much, though I suspect there is also a pleasure in feeling some sort of connection to nature. The nearest any of us usually gets to that is watching grubby mice scurrying along tube tracks. We are surprisingly efficient at constructing something that withstands rain (I am forced to sit inside it while my friends throw water at me), though aesthetically it does look more like a serial killer’s lair than a Ray Mears survival shelter. As evening sets in, we drink more champagne, eat more food (chicken and new potatoes, followed by trifle), laugh at a lot of dirty jokes (I am convinced that six girls together descend far more quickly into toilet humour than six boys, or maybe we’re just very immature), and then the storytellers arrive. Now, if I had been asked before I went away whether I wanted someone reciting Sir Gawain and the Green Knight with accompanying songs on a guitar, I think it’s safe to say I would have declined. But here, there are times when it feels quite magical – a big crackling bonfire, pitch-black woods, so far away from anything we would normally be doing on a Saturday night – and times, as we try not to collapse into giggles, when it’s excruciating. Fortunately our storytellers, Nick and Ollie, seem to feel the same way, and their laughter rescues it from being horribly awkward. We spend the next morning each having a massage to the sound of birds and bleating sheep, and learning that Vaseline is a good fire-starter. There are complaints of being cold in the night, and while Hetti and Pip say they are going to invest in some thick blankets, it’s probably advisable to bring thermals and a warm hat. Or a lot of cider, which worked for me. We finish the weekend with scones and clotted cream served on vintage tea sets. The package isn’t cheap – the least expensive option is £195 and that doesn’t include a massage or entertainment . Plus you have to provide most of your own booze, which along with the train tickets does push up the price. But there was something very special, and very funny, about the experience. Usually when you meet up with your mates, it’s in a crowded restaurant or noisy pub, and the memories have been erased the next morning by the vodka shots from the night before. But I don’t think any of us will forget the sound of our friend screaming as she discovered a slug on her loo paper, after she had used it. Brilliant. • Babes in the Woods packages start with the White Willow, at £195 per person, which is suitable for groups of between eight and 20 hens, and includes all activities and meals, as well as the all-important camping for one night. Stays can be extended to two nights at a supplement of £35pp. A free “hen” place is offered per group booking of 12 and over confirmed before 31 October 2011. Babes in the Woods is operational between 1 March and 31 October. For more information visit babesinthewoods.co.uk . To book, call 020-7193 8633 or 07850 401759. Group trips United Kingdom Short breaks Weddings Royal wedding Monarchy Nicole Jackson guardian.co.uk
Continue reading …Not marrying a future monarch? Then how about a hen party in the woods that’s less camp and more camping Kate Middleton apparently had a very low-key hen party – just a quiet evening at home with a few friends. I’m getting married in June and had hoped I would be able to sidestep the event entirely. I’m not a fan of anything that might involve fancy dress. But somehow I found myself agreeing to test out Babes in the Woods, a new venture for hens that offers “Champagne camping with a touch of the wild!”, despite the fact I also dislike camping (too much work), organised fun – and exclamation marks. I suspect it was the promise of expensive alcohol, and the fact I could bring five unwitting friends. Things don’t start well. One of the girls turned 30 the day before and there has been a blurry evening of tequila in Soho, some very muddled late-night packing and a nauseating minicab ride to Paddington at the crack of dawn. Babes in the Woods is based in south Devon, just north of Dartmouth, and a three-hour train journey from London. The area is a countryside cliche – gently rolling hills dotted with newborn lambs, shady woodlands filled with bluebells – and, it turns out, a far better cure for a hangover than a sofa and a DVD box set. We are met by Hetti Dysch, the founder of BITW and a great one for bushcraft – which is a key element of the weekend. She quickly runs through some of the activities she and her partner, Pip Griffin, have planned for us – fire making, basket weaving. Before we can jump back into our taxi, she dumps our bags into a pick-up truck and takes us on a leisurely stroll towards the camp, with a lesson in foraging as we go. NB: primrose petals do not taste anywhere near as nice as they look. On the way we are told there are no showers, running water or electricity, which feels problematic until we get to the site, which