Posts tagged "recession"

Buy-to-Let Mortgages – Best Buys

In the field of buy to let mortgages, best buys are not always easy to find. the information gathered here will help you when looking for and choosing the best deals.

Brief overview

The economy a few years back was seen to be better and stronger than it is now. because of the economic stability then, many investors bought property utilizing buy to let mortgages.

A few years later due to the recession, the value of many of these properties has crashed. several lenders have been forced to close or rethink their screening processes, with the downturn in the economy causing mortgage lenders to reconsider how much they are prepared to offer, particularly regarding buy to let mortgages.

Buy to let Mortgages currently Offered

As lenders have become more stringent in screening for applicants, the amounts they are offering has also changed significantly. according to UK based research, only 5% of buy to let mortgages have remained from September 2007 to may 2009, with larger down payments required from the applicant. interest rates have also increased, also as a result of the economic downturn.

Rental income is one of the major factors that lenders consider. the amount of rent that can be earned is generally viewed as the primary source of income. other sources of income for the property owner may also be noted.

Offers of buy to let mortgages are usually made at up to three times the applicant’s salary with 50% of the estimated yearly profits taken from rent. When applying for this type of mortgage, the estimated profits taken from the rent should exceed 125% of the applicant’s other monthly loan payments.

Types of buy to let Mortgages

  • Fixed rate Mortgage – as the name implies, the interest rates remain constant regardless of changes in the market forces.
  • Discount Rate Mortgage – payments are reduced depending on the length of time needed to pay back the mortgage.
  • Cashback Mortgage – the lender pays cash back when the applicant pays on time or upon completion of the repayment.
  • Flexible Mortgage – this type of mortgage allows the applicant to pay back with some consideration to their situation or ability to repay the mortgage.
  • Base Rate Tracker Mortgage – this tracks a central bank base rate.
  • Interest only or Capital Repayment Mortgage – with this mortgage, other sources of investment are used to pay off the mortgage dues. for this to be useful, the alternative investment must be large enough to cover the mortgage payment.

Factors to consider When taking Out buy to let Mortgages

When buying property for letting, it is important to be business savvy. Research on suitable property, its current and foreseeable value, the location of the property and whether there would be a good stream of tenants, as well as a list of possible responsibilities as the property owner, should all be taken into consideration.

When looking for buy to let mortgages, best buys should not be difficult to find as long as you have a firm business plan and continue to treat the property being let as a business.

Buy-to-Let Mortgages – Best Buys


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    Posted by admin - November 26, 2011 at 4:00 am

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    Dashwood: Candys attract more than celebrity brigade

    Anna White, 20:46, Saturday 29 October 2011

    Lulu, Nancy Dell’Olio and Holly Valance may have stolen the red carpet flashbulbs at Wednesday night’s Candy & Candy party to launch a book marking the property developer brothers’ 10th year in the industry, but it wasn’t only a celebrity affair.

    Among the 500-odd attendees were a smattering of the great and the good from the business world.

    As well as Nick Candy himself, who is dating former Neighbours star Valance, others to be found mingling at Mayfair’s Halcyon Gallery included Diageo (Other OTC: DGEAF.PKnews) boss Paul Walsh, Ron Dennis of McLaren, and Des McDonald, chief executive of restaurant group Caprice Holdings.

    Guests had the chance to be photographed against a backdrop picture of the superyacht Candyscape II that the brothers own. You could then turn it into a Christmas card, as if you owned it.

    Recession? what recession?

    =Whisper it…St Paul’s needs the City=

    If you thought that the Reverend Dr Giles Fraser’s protestations on behalf of the protesters camped outside St Paul’s, right , were shared by all connected to the cathedral, think again.

    There is no doubting the banking credentials of the chairman and trustees of the board of the foundation which supports London’s iconic house of worship.

    Sir John Stuttard, the chairman of St Paul’s Cathedral Foundation, hails from giant accountancy firm PwC, where he is now deputy chair of the company’s advisory board.

