Tag Archives: lifestyle
Younger home owners looking towards equity release in UK
A surge in equity release activity in the UK in the second half of 2014 saw younger borrowers turning to lifetime mortgages in the wake of the Mortgage Market Review (MMR) and the 2014 Budget pension announcement. The Spring 2015 edition of the Equity Release Market Report from the Equity Release Council shows that as the market has grown, the proportion of new equity release customers aged 55 to 64 dropped from 24% in 2011 to 21% in 2013, pushing up the average customer's age towards 71. This trend continued in the second half of 2014 when just 17% of new customers fell into the 55 to 64 age bracket. However, following the March 2014 Budget and MMR implementation on 26 April, this age group made up 20% of new equity release customers during the second half of the year. Compared with the first half of 2014, the number of new equity release customers aged 55 to 64 was 32% higher in the second half of the year, which was also the busiest half year since 2008 for total new plans agreed. The average age of customers choosing drawdown products was unchanged at 71.6 from the first half of the year to the second half but the average age of those choosing lump sums fell from 68.8 in the first six months of 2014 to 67.6 in the second. The data suggests that changes in the residential mortgage and pensions markets are having an impact on the profile of equity release customers. Reports have surfaced that people are finding it increasingly difficult to access residential mortgage finance later in life under the MMR rules, particularly if the desired term may stretch beyond their normal retirement age. At the same time, many borrowers with interest mortgages are approaching their final repayment date. For those who have no or limited resources for a repayment vehicle, using equity release to pay off their existing mortgage is a common solution. Some younger borrowers may also have used equity release in the second half of last year to meet an immediate need for extra funds, rather than accessing their pension savings ahead of 6th April 2015 when the new pension flexibilities will take effect. ‘Equity release is helping people respond to a host of financial challenges at various points in later life, or simply enhance their standard of living so they can enjoy a more comfortable retirement. Part of the appeal lies in the option to cover off large one off expenses,’ said Nigel Waterson, chairman of the Equity Release Council. ‘Paying off the last of an existing mortgage is often one of the biggest financial deadlines people have to face beyond the age of 55. The flexibility of equity release enables them to wipe the slate clean while also using their housing wealth to meet a range of other needs,’ he explained. ‘The money they have put into property often proves a good investment over time. Releasing equity… Continue reading
DM wants to wipe out ‘dirty’ buildings before Expo
DM wants to wipe out ‘dirty’ buildings before Expo 2020 Staff Reporter / 25 March 2014 Building Department of the Dubai Municipality intensifies inspections, urges owners to beautify/repair structures. Dusty and dull-looking buildings in Dubai are likely to be a thing of the past soon as owners are being asked to go for a makeover in a new campaign aimed at beautifying the emirate in the run-up to Expo 2020. New or old buildings located along the Metro lines and on key roads are mainly targeted in the beautification drive launched by the Building Department of the Dubai Municipality. The department has intensified inspections of buildings to check whether they are up to the mark according to Dubai’s global status as part of efforts to maintain the aesthetic beauty and positive image of the city, and in preparation for the upcoming Expo 2020, the civic body said on Monday. Khalid Mohammed Salah, director of the department, said the campaign, fielding all manpower at the department including engineers and inspectors, would be focusing on all buildings in the emirate in general and on those in key areas in particular. Jaber Ahmed Al Ali, head of the Building Inspection Section, said the department has issued notices to many building owners to carry out necessary maintenance or painting works or cleaning of the building façades. He said inspections had been intensified in the buildings situated on both sides of Red and Green Lines of Dubai Metro. The department’s efforts have seen positive results as many owners responded spontaneously to act according to civic body’s instructions. The official pointed out that the civic body has high concerns over buildings which are poorly constructed or abandoned midway of construction as they are considered black marks in a city which is advancing to newer heights. According to him, the inspectors at the civic body are routinely inspecting such buildings including the abandoned ones and duly issuing notices to the owners. Al Ali also urged the public to support the municipality’s efforts to make Dubai a beautiful city ahead of Expo 2020 by notifying about bad practices to its call centre 800900 and by doing modifications and necessary beautifications in their buildings. sajila@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