is beautifully tucked away in a small patch of private woodland. Our sleeping quarters are comfy-looking camp beds inside a bell tent, our dining area is a large wooden bench in the middle of a clearing, and another bell tent contains an antique nightstand with mirror, china wash bowl and jugs of hot and cold water. A wood-fired sauna should be up and running by the beginning of May. The setup is charmingly rustic, and so it feels fitting that we have to pee in the bushes and use a compostable toilet for other matters. Well, fitting-ish. Despite a blackboard that has a timetable chalked on it (shelter building 3-5pm, champagne reception 7pm), Hetti and Pip make it clear that nothing should feel regimented. They are immediately likeable, keen to engage with us, but also good at leaving us to our own devices. The weekend has been carefully thought out – the activities are kept short, and everything is broken up with meals. We start with a lunch of nettle soup (who knew those stingers could be so tasty?), wild mushroom risotto, rainbow salad and several bottles of champagne. It is clear that we’re going to be well fed. And drunk, which seems the best way to tackle shelter making and is perhaps why we enjoy the afternoon activity so much, though I suspect there is also a pleasure in feeling some sort of connection to nature. The nearest any of us usually gets to that is watching grubby mice scurrying along tube tracks. We are surprisingly efficient at constructing something that withstands rain (I am forced to sit inside it while my friends throw water at me), though aesthetically it does look more like a serial killer’s lair than a Ray Mears survival shelter. As evening sets in, we drink more champagne, eat more food (chicken and new potatoes, followed by trifle), laugh at a lot of dirty jokes (I am convinced that six girls together descend far more quickly into toilet humour than six boys, or maybe we’re just very immature), and then the storytellers arrive. Now, if I had been asked before I went away whether I wanted someone reciting Sir Gawain and the Green Knight with accompanying songs on a guitar, I think it’s safe to say I would have declined. But here, there are times when it feels quite magical – a big crackling bonfire, pitch-black woods, so far away from anything we would normally be doing on a Saturday night – and times, as we try not to collapse into giggles, when it’s excruciating. Fortunately our storytellers, Nick and Ollie, seem to feel the same way, and their laughter rescues it from being horribly awkward. We spend the next morning each having a massage to the sound of birds and bleating sheep, and learning that Vaseline is a good fire-starter. There are complaints of being cold in the night, and while Hetti and Pip say they are going to invest in some thick blankets, it’s probably advisable to bring thermals and a warm hat. Or a lot of cider, which worked for me. We finish the weekend with scones and clotted cream served on vintage tea sets. The package isn’t cheap – the least expensive option is £195 and that doesn’t include a massage or entertainment . Plus you have to provide most of your own booze, which along with the train tickets does push up the price. But there was something very special, and very funny, about the experience. Usually when you meet up with your mates, it’s in a crowded restaurant or noisy pub, and the memories have been erased the next morning by the vodka shots from the night before. But I don’t think any of us will forget the sound of our friend screaming as she discovered a slug on her loo paper, after she had used it. Brilliant. • Babes in the Woods packages start with the White Willow, at £195 per person, which is suitable for groups of between eight and 20 hens, and includes all activities and meals, as well as the all-important camping for one night. Stays can be extended to two nights at a supplement of £35pp. A free “hen” place is offered per group booking of 12 and over confirmed before 31 October 2011. Babes in the Woods is operational between 1 March and 31 October. For more information visit babesinthewoods.co.uk . To book, call 020-7193 8633 or 07850 401759. Group trips United Kingdom Short breaks Weddings Royal wedding Monarchy Nicole Jackson guardian.co.uk
Continue reading …Water for Elephants , based on the bestselling book, tells the story of a young man who joins the circus during the Depression, working with an elephant and falling for a married performer. Critics are mixed: The film “provides a constant wash of scenic pleasure,” and is true to the book,…
Continue reading …Gold prices will not set another record high today in the US—but only because the markets are closed for Good Friday. That seems to be the only way to cool off the commodity, which rose nearly $5 an ounce yesterday to close at a record $1,503.20, notes…
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