UK house buyers ‘left powerless’ as mortgage deals hang in balance

Chancellor’s mini-budget sees home loans withdrawn and purchasers left in limbo

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The chancellor Kwasi Kwarteng’s mini-budget on 23 September has resulted in 40% of mortgage products being withdrawn in the past week, with many potential buyers still waiting to hear what they will pay and others being offered higher rates or reduced loan sizes.

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