How long before it affects me

[Pondlife]

What with all the daily doom postings, what are the panels' views on when this will all start to really affect joe public?

Currently mortgages are harder to come by for those with a less than glittering credit history or without a substantial deposit but this is only affecting those that have to find a new source of funding (i.e those whose fixed term has come to an end and who would otherwise be scuppered by the new rate). These people are the minority so the great unwashed is (as I see it) currenly unaffected.

So how long will it be before companies start mass shedding of jobs and we see 2nd and 3rd tier suppliers go to the wall because the big cos are cutting back?

Is anyone outside of financials seeing large projects being canned?

[rootsnall]

My current client Co and the previous lot have both had a bit of a cull, quite ruthless at the current lot including .Net permies. Chatting to mates in various industries at the weekend and similar stories so I reckon it's here already and will be quite noticeable sooner rather than later.

Saying that my niche seems strangely resilient at the moment and my local has been busy the past couple of weeks so who knows

[NetwkSupport]

im predicting noticable change by end of nov

[NoddY]

Eventually, the effects will be positive to those who work. Mortgage debt servitude is coming to end, oil prices are falling and the thick people will be back in social housing* where they belong.

Clever people like contractors without any current exposure to the property bubble will be able to make a killing.

* currently branded as two bed executive flats in Britain's inner cities.

[expat]

Eventually, the effects will be positive to those who work. Mortgage debt servitude is coming to end, oil prices are falling and the thick people will be back in social housing* where they belong.

Clever people like contractors without any current exposure to the property bubble will be able to make a killing.

* currently branded as two bed executive flats in Britain's inner cities.

Generally, those who stay in work do relatively well out of a recession. The fear is that the work dries up.

[Bob Dalek]

Read in one of the Tube freebie s**t sheets this morning that mortgage lending fell by 95% last month. Gulp! That can't be right, can it?

[shaunbhoy]

Read in one of the Tube freebie s**t sheets this morning that mortgage lending fell by 95% last month. Gulp! That can't be right, can it?

Apparently so, but it is being largely seen as a bit of a one-off, fuelled by some HMG dithering over whether to reduce/ditch stamp duty to "stimulate" the housing market.

[ratewhore]

Thats what they're saying. July's lending - roughty 2 billion, august lending - 143 million.

[rootsnall]

Read in one of the Tube freebie s**t sheets this morning that mortgage lending fell by 95% last month. Gulp! That can't be right, can it?

It is NET mortage lending but has been twisted a little in a few of the stories. I guess it'll go negative but up to now it has still been growing.

[VectraMan]

Read in one of the Tube freebie s**t sheets this morning that mortgage lending fell by 95% last month. Gulp! That can't be right, can it?

Why is that a bad thing? Surely people not getting themselves into debt is good for the economy at large, just not so good if you make your money from lending money.