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It sounds rather morbid, but it is vital that all self certified borrowers assess their finances and prepare them in the case of their death.

It's a common misconception that you should only think of death when you are old but what would happen to your finances if you suddenly died or was taken seriously ill? Who would benefit and who would lose out? These are questions that must be answered while you are fit and healthy.

You have to make sure now that those who you want to benefit – your family – do benefit and those who you would rather see left out of pocket – the taxman – are steered clear of your estate. But luckily there are simple processes to assure this which can be organised with the help of a self cert mortgage adviser.

The first thing to do is to make sure you are covered. That means taking out the right life insurance, critical illness cover and income protection. It is an extra outgoing each month, but it is one that will help you solve the question of how your loved ones will be able to carry on paying the mortgage should something happen to you.

The next step is to get your estate in order. This is not just an exercise for the wealthy – everyone should have a will. You can decide now who gets your home, your business and your assets. You can even lock them in trusts now so the taxman cannot get hold of them later.

No one wants to think about their mortality, but if you own a home and self certify your own finances then you have to have a plan in place to make sure your loved ones are protected and that your assets are safe, whatever happens to you.

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