Credit crunch
- Thread starter algie
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perth seagull
Well-known member
- Jul 5, 2003
- 5,487
My job is safe, but I work for the government in far away Australia, and the credit crunch hasn't affected employment as much here (it has had more of an impact on home owners instead with financial institutions "struggling" and using this as an excuse to increase interest rates). Thankfully the economy here isn't as dependent on the US as the UK is.
cannedheat
Banned
Doing very well out of this recession.
Uncle C
Well-known member
Uncle Spielberg
Well-known member
Being a mortgage broker this is probable the worst or one of the worst professions to be doing this last year along with estate agents and housebuilders. In a way it is worse as estate agents and still sell to cashbuyers to make an income a mortgage broker needs someone to get a mortgage. Mortgage approvals are down 80% on last year. The figures have gone off the board. Generally mortgage brokers I speak to say their business is about 75% down this year and mine is 50-75% down. Whereas for the last 10 years I arranged 10-20 mortgages a month, it is down to under 5 a month and they are generally 4 re mortgages and 1 new mortgage.
I know of lots of brokers either getting a secoond or third job or leaving the industry and going bankrupt. Estate agents are starting to close across the board, Savills have closed 130 branches. Mishom Mackay a very strong agent have whitewashed their Portslade office and also closed Western Road. Now if they are struggling ALL agents are struggling. Estate agents will be culled to 50% of their present levels and mortgage brokers will fall from 35000 nationally to less than 20000 I would say.
I am working 12 hours a day trying to hang in there. I have been doing this for 20 years and am not going to throw it away lightly for something totally out of my control.
I know of lots of brokers either getting a secoond or third job or leaving the industry and going bankrupt. Estate agents are starting to close across the board, Savills have closed 130 branches. Mishom Mackay a very strong agent have whitewashed their Portslade office and also closed Western Road. Now if they are struggling ALL agents are struggling. Estate agents will be culled to 50% of their present levels and mortgage brokers will fall from 35000 nationally to less than 20000 I would say.
I am working 12 hours a day trying to hang in there. I have been doing this for 20 years and am not going to throw it away lightly for something totally out of my control.
British Bulldog
The great escape
- Feb 6, 2006
- 10,974
Credit crunches & recessions never have affected my job.
cannedheat
Banned
Pride comes before a fall
Not in my job.
You need to add an option for "I'm hoping to get a redundancy pay-off ASAP".
hitony
Administrator
Because of the credit crunch i finish my redundancy notice period next Friday 
I am looking for work but it is not easy out there.
I am looking for work but it is not easy out there.
I think/hope my job is safe. I work in the pharma industry which is quite robust.
Whilst there are some sectors which are no doubt struggling and I do feel sorry for them (bar estate agents......I´m sorry but in addition to my own well documented exerience and also seeing Glen Mishon swanning around Hove in his Bentley parking on double yellows like he owns the place cannot make me feel any other way.) there are also a number of sectors making record profits or profiting from the current situation. My feeling is that the credit crunch isnt widespread...yet.
Whilst there are some sectors which are no doubt struggling and I do feel sorry for them (bar estate agents......I´m sorry but in addition to my own well documented exerience and also seeing Glen Mishon swanning around Hove in his Bentley parking on double yellows like he owns the place cannot make me feel any other way.) there are also a number of sectors making record profits or profiting from the current situation. My feeling is that the credit crunch isnt widespread...yet.
Uncle Spielberg
Well-known member
I think Glen has got rid of that Bentley and Glen is a decent bloke so I do not begrudge him any wealth he has.
Common as Mook
Not Posh as Fook
- Jul 26, 2004
- 5,642
Agreed. As soon as he started struggling and having to lay staff off, the Bentley went.
As for me, I work in COmmercial Banking for one of the big five dealing specifically with Mortgages Lenders and Loan providers. Loan providers are profiting but the mortgage companies are struggling. Swing sand roundabouts so I should always be safe.
If people don't move then they renovate, and as Bathrooms are high on 'wish' lists they are still having them done.
Maybe they don't spend quite as much as if it was their new property, but after an indifferent August, work is still pouring in.
Maybe they don't spend quite as much as if it was their new property, but after an indifferent August, work is still pouring in.
Uncle Spielberg
Well-known member
People with 25% equity in their properties are re mortgaging and getting extra monies to do home improvements rather than moved and throw huge amounts of money in the governement coffers, solicitors pockets. All the re mortgage work i am doing is under 75% loan to value as there are still some very good rates up to 75%. As property prices fall the amount of people with 25% equity will reduce and I can see this drying up as well.
Sorry.
I dont like you!
beorhthelm
A. Virgo, Football Genius
- Jul 21, 2003
- 36,019
i see the high street busy, the trains full, the roads bumper to bumper. i read that retail done ok recently (or at least not badly) and i dont read about massive redundancies. i think apart from jobs related directly to housing, ie brokers, mortgage banks, builders and agents, everyone else is bearing up well and the talk of recession is the biggest risk (and there may be a technical recession, but thats all it is). we've been as a nation splurging for too long (the government being the worse offender), time to cut a few excesses and we'll weather winter ok to turn aorund and growth in spring 2009.
Lankyseagull
One Step Beyond
At my office, a meeting was called first thing on Tuesday morning to advise us that due to current market circumstances (we're an Architectural Practice), redundancies will be inevitable and the remaining staff will be asked to agree to a 10% pay cut (the working week will also be reduced from 40 to 36 hours for those agreeing).
On Thursday an e-mail was issued to all staff to advise that the company could only afford to pay us 25% of our salaries for this month, with the balance settled as soon as some of our debtors had settled their accounts next month.
Not really sure where I stand at the moment. I am fairly senior in the company, but experiences of the past tell me that your position doesn't mean anything if the company needs to make savings.
Worried about my job? Yes.
On Thursday an e-mail was issued to all staff to advise that the company could only afford to pay us 25% of our salaries for this month, with the balance settled as soon as some of our debtors had settled their accounts next month.
Not really sure where I stand at the moment. I am fairly senior in the company, but experiences of the past tell me that your position doesn't mean anything if the company needs to make savings.
Worried about my job? Yes.
withdeanwombat
Well-known member
I'm retired.
My worry is euthanasia.
My worry is euthanasia.