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New Government unemployment statistics and schemes could prove the need for more self cert finance products in 2009.

The Government revealed last week that unemployment benefit claims rose by 75,700 in November, the biggest monthly increase since the spring of 1991, taking the total to 1.07 million.

As a result James Purnell, Work and Pensions Secretary, unveiled a £158 million fund to help people who have lost their jobs – the scheme will give help with re-training and advice on how to become self-employed or to set up a new business.

If this works, the UK will see many more people with small businesses and becoming self employed – giving lenders a bigger catalyst to create more self certified mortgages and loans.

Right now the self cert market is on hold as lenders continue to be wary of borrowers who cannot prove their income, but as more and more people find themselves in a self certifiable situation, and the Government continues to pledge to help the small business person, surely more self cert products will return.

Recessions always bring out the entrepreneurial spirit in the British – we can only hope this possible self employment boom brings with it a self certification boom also. It could be the only way to help thousands or eve millions of Brits get through a tough and challenging 2009.

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