    Other trustees include John Spence and Carol Sergeant, both former senior directors at Lloyds Banking Group (LSE: LLOY.Lnews) . Roger Gifford, the UK company head of SEB (Frankfurt: 862948news) Swedish bank is also among their number.

    The cathedral website says: “We are extremely proud of the close partnerships we have forged and continue to nurture with our corporate neighbours.”

    And rightly so, given the biblical instruction: thou shalt love thy neighbour as thyself.

    Dashwood: Candys attract more than celebrity brigade


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      Posted by admin - November 1, 2011 at 1:00 pm

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      The week in Charleston food news

      Here’s a recap of what happened in Charleston this week. a whirlwind trip to NYC (reported in excruciating 140-character detail via Twitter) prevented me from reporting this information in a more timely manner. My apologies. Let’s get caught up with what I missed:

      1) Husk, named the Best New Restaurant in America by Bon Appetit magazine, got a huge plug this morning on the Today show. I just watched the video on their website and was surprised that Sean Brock did not make an appearance. Editor Adam Rappaport presented the food from the top five restaurants. Nonetheless, the exposure is priceless, which means eating there will probably become ever more difficult as word continues to spread. Critical mass will soon be reached. In the meantime, you can stop into the Husk bar for a single-barrel Knob Creek tonight for $9. It’s part of the National Bourbon Heritage month.

      2) Restaurant Week, which should more accurately be called Restaurant Week-and-a-Half, continues through the weekend, but I’m starting to discern some fatigue from the locals. Could this mean we’re over the recession or is it simply a reaction to something that’s become too popular for the haters?

      3) 181 Palmer at the Culinary Institute opened for the fall semester. The menu is rich with fall flavors, starting off with a charcuterie plate, a plate of “grits and eggs,” and grilled local shrimp with cauliflower puree. The entrees include a fish of the day, roasted Keegan-Filion pork, poele of Ashley Farms chicken, and a Grilled Niman Ranch flat iron steak. The dessert menu has artisanal cheese, chocolate truffle cake, butterscotch pot de creme, and coconut sorbet. It’s the best restaurant deal around too, with three courses for $15. It’s only open for lunch, and advance reservations are usually pretty necessary.

      4) Fleet Landing has won the Sustainable Seafood Institute’s designation as Partner of the Year. They’ll celebrate at a big event Monday night at the Aquarium, which will feature DC chef Barton Seaver, who will discuss his book For Cod and Country. Props to Fleet for making sustainability an important facet of their menu.

      5) The Macintosh has announced an opening night party for next Wednesday, that will be a benefit for Gavalas Kalanko foundation. You can buy tickets here.

      6) There’s more too: HoM and Barsa have both added Sunday brunch, High Thyme is now open for lunch, and a place called Stack’s Coastal Kitchen in Mt. Pleasant has added dinner. I’ll report more thoroughly on these tidbits later.

      Coming next: Eating my way through New York.

      The week in Charleston food news


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        Posted by admin - September 22, 2011 at 10:01 am

        Categories: Movie and Dining Reviews   Tags: , , ,

        Shoppers get early start on Black Friday specials

        Weeks of pre-holiday deals and the pressures of a stubborn recession were not enough to dim the shopping spirit for thousands across Delaware as Black Friday arrived in the pre-dawn hours.

        Lines were the order of the day, from the long snaking queue outside the new Target store at Christiana Mall to the 600-person mass waiting to crowd into Boscov’s at Christiana Town Center to the cars circling Christiana Mall all day.

        Ken Brennan, the Boscov’s store manager, spoke for many retailers in estimating crowds at perhaps 20 percent above last year’s Black Friday turnout, saying he had sensed a building of consumer optimism for the past four or five weeks.

        “We have had a strong day,” Brennan said.

        In a bid to grab shoppers before the traditional start to the holiday shopping season, a number of stores — including Old Navy, Toys R us, Sears and Walmart — opened on Thanksgiving. Toys R us drew in shoppers with 50 percent discounts on toys like Buzz Lightyear and Barbie.