Full-throttle photography 14,000 feet above the ground
Full-throttle photography 14,000 feet above the ground 25 March 2014 With an office 14,000 feet above the ground, Juan Mayer sits down with Kelly Clarke to talk about the stomach-churning chill and thrills of being a skydive photographer and his dreams of breaking a world record in Dubai. The dreaded nine-to-five slog is part and parcel of a typical working day for most people around the world, but for Juan Mayer, his daily ascent via a small propeller plane to his office in the sky makes his working day far from typical. With a penchant for photography from a young age, Argentina-born Mayer decided to turn things up a notch 13 years ago, and with his Nikon camera in tow, left his job in the army and took to the skies to become a skydive photographer. Now, with 9,000 jumps under his belt — reaching world record heights of 24,000ft in the process — Mayer reminisces with Khaleej Times on the heart-thumping moments before throwing himself out of the plane for his first solo jump. “It was terrible. Seriously terrible. My only motivation at the time was the photography, so that’s what kept me going.” The initial fear didn’t keep him from his dreams, and after becoming hypnotised by his first few dives, Mayer says he knew he wanted to pave out a career in mid-air photography. “Skydiving is a beautiful thing. When you are up there, you are alone and free. It’s a challenging environment for a photographer, but an extraordinary one.” With the vision of being a high-flying photographer firmly in his sights while living in Argentina, Mayer says he had to “suck it up” and make a few hundred jumps before officially getting on the payroll. “I had to make a minimum of 200 jumps before doing it professionally, but the money made it difficult to start skydiving,” he says, with each jump setting him back $30. Tapping into his inner entrepreneurship, Mayer managed to get the majority of his costs covered by persuading people to dig deep and pay for his jumps in return for some free-of-charge, mid-air shots. And it was a bold move which proved successful. “I couldn’t keep forking out after the first year, so this worked well for me. It was a win-win situation for me and them. ” From Brazil to Venezuela, and New Zealand to the USA, Mayer’s passion for adrenalin-pumping photography has seen him stack up the air miles over the years, with most of the world’s continents checked off his list. Back in Dubai Now the official photographer for Skydive Dubai, Mayer and his team returned to a warm welcome in Dubai back in October 2013 after bagging a gold medal at the 15th Asiania Parachuting Championships at the China International Open. Since moving to Dubai more than two years ago, Mayer’s photography has seen him bag awards all over the world, including several accolades for his videography work, but he says he has his sights set on breaking a record right here in Dubai. “The current world record is 400 people in free fall, but sometime this year, we’re hoping to break this record by having more than 500 people in free fall.” With no date set in stone for the record-breaking challenge, Mayer says he is hopeful it will happen at Skydive Dubai’s desert base later this year, with about 10 photographers tasked with the job of snap-shooting history in the making. Hoping to take the lead when the day finally comes, Mayer says he can’t wait to be a part of the epic milestone. “This is my main aim at the moment, so I just hope it happens soon.” Completing a staggering 24 jumps in one day while working out in the USA a few years ago, Mayer says a typical day in Dubai sees him leaping from the plane’s door about 10 times, all “depending on mother nature’s mood”. And when asked if he ever gets bored of the job, it’s clear, after 13 years that the fervour still rages within him. “When I train on-ground for too long, I definitely get grumpy if I don’t jump for a few days,” he says. Mayer’s two-year stint in Dubai has seen him add about 2,000 jumps to his ever-growing resume, and with only 60 seconds to get that perfect picture during free fall, he says the job can often be tricky, and the outcome disappointing. “People will look at my shots and like them, but I won’t be happy with them. You have such a short time space to capture that image, so it doesn’t always happen. But when it does, the sense of satisfaction is immense.” So what is his favourite shot? Mayer says capturing the expressions on people’s face, mid-air, always raises a few smiles and really sets the scene when it comes to skydiving pictures, but in terms of a favourite, the answer is simple: “For me, my favourite shot is the one I take tomorrow.” So after giving up a secure job in the Special Forces and switching to a daredevil day job, is the passionate photographer risking it all in pursuit of that crowning moment? The answer, according to the “photographer first, skydiver second”, is no. “Believe it or not, skydiving is actually safer than driving a car.” kelly@khaleejtimes.com For more news from Khaleej Times, follow us on Facebook at facebook.com/khaleejtimes , and on Twitter at @khaleejtimes Continue reading
