Homeowners and potential buyers have been left feeling “totally powerless” this weekend as thousands wait to find out whether their mortgage deals will now cost them hundreds of pounds extra a month while brokers report people already pulling out of the market or preparing to downsize.
The chancellor Kwasi Kwarteng’s mini-budget on 23 September has resulted in 40% of mortgage products being withdrawn in the past week, with many potential buyers still waiting to hear what they will pay and others being offered higher rates or reduced loan sizes.
