Our Customers rate us 4.6 out of 5
Trusted advisors for mortgages with decreasing profits.
Don’t let reducing profits reduce your optimism for the future. If you want to get a mortgage, our team of expert advisors are here to show you the right way to the right mortgage deal.
Your home may be repossessed if you do not keep up repayments on your mortgage. When The Bank Says No is a mortgage broker, and not a lender.
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Useful links to begin your Mortgage Journey
Retained Profit
Retained profit mortgages can increase your chances of approval and help you borrow more. Get started today by talking to one of our advisors!
LLP
Are you in an LLP and looking to buy? Our trusted advisors specialise in helping self employed customers achieve mortgage application success.
Ltd Company Directors
Ltd company directors don’t need to fear the mortgage market. Our team of expert mortgage advisors are here to take the headache out of the process.
1 Year Accounts
Owners of young businesses don’t have to worry. Our mortgage advisors are here to help you achieve success even with only 1 year of trading.
If my business has decreasing profits, will I be able to get a mortgage?
If your business has decreasing profits, it will be more difficult to get a mortgage and most high street lenders won’t welcome your approach. The number of mortgage deals available to you will shrink. However, there are self-employed mortgage options which we can help you find and apply for. We support self-employed applicants and help you increase your chances of success.
Our team of expert advisors have helped self-employed people in a range of sectors achieve the property of their dreams using specialist lenders. Whatever the circumstances, your self-employed income, or business losses, our friendly advisors are here to help you work out the best way forward – just get in touch!
Don’t lose hope.
If your business has been operating at a loss, you may be concerned that your future property-owning plans are now out of the question and that your spending habits will have to change. The world of mortgages can seem scary and most high street lenders are unenthusiastic, particularly if you’re self-employed but don’t feel that you might have to change your employment status.
Our expert mortgage advisors are here to help take the strain of the application process and can deal with specialist lenders on your behalf. Whatever your circumstances and whatever your business is going through, the right mortgage deal is still within your reach. Self-employment doesn’t have to be a bar to property ownership.
Let's get the ball rolling.
We can support you and help you to make yourself as attractive to banks as possible, ready for your next application!
Check your credit file.
In order for us to assess your credit history and suitability for different mortgage products, you will need to check your file.
Finding The Best Mortgage With Decreasing Profits Deal For Your Circumstances
If your business has made a loss over the last 2 years, it can be harder to find mortgages with decreasing profits. Any significant fluctuations due to market conditions will cause many mortgage lenders to question the sustainability of your income – even if it’s a one-off cost due to something like an office refurbishment or the impact of the COVID-19 pandemic.
The good news is that not all lenders think the same, and our team of specialist mortgage advisors are here to help you find a self-employed mortgage against the odds. With our help, a suitable self-employed mortgage deal is just around the corner!
Am I eligible for a net profit mortgage?
Net profit mortgages enable self-employed people to prove their income by declaring their business’ net profits. If you have your own business and generate an income that is split into expenses and profits, a net profit mortgage should be available to you. This applies to businesses run as a sole trader, partnership or limited company.
Mortgage providers take several different approaches to this kind of mortgage; some consider profit before tax, and others will consider profit after tax. The only drawback to net profit mortgages is that they may not demonstrate all that you can afford, and if they demonstrate decreasing profits, lenders may begin to seriously question your affordability.
If you’re not sure about the best approach for your net profit mortgage, our team of advisors are here to explain everything you need to know about this and other eligibility criteria and support you through the mortgage application process.
Turning Your Nightmares Into Dreams
When you think you’ve hit that brick wall and have all but given up hope of finding mortgage finance, When the Bank Says No are here to turn your ‘No’ into a ‘Yes’. We have access to a range of specialist lenders who are willing to help those that the High Street banks just won’t touch. Get in touch today and see how we can turn your dreams into a reality.
What are the requirements for getting a net profit mortgage?
Your eligibility for a net profit mortgage will depend on your credit history and other financial information like your certified accounts, personal details like age, the length of time you’ve been self-employed, dividend payments, and the size of your deposit. As with any kind of mortgage, you stand a much better chance of being accepted if you can demonstrate your lack of risk and responsibility with money.
