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More and more people may becoming self-employed, as the UK braces itself for more redundancies and a severe tightening of the economy.

British Chambers of Commerce says a severe downturn is unavoidable and the recession in the UK will be "painful and prolonged".

The group has revealed over the weekend that a sharp rise in unemployment to almost three million is very probable – this would almost certainly mean the mortgage lenders would have to consider producing more self cert mortgages – that are affordable too. Right now there are very few self cert deals on the market, but demand always helps supply so things may change in the coming months.

The Government has made two pledges in recent weeks – to business owners and to homeowners – which means if any promises are kept, the self cert borrower should benefit.

The lobby group expects the government to introduce a significant fiscal stimulus package of between £12bn and £18bn before the end of the year – which will help the four million or more small businesses in the UK. This could mean more money and more opportunities for those who run and manage their own businesses during the tough times.

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