        The early start did not stop Tina LaBella, 45, from joining the mob near the front of the line for the 4 a.m. opening at the new Christiana Mall Target.

        “I did this Thanksgiving morning” as well, she said. “I was at Kmart at 4:30 [Thursday], and I was the first in line.”

        What drew LaBella to two pre-dawn lines?

        “Everything. Camcorder, stereo — I had the whole cart full,” she said, adding that she would also be putting in a full day’s work after the morning’s excursion.

        At the Tanger Outlet Center outside Rehoboth Beach, crowds swarmed shops and sidewalks in search of deals. Many stores jumped the gun on the center’s midnight opening, welcoming shoppers at 11 p.m. or earlier.

        One of the stores sticking to a midnight opening was the Lenox outlet store, where Joanne Malone of Philadelphia waited outside with her brother in what has become a holiday tradition. she was in search of clothes for her older daughter and Kate Spade and Coach handbags, though she had not yet braved the long line in front of the Coach outlet, which was limiting entrance to a few people at a time.

        “It looked intense,” she said.

        Bonding time with relatives

        After all the pre-Black Friday deals and online offerings, shoppers still ventured out in the cold and drizzly rain in the middle of the night.

        “There’s so many different choices that you have,” Malone said, gesturing at the range of stores at the outlets, from shoes to Sony electronics. “Plus, it’s a fun bonding experience.”

        Some said they still were cutting back on holiday shopping given the uncertainty of the economy.

        “We’re just buying for our kids — my husband and I aren’t buying gifts for each other,” said Lonnie Wynn, 30, of Lewes, loaded down with three large bags from the Disney Store outlet. “Getting the deal, that’s why I’m here.”

        She said lines were looming large at first, but time passed quickly. “I didn’t know if I wanted to do it at first,” she said. “I usually come a little bit later, but I was awake.”

        Dana Pusey, 26, of Wilmington, waited in line just after midnight at the Sony outlet store, drawn by a 30 percent to 50 percent storewide discount. it was enough to attract her in her hunt for a flat-screen LED television.

        “It’s insane,” she said of the crowds, as two men muscled out of the store carrying three flat-screen sets between them.

        For the third year in a row, Bonnie Lister of Harrington took her family to the outlets, this time in search of clothing at Abercrombie & Fitch and Hollister for her daughters. they mostly found what they were looking for. the girls were weighed down with multiple Abercrombie bags.

        “The deals are pretty good,” Lister said. “It was worth coming out here. … It’s fun, just fun.”

        The foursome of Jennifer Massotti, mother Donna McGhee, mother-in-law Debbie Massotti and friend Amber Morgan journeyed south from Houston and Lincoln, mainly looking for presents for their kids and grandkids. they hit the Disney Store and Children’s place and were planning a trip to Dover later Friday.

        “We’re nuts,” Jennifer Massotti declared, adding that the shopping experience was almost as good as the deals. “It’s very rare that you get to go shopping all night with family and friends. It’s exhilarating.”

        Farther north, die-hards lined up outside the new Target at Christiana in the wee hours. When the doors opened at 4 a.m., the line strung nearly out of sight.

        Christiana Mall opened for a more general sort of mayhem at 6 a.m., and soon, few of the mall’s 6,100 parking spaces were available.

        “We’re at about 75 percent capacity right now, and the mall’s not even open yet,” said Steven Chambliss, Christiana’s manager, at about 5:30 a.m. “We’ll get cranked up in the next half hour or so, and we’ll be full.”

        It stayed that way at the mall for most of the day. Drivers came to a complete stop on ramps from Del. 1 and Del. 7 leading to the center.

        Some drivers grew so frustrated trying to find parking, they abandoned their cars on grassy areas along fences surrounding the lot and walked the rest of the way. Other visitors parked in front of stores in a smaller shopping center across from the mall, breathlessly toting their bags through its parking lot, across the street and to their cars.

        Key test for Christiana Mall

        Across the mall road at Michaels Arts and Crafts, shopping was much calmer.

