The situation is even worse for newly self-employed, as they may not yet have been trading long enough to have had three years' worth of accounts prepared.

This is where mortgage lenders who specialise in self-certification mortgages and self-employed mortgages come into their own. These types of lenders appreciate different and complex working patterns of self-employed, contract workers, and people whose jobs are seasonal. They are prepared to look at each case individually and assess each mortgage application on its own merits, rather than just applying a series of one-size-fits-all income tests. In many cases, self-certification means that you do not need to supply any proof of income - you just declare what your income is without having to provide any supporting documentation.

In addition, specialist self-employed and self-certification lenders are more likely to offer flexible mortgage products that allow overpayments and underpayments. This is ideal for people whose income can fluctuate throughout year, as it means you can overpay when times are good and underpay if you're business is going through a quiet period.

If you want more information on self-certification mortgages for self-employed people, please visit Clean Slate Mortgages.

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Copyright 2004 David Miles. You are welcome to reproduce this article on your website, so long as it is published "as is" (unedited) and with author's bio paragraph (resource box) and copyright information included. In addition, all links to external websites must be left in place.

What you should do:

Re-organize your budget. You have to make sure that you have funds in your account to cover every check you write to avoid bouncing any checks.

Request substitute checks. You will not be entitled to a credit to your account if an error has been made unless you have a substitute check.

Balance your checkbook. If you are not in habit of balancing your checkbook with your bank statement each month, you need to start. This will ensure that you'll find any mistakes that may have been made.

Learn more. Consumer's Union did not support Check 21. Find out why and learn more about Check 21 HERE