» Click here for the original article

As the recession takes hold, many people who have a second, part-time job could be facing a cut in income – which will mean an assessment of their finances.

New research from Legal & General reveals that almost half, 45%, of the households who employed some help in the home last year are cutting back. Just 23% of British households employ people to help around the house, compared with 42% in February 2008.

This is a big blow to cleaners, handymen, repairmen and odd-job men who rely on their regular customers to help keep income up. It's self cert people like this who may now have to consider remortgage, downsizing or a secured loan.

L&G also found that 38% of households currently employing help in their home plan to do without them in the next six months, because of increasing financial pressures – the opportunities for work in British homes appear to be dwindling. Demand for odd job people has dropped 86%, from 7% to 1%; and the number of people employing window cleaners has slumped 48%, from 25% to 13%. Gardeners also look set for a lean summer, with just 4% of households intending to spend money on someone else doing this work, a fall of 43%.

If you are some who has seen their second job, or part of their business suffer thanks to the recession, don't let things get on top of you. Talk to a mortgage adviser about what to do without the income you have been used to. There are always options open to people who are pro-active and take action before it's too late.

SOURCE: L&G, 13/02/09

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