        Cathy Loppatto, of Elkton, Md., said she was at the tail end of a four-hour shopping visit, and her strategy included only one element.

        “I didn’t want to come too early, so I just came about 1 or so,” she said. Avoiding the crowds was an absolute must, although not entirely doable when shoppers from throughout the region converged on the mall for a tax-free shopping spree.

        For Christiana, this holiday season stands as a key test of the mall’s multimillion-dollar makeover. on Friday, the crowds seemed younger, and possibly less frenetic than usual, veteran Black Friday observers noted. But beneath the generally well-behaved mob was the typical intensity of the big-markdown hunter.

        There was 24-year-old Barry Coleman of Newark, who bravely resisted fiancee Tiffany Ferguson’s “suggestion” that they camp out at Target starting at 4 p.m. Thanksgiving Day. “We fought about it for three hours before we came over here,” he said. “But she won.”

        Some Black Friday standards are shifting, and most shoppers interviewed already had been deal-hunting for days, if not weeks, as retailers sought to out-start one another. Other traditions endured.

        “People will yell at you like crazy” should you come between them and the object of their desires, said Courtney Kitts, 16, of Cecil County. “They push you and say, ‘Get out of the way. It’s mine!’ “

        Of course, not all retail hubs were hopping — in Newark, the sleepy shadows of Main Street were lit only by the glow of the Post House diner.

        And not all dreams were fulfilled — even a 1 a.m. arrival was not soon enough to snag some limited-quantity deals, and not even a pre-dawn mission could guarantee that girlfriends Angela Griffin and Kristie Logan would get the 40-inch wide-screen TV they sought at Target.

        So they got a 46-inch instead, with the help of an additional $146.

        It was still a deal, they said.

        Shopping for themselves

        So, was it time to call it a day, head back to new Jersey, get a nap?

        No — still time to catch that $19.99 pots-and-pans special at J.C. Penney.

        Such commitment is an encouraging sign for retailers and for the economy, as more shoppers appeared to be buying for themselves than last year, when such indulgences were limited.

        During the disastrous 2008 Christmas, shell-shocked shoppers stuck to buying gifts for others.

        Marshal Cohen, chief analyst for market research firm NPD, who had a team of consultants monitoring 11 regions in the country, estimated that 15 percent of purchases so far on Friday were items for themselves. that was up from about 9 percent last year on the same day. on Black Friday 2008, he estimated it dropped to about 5 percent. in good economic times, such purchases run about 26 percent, Cohen said.

        Even the mildly bad weather could not put a damper on sales. Light rain was falling in Delaware for most of Friday morning, although temperatures were warm enough to make that bearable.

        The fierce battle for shoppers’ wallets promises savings for those willing and able to buy amid an economy that is still worrying many. Many analysts think bargains will become more plentiful as the shopping season progresses.

        The good news is that retailers are heading into the season with some momentum after a solid start. Shoppers who can afford it are buying more nonessentials like jewelry and luxury goods. that is helping to lift their spirits about the holiday season, which is expected to generate revenue gains modestly higher than a year ago.

        Thanksgiving weekend is huge for retailers. in recent years, Black Friday — the day retailers are said to get into the black for the year — has been the busiest shopping day of the year, according to data from research firm ShopperTrak. But it does not necessarily provide a complete forecast of holiday sales. in fact, shoppers seem to be procrastinating more every year, so the fate of the holiday season is increasingly down to the last few days before Christmas.

        Retailers study buying patterns for the weekend to discern shoppers’ mind-set. this year, that means taking the measure on their willingness to spend just a little bit more.

        Last year, the Thanksgiving shopping weekend accounted for 12.3 percent of overall holiday revenue, according to ShopperTrak. Black Friday made up about half of that.

        Staff reporter Phillip Lucas contributed to this article, which contains material from the Associated Press.Contact Eric Ruth at 324-2428 or eruth@delawareonline.com.Contact Dan Shortridge at 463-3338 or dshortridge@delawareonline.com.