As part of standard lending criteria for self-employed applicants, a mortgage provider will typically look at your average profits over the past couple of years and scrutinise your business bank statements and tax year overviews as well as your credit file. This may put you in a better position if your declining profits are only a momentary blip.
If you want to get a mortgage and for guidance tailored to your company’s financial situation, don’t hesitate to give our team a call!
Are there any differences for sole traders and company directors when applying for a mortgage?
If you are a sole trader, many lenders will consider if there are any changes to your profit levels year on year. If your profits are up from the previous year, they may use this figure in their calculations. However, if your profits have gone down, the profit average will be lowered and this may change how much most lenders are willing to offer. You could also have to pay higher mortgage rates.
If profits decline by a significant amount such as 20%, some lenders may not be willing to lend at all. Most lenders may consider your recent accounts in the round rather than just focus on fluctuations in profits.
If you are a company director, mortgage providers will tend to look at what you withdraw as your salary and dividends as effectively your annual income. Some lenders will consider adding a share of the net profits to this, meaning you can borrow more than what is determined by salary and dividends alone.
Frequently Asked Questions
How Much Can I Borrow?
Mortgage lenders vary in their approach to self-employed borrowers, that’s why it’s essential to use an experienced mortgage broker to access the right mortgage lenders, especially for mortgages with decreasing profits.
The amount you can borrow will depend on several factors including how much deposit you have, your credit rating, and your most recent years accounts. If you’re experiencing declining profits then it’s essential to work with the right mortgage broker who can approach appropriate mortgage lenders on your behalf and present your mortgage application in the best light.
How much deposit do you need for a self-employed mortgage with decreasing profits?
Professional advice on self-employed decreasing profit mortgages.
When the Bank Says No specialises in helping self-employed clients achieve the right mortgage for them – especially when they’ve been rejected by high street lenders.
We work across the whole market, helping people in a variety of situations including those with a good credit history and those self-employed with a weak credit report, to access lenders who understand and accept their circumstances. We can liaise with the financial advisor supporting your business or the qualified accountant, and help you present your business accounts as part of the application and source the best mortgage rates and lowest monthly payments.
Whether you’re facing a momentary blip or have seen decreasing profits over a sustained period, our advisors are here to guide you towards the best next steps, hand in hand with your accountant or financial advisor.
What Our customers say about us
Our Customers rank us 4.6 out of 5
We feel so fortunate to have found WTBSN
We found WTBSN after landing in a really tricky situation. We were out of term on our current mortgage and our existing broker had exhausted all options to re-mortgage due to the complex nature of our holiday let property (Grade II listed, timber frame construction and above commercial). Working under considerable time pressure due to the financial penalties being imposed by the existing lender, Brian was relentless in his search for a solution that would allow us to refinance a property that was on face value mortgageable. Thankfully, he didn’t give up and nine months later, we completed on the re-finance. We feel so fortunate to have found WTBSN and would like to thank Brian and the team sincerely for going the extra mile. We couldn’t have done it without you!
Rachel Reeves
Simply the best
I will never use another mortgage broker in all my time In property, these guys are the best at communication, customer service and keeping you informed. They are a level above every other broker I’ve come across and they actually get things done.
Emma, Samantha & Ashley have been fantastic in assisting me with 2 mortgages now and they’re superb at what they do. I wouldn’t hesitate to reccommend them to anybody out there who needs a mortgage sorting.
John Burton
I have been dealing with ben
I have been dealing with Ben @ When The Bank Says No. He has been great!! Professional, kept us up to date the whole way and made the entire process so simple. I would most definitely use him again and have already passed his details on to a family member. Thank you for all your help.
Elise
Thank you for your amazing support
Thank you for your amazing support and service during a really difficult time in my life. 5* is just not enough to demonstrate the level of support received. These guys go above and beyond. A personal service, with kindness and compassion. I highly recommend. If you’re struggling with your mortgage, then have a chat to this team. I cannot thank them enough for everything they have done.
Nabila Fowles-Gutierrez
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