was exacerbated because of things like the war in Ukraine, our sales decreased significantly.
The business turns over around £50,000 per year, but we have the cost of goods and other expenses, so the profits are minimal. I am paying myself £1,000 per month as an allowance, sometimes even less than that. My husband works, so our joint income at the moment is around £3,500 per month. The only options it gave me were for a two year fix at 5.83 percent or a variable rate of 5.89 percent. It seemed our only option was to go with the variable rate, which increased our payments by £700 , to a total of £2,000 per month.
I was going to look at switching mortgage providers, but because I am self-employed it will be so much harder. Usually, you have to provide three months of bank statements to prove your income, but because I am self-employed I have to provide three years, which I don't have. I can't even get a phone contract at the moment,
They should make people do IQ tests before they give them mortgages.