        Shoppers get early start on Black Friday specials


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        Posted by admin - November 28, 2010 at 1:00 pm

        Categories: New York City Jobs   Tags: , , , ,

        Making the Most of Low Unemployment in a High Altitude

        When I decided to quit my job of a mere 5 months, and move from new York City, where I grew up, to Vail, Colorado, I was met with mixed reviews from friends and family. some were impressed with the bravery of the decision, moving from a big city to a small town where I knew not a single person, while others would ask, with a hint of judgment, “So you’re going to be a ski bum?”

        I guess so. it seemed like a good option after graduating college in 2008, landing a job that I hated, and watching our economy move into a recession. the job market was going to be rough, and so, instead of making changes in my career path, I decided to delay it all together, and move to the mountains. but when I arrived I soon learned that I was not the only one to make that decision. In fact, most of the Vail job pool were college graduates who were still figuring out what they wanted to do in life, and thought they might as well have a good time during their self-contemplation.

        This past winter, the New York Times published an article titled “The Return of the Ski Bum“, addressing the new trend of recent grads, MBAs and even investment bankers who lost jobs or couldn’t find jobs and decided to move to mountain towns. it was in places like Aspen or Park City where people could easily find employment, even if it meant they were going from operating funds to operating chair lifts. Personally, I was excited that the New York Times was bringing attention to my often misunderstood group, but the article failed to mention the underlying benefits of ski resort jobs. yes, you get to work with fun, young people and work only 4 days a week to allow ample time on the slopes, but these positions are bigger resume builders than you think.

        Since a ski resort has mostly seasonal work in the winters and summers, there is high employee turnover and lots of movement begets lots of opportunities. after working only one winter season at ski school, I landed a management role the following year, knowing well that if I stayed in my real estate job in new York, it would be years before I saw any type of promotion. Being a supervisor taught me invaluable lessons in a business setting, even if the business was putting skis on 3 year olds and preparing decent hot chocolate when they came inside from the bunny hill. it gave me the confidence to make decisions, take initiative and empower employees through delegating responsibilities. I had to learn to hire people and even fire people, skills and experiences I could never get in an entry level position.

        Another thing you hear when you live in a ski town is the common saying “You may come for the winter, but you’ll stay for the summer” and as the snow is melting and the temperatures are finally reaching above 60 degrees (which is a lot to say here in the beginning of June), I am reminded again that this statement is very true. while jobs are transitioning, there is an onslaught of concerts and other arts events such as the Vail International Dance Festival and the Bravo Classical Music Festival to whet the cultural appetite. And since these are large productions in a small community, there are plenty of opportunities to work at the events, with the benefits of learning about famous choreographers or notable classical musicians in addition to a free beer once in a while at the outdoor venues.

        last summer, I supplemented my time volunteering for the Dance Festival with a hostess position at a restaurant. while, there were definitely some unglamorous moments, one being when I was clearing a table, trying to hold seven plates at once, only to spill a bottle of balsamic vinegar all over a guest’s white cashmere sweater. but it was in this high-energy environment where I think I learned the most. the restaurant I worked at valued team work, and understanding each role in the restaurant so that we could help whenever needed and work collaboratively to deliver the best possible product. Even as a hostess I could stand on the line to watch the chefs assemble beautiful dishes and attend weekly wine tastings to try some of the best vintages from France and California. besides learning about the food and how to distinguish a pinot from a syrah, being in a restaurant taught me how to work alongside a diverse group of people, think on my feet in an unpredictable environment, retain a smile and learn from my mistakes in the face of harsh criticism or complaints from guests.

        after two years of living and working in Vail, people often ask if I will stay out here forever. Probably not. For now, I will work on finding a career that I truly love where I can apply the skills that I have learned here. In the meantime, I can continue to impress my friends with my intimate knowledge of wines from Napa.

        Making the Most of Low Unemployment in a High Altitude


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        Posted by - June 2, 2010 at 1:00 pm

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