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Last week the UK banks agreed their Statement of Principles to help small business across the country.

The newly revised paper will set out how banks will support entrepreneurs through the downturn.

Small business representatives and the Department of Business, Enterprise and Regulatory Reform agreed on the wording of the Statement last week, and the British Bankers Association published it.

The BBA says the Statement of Principles will allow openness and early collaboration between lenders and businesses. It hopes frank discussions on the likely effects of the downturn will take place between lenders and borrowers, together with a realistic business plan.

Angela Knight, chief executive of the BBA says: "The Principles show that banks are committed to working with business customers to find ways of overcoming the difficulties they may face in changing markets and through the economic cycle. All businesses experience these challenges. The Principles also emphasise that if the owners and managers of the business take early advice and action, they can work with the bank to sort out difficulties.”

This is great news for those looking for finance if they are self employed or a small businessperson. But as well as talking to your lender, always talk to your financial adviser. There is nothing better than impartial, expert advice to give you the best picture of what is out there and what you can get as a self cert borrower.

Keep up with the latest news and comments on Self Employed Mortgages at the Self Cert Mortgage Blog